by The global digital biomarkers market is estimated to be valued at US$ 2.86 Bn in 2023 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital biomarkers are digitally collected physiological, behavioral and subjective data that can be used to assess disease status, progression or response to treatment. They are usually collected through digital devices and applications to provide objective, quantitative and continuous measurements of health. Digital biomarkers are used for clinical research and trials to detect diseases and monitor health and wellness. With increasing focus on preventive healthcare and remote patient monitoring, digital biomarkers are finding wide applications in conditions like cardiovascular diseases, neurological disorders, diabetes and others.
Market Dynamics:
The global digital biomarkers market is driven by significant investment in digital health technologies by private entities and governments. For instance, in 2019, digital health startups raised more than US$ 8.1 billion funding globally. Moreover, growing prevalence of chronic diseases is encouraging healthcare organizations and life sciences companies to develop innovative digital solutions for remote monitoring and management of diseases. Also, increasing adoption of wearable medical devices, smartphone health apps and other connected healthcare technologies is supporting the market growth. However, data privacy and security concerns associated with digital health apps and platforms may hinder the market growth.
SWOT Analysis
Strength: The digital biomarkers provide non-invasive, remote and continuous data collection. It allows early detection of disease by analyzing changes in digital phenotype. Digital biomarkers have potential to complement clinical diagnosis by objective precision monitoring of patients.
Weakness: Lack of regulatory guidelines and standards for digital biomarkers. Concerns around data privacy and security can hamper adoption.
Opportunity: Growing geriatric population suffering from chronic diseases present major customer base. Partenrships between tech and medical companies can accelerate development and validation of digital biomarkers.
Threats: Traditional clinical biomarkers still considered gold standard for diagnosis and monitoring. Reluctance among physicians to replace conventional methods with digital alternatives.
Key Takeaways
Global Digital Biomarkers Market Size is expected to witness high growth, exhibiting CAGR of 34% over the forecast period, due to increasing prevalence of chronic diseases. Digital biomarkers allows remote and continuous monitoring of patients suffering from chronic conditions like diabetes, cardiovascular diseases without hospital visits.
North America is expected to dominate the global digital biomarkers market over the forecast period owing to rising government funding to develop digital health solutions and growing collaborations between pharma-tech players in the US and Canada. The Asia Pacific digital biomarkers market is anticipated to exhibit fastest growth supported by increasing healthcare expenditure, large patient pool and growing adoption of advanced healthcare technologies in countries like China and India.
Key players operating in the digital biomarkers market are AliveCor Inc., Altoida Inc., Amgen Inc., Human API, Fitbit, Inc., Biogen Inc, Bayer AG, Akili Interactive Labs, Evidation Health, Inc., GlaxoSmithKline Plc, and Eli Lilly and Company, among others. Major players are focused on partnerships and product approvals to strengthen their market presence in the emerging digital biomarkers market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
