July 24, 2024
Digital Biomarkers Market

Digital Biomarkers Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Chronic Diseases

The Digital Biomarkers Market is estimated to be valued at US$ 2.03 Bn in 2022 and is expected to exhibit a CAGR of 34.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Digital Biomarkers Market refers to the use of digital technologies to collect and analyze physiological and behavioral data, which can be used to monitor and diagnose various medical conditions. These biomarkers are collected through wearable devices, mobile applications, and other digital platforms. They have the potential to revolutionize healthcare by providing accurate and real-time information about an individual’s health status. Digital biomarkers find applications in chronic disease management, drug development, personalized medicine, and remote patient monitoring. They can enable early detection of diseases, better disease management, and improved patient outcomes.

Market Dynamics:
The growth of the Digital Biomarkers Market can be attributed to two main drivers. Firstly, the increasing prevalence of chronic diseases such as cardiovascular diseases, diabetes, and respiratory disorders has created a need for accurate and reliable diagnostic tools. Digital biomarkers offer non-invasive and continuous monitoring, which can help in early detection and effective management of these conditions. Secondly, there is a growing demand for personalized medicine and remote patient monitoring. Digital biomarkers provide valuable data that can be used to customize treatment plans and monitor patients outside of traditional healthcare settings. These factors are expected to drive the adoption of digital biomarkers in the coming years.
Segment Analysis:

The digital biomarkers market can be segmented based on biomarker type, therapeutic area, end-user, and region. Based on biomarker type, the dominant segment is physiological biomarkers. Physiological biomarkers include heart rate, blood pressure, temperature, and respiratory rate, among others. These biomarkers play a crucial role in monitoring and diagnosing various health conditions, which is why they dominate the market. Furthermore, technological advancements in wearable devices and mobile applications have made it easier to track and measure these physiological biomarkers, contributing to the dominance of this sub-segment.

PEST Analysis:

Political: The political factors impacting the digital biomarkers market include regulations and policies related to healthcare and data privacy. Government regulations regarding the use and sharing of healthcare data can influence the market’s growth and adoption.

Economic: Economic factors such as healthcare expenditure, disposable income, and technological advancements drive the growth of the digital biomarkers market. Increased healthcare spending and rising disposable incomes of individuals contribute to the market’s expansion.

Social: Changing lifestyles, increasing awareness about preventive healthcare, and the growing demand for personalized medicine are the social factors influencing the digital biomarkers market. The increasing focus on preventive healthcare and the need for real-time health monitoring have driven the demand for digital biomarkers.

Technological: Technological factors like advancements in wearable devices, mobile applications, and cloud computing have revolutionized the digital biomarkers market. These technological advancements have made it easier and more convenient to collect, analyze, and interpret health-related data.

Key Takeaways:

The global digital biomarkers market is expected to witness high growth, exhibiting a CAGR of 34.1% between 2023 and 2030, reaching a value of US$ 2.03 billion in 2022. The market growth is primarily driven by the increasing prevalence of chronic diseases, the rising adoption of wearable devices and mobile applications for health monitoring, and the shift towards personalized medicine.

In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the digital biomarkers market. The region’s robust healthcare infrastructure, technological advancements, and high healthcare expenditure contribute to its dominance. Moreover, the presence of key players and increasing investments in research and development activities in the region further propel its growth.

Key players operating in the digital biomarkers market include 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. These key players are actively involved in product launches, collaborations, partnerships, and acquisitions to strengthen their market position and expand their product offerings in the 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