by Digital biomarkers are measurable data derived from digital sources, such as mobile apps, web/mobile-based digital platforms, and sensors that reflect biological processes and disease activity. Digital biomarkers can include physiology, motor signs, surveys, voice and image analysis. These biomarkers have the potential to transform drug development and disease management by offering an objective and scalable approach to disease risk assessment, diagnosis, and monitoring treatment response compared to traditional clinical biomarkers. Use of digital biomarkers and digital tools can help reduce the cost and time involved in drug development and clinical trials by facilitating remote and frequent data collection with minimal patient and site burden.
The global Digital Biomarkers Market is estimated to be valued at US$ 2.86 billion 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 key trends:
Increasing adoption of artificial intelligence (AI) and big data analytics in healthcare and life sciences industries is a key trend in the digital biomarkers market size. AI and big data analytics are being leveraged to capture and analyze massive volumes of digital health data generated through smartphones, wearables and connected devices. This data holds potential for discovering novel digital biomarkers to gain insights into disease risks, progression and treatment responses. AI algorithms can also help in development of advanced predictive models for assessing disease risks, prognosis and personalized treatment pathways. Growing smartphone and wearable penetration globally is also facilitating easy collection of digital biomarker data at scale. This growing digitization of healthcare and wellness is expected to significantly drive the demand for AI-powered digital biomarkers over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as setting up digital biomarker solutions requires huge investments in R&D and technology development. However, the growing market size provides opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is high as the market has the presence of many solution providers giving buyers options to choose from. Buyers can negotiate on price and quality of solutions.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many players providing technologies, components, and software required for developing digital biomarker solutions.
Threat of new substitutes: The threat of substitutes is low as there are limited alternative solutions that can provide the same outcome as digital biomarkers.
Competitive rivalry: The competitive rivalry is high among existing players due to their focus on launching innovative solutions and acquiring smaller players to gain market share.
Key Takeaways
The global Digital Biomarkers Market is expected to witness high growth, exhibiting CAGR of 34.% over the forecast period, due to increasing adoption of digital interventions for therapeutics development.
Regional analysis: North America dominated the market in 2023 and is expected to maintain its lead over the forecast period. This is attributed to advancements in digital health and growing awareness about digital biomarkers in the region. Asia Pacific is anticipated to witness the fastest growth owing to rising healthcare expenditure and increasing investments by key players in developing countries.
Key players: 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. Fitbit and Biogen leverage digital solutions for clinical trials and therapeutic development while other focus on launches of biosensors and apps
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