The worldwide digital biomarkers market space crossed the billion-dollar mark in 2020 and is projected for a robust growth outlook as suggested by the preliminary findings of report.
Market Analysis in Brief
During the period of assessment, key factors such as the increasing prevalence of cancer and cardiac issues, and rampant penetration of smartphones and connected digital devices are likely to steer the expansion of the digital biomarkers market. Further fuelling market expansion is the robust adoption of health-related mobile applications. Successive investments and funds and grants for effective research and development in the domain are aiding the maintenance of market momentum. Going forward, high-tech innovations and advancements in biomarkers shall further steepen the growth curve of the global digital biomarkers market. The primary end-users include biotechnological and pharmaceutical companies. The reason for their dominance can be attributed to acquisitions, mergers and investments in companies that are providing tools and solutions for the industry.
Key Report Findings
Rise in Prevalence of Cancers
The worldwide pervasiveness of smoking, physical inactivity, and unhealthy food habits significantly influences the incidence of cancer. To this end, biomarkers enable constant tracking of diverse characteristics regarding health and diseases. Multistage carcinogenesis process including molecular pathway events leading development of cancer.
Most of the times, diagnosis, prognosis, and therapy of such ailments are quite complex. Each cancer type differs from other forms based on molecular profile. Such intricacies of cancer have presented a substantial need for digital biomarkers for better analysis and insights into patients’ health. This, in turn, has translated into numerous opportunities in the global digital biomarkers market, propelling abundant growth.
Growing Incidence of Chronic Ailments
According to a report by the World Health Organization, almost 246 million people around the world were suffering from respiratory diseases in 2022. Generally, digital biomarkers are used to monitor, diagnose, and for predictive and prognostic purposes. The monitoring of digital biomarkers demonstrates tremendous potential in the global digital biomarkers market and is likely to maintain the status quo throughout the forecast period.
Notably, monitoring digital biomarkers promotes the assessment of essential symptoms of patients suffering from diverse chronic ailments such as respiratory disorders and cardiovascular and metabolic disorders. The incessant rise in the prevalence of chronic diseases and the need for monitoring the changes in health patterns are anticipated to boost the holistic growth of the digital biomarkers market.
Rise in Number of Clinical Trials
The report published by the WHO International Clinical Trials Registry Platform (ICTRP) states that globally more than 59,000 clinical trials were active in 2020. This is majorly attributed to the growing incidence of chronic ailments. As the number of clinical trials begins to scale further, the demand for digital biomarkers is set to witness sharp spikes. Evidently, digital biomarkers help in keeping a tab on patients’ health conditions and changes in health patterns, a key vitality for clinical trials.
Moreover, there has been a substantial push towards research and development of various therapeutics to manage chronic conditions, driving demand for digital tools such as digital biomarkers. In the coming years, ongoing technological advancements in the domain, greater acceptance of tech-based tools in clinical trials and R&D initiatives underway are expected to be the major trends in the global digital biomarkers market.
Overview of Key Segments
Wearables at the Forefront
Digital biomarkers primarily comprise digital devices including wearable, portable, implantable, or digestible devices that are majorly used to collate objective, behavioral, and quantifiable physiological data. With surging need for advanced data collection tools, the wearables segment is likely to retain the lead in the digital biomarkers market. By providing more precise, clinically useful, and patient-centric data, novel digital biomarkers promote a deeper understanding of health-related outcomes.
Compared to the traditional research approach which is not so accurate, these biomarkers aid better results with the provision of detailed information on the patient’s healthcare journey.
In this context, wearable devices have gained tremendous traction across the fields of medicine, for instance, oncology, diabetes, rehabilitation, cardiovascular diseases, and mental health. Here, these wearables facilitate the assessment of step count, heart rate, intensity of activity, blood oxygen level, sleep-related outcomes, and sweating intensity.
Wearable devices are increasingly being embedded as a key data source for the development of highly personalized and versatile treatment plants for patients. Hence, this aids prompt therapeutic interventions enabled by changes in health patterns.
Growth Opportunities Across Regions
North America to Stay Lucrative
North America showcases remarkable grit in the global digital biomarkers market. This is majorly underpinned by the significant presence of key market players, notable product launches and a surge in R&D investments. Furthermore, the approval of smart devices and growing awareness of the effectiveness of digital biomarkers has been on the rise. The region is among the frontrunners in the acceptance of the latest technology and tech-based products and applications. Coupled with this, chronic diseases are becoming more prevalent in the US, resulting in a growing number of clinical trials.
Leaders in Global Digital Biomarkers Industry
The most distinguished players consolidating stronghold positions in the global digital biomarkers market include Neurotrack Technologies, Inc., ActiGraph LLC, AliveCor Inc., Brainomix, Kinsa Inc., Koneksa, Altoida Inc., Amgen Inc., Biogen Inc., Empatica Inc., Vivo Sense, IXICO plc, Imagene AI, Adherium Limited, Aural Analytic, Huma, Sonde Health, Inc., Clario, Feel Therapeutics, and ResApp (Pfizer).
Regional Classification of the Global Digital Biomarkers Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Digital Biomarkers Market
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