Digital biomarkers are physiological and behavioral data that are gathered and measured using digital devices such as portable, wearables, implantable, or digestible. Typically, the information gathered is utilized to explain, affect, and/or forecast health-related outcomes. Digital biomarkers also provide a way to collect clinically relevant and objective data. Digital biomarkers can predict the efficacy of a drug more swiftly than a conventional clinical endpoint, thereby accelerating product development in the case of certain therapeutic areas. Moreover, the advancements in digital biomarker technology such as voice-based digital biomarkers, mHealth applications, and the adoption of smart wearable devices are gaining popularity among people.
High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for digital biomarkers market growth. In an era of machine learning (ML) and artificial intelligence (AI), extracting quantitative digital biomarkers that help in illness detection, characterization, monitoring, and therapy response assessment is becoming increasingly desirable.
The global digital biomarkers market is one of the advanced markets in the medical ecosystem. According to BIS Research, this market was valued at $1,808.3 million in 2021 and is projected to reach $16,174.0 million by the end of 2028, growing at a CAGR of 36.06% during the forecast period 2022-2028.
Global Digital Biomarkers Market Drivers
Conventional chronic disease diagnoses are very subjective and based on a series of visits. As a result, drug development decisions are based on limited, subjective evidence, resulting in large-scale Phase 3 trials of medications that were unsuccessful. Digital biomarkers can predict the efficacy of a drug more swiftly than a conventional clinical endpoint, thereby accelerating product development in the case of certain therapeutic areas. Moreover, the advancements in digital biomarker technology such as voice-based digital biomarkers, mHealth applications, and the adoption of smart wearable devices are gaining popularity among people.
Furthermore, with the rise in prevalence and incidence of chronic diseases, technological adoption will also increase. As a result, disease diagnosis will become more prevalent, and the global market for digital biomarkers will expand. Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.
Global Digital Biomarkers Market Restraints
The factors restraining the growth of the global digital biomarkers devices market include the risks associated with return on investment (RoI) and the lack of standardized and interoperability solutions. Moreover, people are specifically concerned about the increased risk of medical errors and invasion of patients' privacy when digital health devices are being used instead of conventional methods.
Global Digital Biomarkers Market Opportunities
High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for digital biomarkers market growth. In an era of machine learning (ML) and artificial intelligence (AI), extracting quantitative digital biomarkers that help in illness detection, characterization, monitoring, and therapy response assessment is becoming increasingly desirable.
The Europe market accounted for 14.44% of the global digital biomarkers market in 2021. The major driving factor for driving the market forward is the adoption of wearables and mHealth in the region. The North America and Latin America digital biomarkers market is one of the lucrative markets with immense potential for expansion by key players of the global digital biomarkers market and holds 27.61% and 1.98% of the market share in 2021. The Latin America digital biomarkers market is expected to grow at a CAGR of 42.03% during the forecast period.
Global Digital Biomarkers Market Segmentation
Key Trends in the Global Digital Biomarkers Market
Digital biomarkers are rapidly evolving technology in health and wellness, opening up new methods to leverage existing disease prevention and monitoring sensors. New technologies are expected to increase the level of competition in the segment and aid in the growth of the market during the 17 forecast period 2022-2028. The following table indicates the key trends observed in the global digital biomarkers segment during research.
Key Questions Answered in the Report
• How has COVID-19 impacted the growth of the global digital biomarkers market?
• What are the key regulations governing the digital biomarkers market in key regions?
• What technological developments are projected to have the maximum influence on the global digital biomarkers market?
• Who are the leading players holding significant dominance in the global digital biomarkers market?
• What are some of the growth opportunities which market players can capitalize on?
• What are the drivers and restraints for the global digital biomarkers market?
• Which region has the highest growth rate in the digital biomarkers market?
• Which are the fastest growing countries in terms of the global digital biomarkers market?
• What are the key strategies being adopted by market players in the global digital biomarkers market?
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How This Report Can Add Value
Assuming that the reader is a manufacturer of digital biomarkers, the report will assist them in the following ways:
• Understand their position compared to other key players in the market
• Stay updated with novel technology integration, features, and the latest developments in the market
• Understand the impact of COVID-19 on digital biomarkers and the entry barriers for new companies
• Gain insights into end-user perception concerning the digital biomarkers market
• Identify some key players in the market and understand their valuable contribution
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