Digital biomarkers market growth factors, opportunity, and segmentation analysis.

Digital Biomarkers are data used to track anatomical, psychological, and behavioral changes in the human body using various sensors, Artificial Intelligence (AI), and Machine Learning (ML) techniques to make the data available to the users.

The global digital biomarkers market was worth $1.51 billion in 2021 and is expected to be worth $23.56 billion by 2030, representing a 35.7% CAGR from 2021 to 2030.

Growth factors

The increasing use of digital biomarkers in various application areas, such as diabetes, respiratory diseases, CVDs, and sleep disorders, propels the global digital biomarkers market forward. Drug prices are rising due to increased investments in drug research and development. Furthermore, the growing prevalence of chronic diseases and the global geriatric population are driving up demand for digital biomarkers. Chronic diseases are more common in the elderly. The expansion of digital technologies has increased the adoption of various handheld and wearable digital devices, which are an important component of the digital biomarkers market. The growing use of health informatics in healthcare is driving the global digital biomarkers market forward.

The digital biomarkers achieve the patients’ need to regularly monitor their health conditions and seek consultations. Furthermore, the rapid development of telecommunications and IT infrastructure, in tandem with the increasing adoption of smart digital devices, is fueling the growth of the digital biomarkers market.

Market restraints

The high cost of establishing a manufacturing unit and marketing digital biomarkers can be viewed as an industry constraint.

Trends and Opportunity

Technology is advancing quickly, and more businesses are creating digital biomarkers. As a result, this market will likely develop into an appealing investment niche. According to a study by Vasudevanet al. (2022), there is consistency in the definitions of digital biomarkers according to the BEST (Biomarkers, EndpointS, and Other Tools) glossary, which the FDA uses. More businesses are investing in the production of digital biomarkers as devices and data types become more widely accepted. In May 2022, an Israeli company called Imagine AI secured funding of USD 21 million to continue developing its cancer pathology algorithms. As a result, it could be considered a desirable investment.

Segmentation analysis

  • According to the System components segment, the smartphones, and smartwatches segment, with a share of roughly 46.11 percent, dominated the market. As of 2021, there were 63.9 million wearable device users in the US, with the Apple smartwatch being the most popular model. Smartphone use has caused a significant shift in the market. Global smartphone usage peaked at over 6.2 billion users in 2021. As a result, mobile fitness apps like Fitnes22 and Google Fit were created and are now in use. These apps use the smartphone’s sensors to measure data like the number of steps taken and calories burned.
  • On the basis of application, cardiovascular health had the second-largest industry share. It can be attributed to the increasing use of smart wearable devices that primarily monitor heart rate and the rising prevalence of cardiovascular diseases. According to the Centers for Disease Control and Prevention, heart disease is the leading cause of death in the United States, killing over 659,000 people yearly. Given the numbers, there is potential for developing digital biomarkers for cardiovascular disorders. Photoplethysmograph was used to develop a neural network to detect the various symptoms of diabetes prevalent in the individual in a study published in the Nature Medicine Journal in 2020 by Avram et al. using smartphones.
  • The Asia Pacific dominated the market by region, accounting for nearly 40.41% of the industry share. The high market share is attributed to the increased population and growing number of smart device users. According to the United Nations Population Fund, APAC accounts for nearly 60% of the total population (estimated at around 4.31 billion). Diabetes patients are also driving industry growth in this area. According to the International Diabetes Foundation, India and China have the highest regional and global diabetes rates, with 116 million and 77 million diabetic patients, respectively, as of 2019.

Major players

  • Verily Life Sciences
  • Novartis International AG
  • Abbott
  • Bayer A
  • Eli Lily and Company
  • Fitbit, Inc
  • others

Leave a Reply

Your email address will not be published. Required fields are marked *

WC Captcha + fifty seven = sixty two