Digital biomarkers are precise data collected through a digital platform such as mobile apps, wearables, and digital devices to provide insights about the patient’s health condition. Digital biomarkers are considered useful for disease diagnosis, management, and monitoring through non-invasive methods.
The global Digital Biomarkers Market is estimated to be valued at US$ 2.86 Bn or 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: One of the key trends in the digital biomarkers market size is the increasing adoption of digital biomarkers for neurological and psychiatric disorders. Digital biomarkers obtained from digital devices have shown potential to help diagnose and monitor conditions like Alzheimer’s, depression, schizophrenia, and Parkinson’s disease. Variables such as mobility, speech patterns, sleeping patterns, social interactions obtained through digital platforms provide meaningful insights about neurological symptoms and their progression. This is expected to drive significant growth of digital biomarkers solutions for CNS disorders during the forecast period.
Strength: Digital biomarkers leverage AI and machine learning technologies to gain insights from digital data sources like smartphones, wearables, and apps. This allows for remote, passive, and scalable collection of health data.
Weakness: Data privacy and security concerns exist around collection and sharing of sensitive health data digitally. Clinical validity and utility of digital biomarkers still requires more evidence from scientific studies.
Opportunity: Growing adoption of mobile health and remote patient monitoring creates opportunities to use digital biomarkers for diagnostics, drug development, and clinical trials. Aging population and rising chronic diseases increase the need for scalable healthcare solutions.
Threats: Competitive threats from other digital health platforms and lack of standards or regulations around digital biomarkers may limit their adoption in healthcare. Dependence on digital devices and internet connectivity can impact reliability and scalability.
The global Digital Biomarkers market is expected to witness high growth, exhibiting a CAGR of 34% over the forecast period, due to increasing adoption of remote patient monitoring solutions and growing investment in digital therapeutics.
Regional analysis: North America represents the largest and fastest growing market for digital biomarkers currently. This is attributed to the early adoption of digital health technologies and supportive regulatory environment in the region. Asia Pacific is expected to emerge as a lucrative market in the forecast period with countries like China and India expected to offer significant growth opportunities.
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. Major players are focused on partnerships, collaborations, and product launches to strengthen their presence in the emerging digital biomarkers landscape.