The 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 Overview:
Digital biomarkers are measurable physiological and pathological physiological data collected through digital devices such as mobile health apps, wearables, and connected medical devices. They help monitor health and medical conditions remotely using digital data collected through these devices. Digital biomarkers offer non-invasive, cost-effective, and continuous monitoring of health and diseases.
Market key trends:
Mobile health monitoring is one the key trends driving the growth of the digital biomarkers market. With the advancements in remote patient monitoring technologies, mobile health apps, and wearable devices, monitoring of health parameters outside of clinical settings has become widely accessible and affordable. These digital solutions allow continuous collection of health data such as heart rate, steps count, blood pressure, respiratory rate etc. continuously and aid early detection of abnormalities. They empower patients to self-monitor and manage their conditions more effectively. The COVID-19 pandemic has further accelerated the adoption of digital biomarkers for remote health monitoring.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brands create barriers for new entrants in the digital biomarkers market. Regulatory approvals are also required for new biomarkers.
Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power over digital biomarker developers due to their financial strength and ability to develop competing solutions in-house.
Bargaining power of suppliers: Developers of digital biomarkers tools depend on mobile/wearable device manufacturers and data management software providers for technology support. This gives some power to suppliers.
Threat of new substitutes: Potential substitutes include traditional biomarkers and diagnostic methods. However, digital biomarkers provide non-invasive and continuous monitoring advantages.
Competitive rivalry: Competition is high among existing players to commercialize their solutions and partner with pharmaceutical firms for drug development.
SWOT Analysis
Strengths: Non-invasive nature of data collection. Ability to passively monitor patients outside of clinical settings enables new clinical trials and drug development use cases.
Weaknesses: Regulatory approvals are required before commercial use, limiting monetization opportunities. Reliance on partnership with mobile/wearable brands for technology support.
Opportunities: Growing emphasis on real world evidence generation is driving demand. Use of digital biomarkers for conditions like Alzheimer’s, schizophrenia offers significant opportunities.
Threats: Data privacy and security concerns could impede adoption if not addressed properly. Lack of reimbursement also poses commercialization challenges.
Key Takeaways
Global Digital Biomarkers Market Size is expected to witness high growth at a CAGR of 34% over the forecast period, due to increasing focus on developing digital biomarkers for various therapeutic areas like neurology and cardiology. The market size is anticipated to reach US$ 19.76 Bn by 2030 from US$ 2.86 Bn in 2023.
Regionally, North America dominated the global digital biomarkers market in 2023 and is expected to maintain its lead over the forecast period as well. This is attributed to presence of major market players, higher healthcare spending, and rapid adoption of advanced technologies across the region. Europe and Asia Pacific are also likely to offer lucrative opportunities with growing investments into digital health solutions.
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 strategic collaborations to develop and commercialize digital biomarkers and target prominent therapeutic segments.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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