Digital Biomarkers Market: Increase in usage of connected digital devices to drive the market
Digital Biomarkers Market: Introduction
- Biomarkers can be defined as objective measures that capture physiological, anatomic, and pathological characteristics of an individual to understand the state of the person and the warning signals being given by the body. Digital biomarkers can be defined as quantifiable behavioral and physiological data that can be collected and measured by employing digital devices such as wearables, digestibles, implantables, and portables.
- Digital biomarkers aid in offering significant imaging capabilities along with enhanced spatial resolution. Administrations offered in digital biomarkers include stomach aortic aneurysm, aortic analyzation, complex fringe vein ailment, and carotid conduit sickness.
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Key Drivers and Restraints of Global Digital Biomarkers Market
- Expansion of the digital biomarkers market can be attributed to an increase in usage of connected digital devices and health-related mobile applications. These devices aid in a range of diagnostic and prognostic measurements over diverse disease areas including mental health, diabetes, neurological diseases, and cardiovascular diseases.
- Rising usage of smartphones and the emergence of smartwatches, which aid in tracking the physiological details of the person’s health, boost the digital biomarkers market. Technological advances in the ranges of mobiles and digitally connected technologies further propel the digital biomarkers market.
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- Significant product launches and approvals from the FDA also drive the digital biomarkers market. For instance, in April 2019, the U.S. FDA approved KardiaMobile, by AliveCor, an AI-enabled wearable device that is designed to monitor the person’s vital signs. It helps detect three highly common forms of heart arrhythmias.
- FDA has modified its guidelines related to software-as-medical-device to simplify the entry process for companies operating in the digital biomarkers market. This regulatory flexibility toward digital health solutions is estimated to propel the market during the forecast period.
- However, the clinical assessment of data platforms and other digital biomarkers is important, which is likely to restrain the global digital biomarkers market
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North America to Lead Global Digital Biomarkers Market
- In terms of region, the global digital biomarkers market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global digital biomarkers market in 2019, owing to strong presence of leading market players, increase in investments on research & development, significant product launches, and growing approval of smart devices in the region
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- Europe followed North America in terms of share of the global digital biomarkers market in 2019. The market in Asia Pacific is projected to expand at a rapid pace, followed by Latin America and Middle East & Africa. Rise in focus of governments of countries in Asia on enhancing healthcare facilities, increase in focus of market players on Asia Pacific to leverage growth opportunities, surge in usage of smart devices, and an increase in the patient pool boost the digital biomarkers market in Asia Pacific.
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Key Players Operating in Global Digital Biomarkers Market
Major market players are focused on expanding their presence in the digital biomarkers market primarily by adopting inorganic growth strategies.
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