According to Report, the digital biomarkers market is anticipated to garner notable gains, registering a CAGR of 28.1% from 2022 to 2030to reach around US$ 14.58 billion by 2030.
According to Report, the digital biomarkers market is anticipated to garner notable gains, registering a CAGR of 28.1% from 2022 to 2030to reach around US$ 14.58 billion by 2030.
The rising costs of pharmaceuticals are a result of greater investments in drug research and development. Furthermore, the rising frequency of chronic diseases and the global elderly population are driving demand for digital biomarkers. Chronic diseases are more common in the elderly. The rising usage of various hand-held and wearable digital devices, which comprise a critical part of the digital biomarkers industry, has resulted from the growth of digital technologies. The global digital biomarkers market is growing due to the increasing use of health informatics in the healthcare industry. The need for digital biomarkers is predicted to increase as government and business initiatives in the digitalization of the healthcare industry increase.
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| Report Scope | Details |
| Market Size in 2030 | USD 14.58Billion |
| Growth Rate from 2022 to 2030 | CAGR of28.1% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Segments Covered | System Component, Application, Region |
Report Highlights
- On the basis of system component, data collection tools segment holds the largest market share in the global digital biomarkers market. The surge in adoption of wearable devices and gadgets is driving the growth of data collection tools segment. The increase in internet penetration is boosting the expansion and development of the segment.
- On the basis of application, cardiovascular diseases segment holds the largest market share in the global digital biomarkers market. As per the World Health Organization, cardiovascular disorders are the most common cause of death around the world. The cardiovascular disorders appealed the lives of 17.9 million persons worldwide in 2019, accounting for 32% of all deaths. Heart attacks and strokes are responsible for 85% of these deaths. Thus, the rising incidences of cardiovascular diseases is driving the segment growth
Regional Snapshot
North America is the largest segment for digital biomarkers market in terms of region.The U.S. is dominating the digital biomarkers market in the North America region. The growth of digital biomarkers market in North America region is being driven by the increased research and development spending, existence of major market players, adoption of unique marketing strategies adopted by market players, and expanding acceptance of smart devices and smartphones.
Asia-Pacific region is the fastest growing region in the digital biomarkers market.India and Chinahold the highest market share in the Asia-Pacificdigital biomarkers market. The digital biomarkers market in Asia-Pacific region is boosted by growing efforts by market players for the development of industry, growing government initiatives for expansion of healthcare industry, and the growing number of patients.
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Market Dynamics
Drivers
Technological developments
The wide range of technologies are adopted for the development of global digital biomarkers market. The digital biomarkers industry is expected to benefit from advances in cardiovascular biomarkers, cardiac biomarkers, neurological biomarkers, immunology biomarkers, and autoimmune biomarkers. As a result, the technological developments are driving the growth of worldwide digital biomarkers market during the forecast period.
Restraints
High cost of digital biomarkers
The greater funding and investment necessary for digital biomarkers research and development could slow the rate of expansion in the near future. These results into higher price for the final products. Not all the hospitals and healthcare centers can afford to buy such expensive products. Thus, high cost of digital biomarkers is hindering the expansion of global digital biomarkers market.
Opportunities
Growing prevalence of cancer
According to the National Cancer Institute, 1,735,350 new cancer incidences were reported in the U.S. in 2018. Furthermore, the World Cancer Research Fund International estimates that 18.0 million individuals worldwide were affected by cancer in 2018. The breast cancer and lung cancer are the most prevalent cancers reported worldwide in 2018, accounting for 12.3% of all cases diagnosed. In addition, the growing adoption of digital biomarkers for the treatment of cancer is also paving way for the digital biomarkers market growth. As a result, growing prevalence of cancer is creating lucrative opportunities for the expansion of global digital biomarkers market over the forecast period.
Challenges
Lack of reimbursement policies
Due to rising worldwide prevalence of cancer and the surge in number of cancer patients who requires proper treatment and diagnostics, the absence of favorable reimbursement regulations for digital biomarkers in developed and developing nations is one of the key challenges restricting the growth of global digital biomarkers market. The underdeveloped regions do not have proper resources and also lack for reimbursement policies. Thus, lack of reimbursement policies is an obstacle for the expansion of worldwide digital biomarkers market.
Recent Developments
- Vivoryon Therapeutics AG established a partnership with Winterlight Labs for a phase 2b Alzheimer’s clinical trial in March 2020. Vivoryon will be able to employ Winterlight’s speevh based biomarker in its search for a new Alzheimer’s disease medicine as a result of the partnership.
- Roche declared the debut of their new SARS-CoV-2 Rapid Antigen Test Nasal, a self-testing kit for coronavirus in February 2021.
- Molecular Partners declared in March 2021, in collaboration with Novartis, that its coronavirus antiviral candidate, ensovibep would be included in phase 3 clinical studies.
Some of the key players in the market include:
- Bayer AG
- Biogen Inc.
- ActigraphLLc
- Amgen Inc
- F. Hoffmann-La Roche Ltd
- Fitbit Inc
- GlaxoSmithKline Plc
- Koninklijke Philips N.V.
- Mindstrong Health
- Medical Care Corporation
- Medopad Ltd
Market Segmentations:
By System Component
- Data Collection Tools
- Mobile Apps
- Wearable
- Digital Platforms
- Biosensors
- Desktop-Based Software
- Data Integration Systems
By Application
- Sleep & Movement Disease
- Cardiovascular Diseases
- Respiratory Disease
- Neurodegenerative Disorders
- Diabetes
- Gastrointestinal Disease
- Psychiatric Disorder
- Others
Regional Segmentations:
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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