The digital biomarkers market is expanding rapidly due to the
rising incidence of chronic diseases. The growth is driven by the
need for precise, real-time data to improve health outcomes and the
increased adoption of digital health technologies in medical
practice.
WILMINGTON, Del., July 25,
2024 /PRNewswire/ -- The global digital biomarkers
market stood at US$ 2.1
billion in 2023, and the global market is projected
to reach US$ 43.3 billion in
2034. The digital biomarkers market is anticipated to expand at
a CAGR of 31.4% between 2024 and 2034.
The digital biomarkers market is experiencing significant growth
driven by the increasing prevalence of chronic diseases and
advancements in digital health technologies. Digital biomarkers
refer to objective, quantifiable physiological data collected and
analyzed through digital devices or platforms. These biomarkers
provide valuable insights into an individual's health status,
disease progression, and response to treatment.
One key driver of the digital biomarkers market is the rising
burden of chronic diseases worldwide. Conditions such as diabetes,
cardiovascular diseases, respiratory disorders, and mental health
disorders are placing a growing strain on healthcare systems
globally. Digital biomarkers offer a non-invasive and convenient
way to monitor patients' health remotely, enabling early detection
of disease onset or exacerbation and facilitating personalized
treatment strategies.
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Advancements in wearable devices, mobile health applications,
and remote monitoring technologies have fueled the adoption of
digital biomarkers. These tools allow for continuous monitoring of
vital signs, physical activity, sleep patterns, medication
adherence, and other health-related metrics. By leveraging data
analytics and artificial intelligence, healthcare providers can
derive actionable insights from digital biomarkers, leading to more
informed clinical decisions and improved patient outcomes.
Moreover, the COVID-19 pandemic has accelerated the adoption of
telemedicine and remote patient monitoring, further driving the
demand for digital biomarkers. With social distancing measures in
place, healthcare providers increasingly rely on digital health
solutions to deliver care to patients remotely, making digital
biomarkers an essential component of modern healthcare
delivery.
In addition to clinical applications, digital biomarkers are
gaining traction in pharmaceutical research and development.
Pharmaceutical companies are leveraging digital biomarkers to
monitor the efficacy and safety of investigational drugs in
clinical trials, streamline drug development processes, and
identify potential biomarkers for disease diagnosis and
prognosis.
Despite the promising growth prospects, challenges such as data
privacy concerns, regulatory hurdles, and interoperability issues
need to be addressed to realize the full potential of digital
biomarkers. Nevertheless, with ongoing technological innovations
and a growing emphasis on preventive and personalized healthcare,
the digital biomarkers market is poised for continued expansion in
the coming years.
Key Takeaways of Market Report
- Global digital biomarkers market to generate absolute dollar
opportunity worth US$ 43.3 billion
until 2034.
- Global digital biomarkers market is valued at US$ 2.1 billion in 2023.
- North America is forecasted to
hold the largest share in 2023.
Digital Biomarkers Market: Growth Drivers
- Digital biomarkers are poised to revolutionize medical care for
challenging chronic conditions. With noncommunicable diseases
(NCDs) claiming approximately 41 million lives annually, there's a
critical need for innovative approaches to disease management.
- Digital healthcare adoption is accelerating, driving the
rapid growth of the digital biomarkers market. For instance, in
February 2023, Koneksa secured
US$ 45 million in Series C funding,
reflecting investors' confidence in the potential of digital
biomarkers. These biomarkers offer a novel way to monitor patient's
health remotely, providing valuable insights into disease
progression and treatment efficacy.
- By leveraging advanced technologies, such as wearables and data
analytics, digital biomarkers enable personalized and proactive
healthcare, ultimately improving outcomes for individuals living
with chronic conditions.
Digital Biomarkers Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 2.1 Bn
|
Forecast (Value) in
2034
|
US$ 43.3 Bn
|
Growth Rate
(CAGR)
|
31.4 %
|
No. of
Pages
|
167
Pages
|
Segments
covered
|
By Component, By
Application, By End-user, By Region
|
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Digital Biomarkers Market: Regional Landscape
- In 2023, North America emerged
as the leading region in the digital health analytics industry, a
trend projected to continue in the forecast period. This dominance
is largely attributed to the growing prevalence of coronary artery
disease, driving demand for advanced digital health solutions.
- Europe's substantial share in
the digital biomarkers market is fueled by the rising number of
chronic patients requiring continuous real-time diagnostics and
monitoring. Additionally, government initiatives promoting
extensive research and development activities further contribute to
Europe's significant presence in
the digital health sector.
Digital Biomarkers Market: Key Players
- In 2023, Abbott Laboratories introduced a groundbreaking
development in the digital biomarkers industry with the launch of
its remote cardiac monitoring platform. This innovative platform
combines wearable technology with advanced analytics to provide
real-time monitoring of cardiac health.
- In 2023, AliveCor Inc. made waves in the digital biomarkers
industry with the release of its AI-powered arrhythmia detection
algorithm. This algorithm, integrated into AliveCor's mobile ECG
devices, enhances the detection of irregular heart rhythms such as
atrial fibrillation (AFib). By leveraging artificial intelligence,
AliveCor's algorithm can analyze ECG data in real-time, providing
more accurate and timely detection of arrhythmias.
Digital Biomarkers Market: Segmentation
Component
- Biosensors
- Wearables
- Smartphones & Smartwatches
- Others (Implantables, etc.)
Application
- Cardiovascular
- Sleep and Movement Disorder
- Pain Management
- Gastrointestinal
- Neurodegenerative
- Diabetic
- Others (Pulmonary, etc.)
End User
- Healthcare Companies
- Healthcare Providers
- Payers
- Others (Patients, etc.)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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