Digital biomarkers are objective, quantifiable physiological and behavioral data that can be acquired through digital sensors and used to measure mental health states and predict health outcomes. They help in accurately diagnoses of various mental health conditions like depression, bipolar disorder, schizophrenia etc at an early stage.
The global Digital Biomarkers Market is estimated to be valued at US$ 2.86 Bn 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 major key trend in the digital biomarkers market size is growing adoption of patient-centric approach. There is a shift from lab-based diagnostic methods to remote, digital and decentralized methods of monitoring health indicators. Wearable devices and smartphones equipped with various sensors are emerging as patient-friendly tools for continuous monitoring of vital signs and symptoms at home setting. This allows for early detection of worsening conditions and timely interventions. Integration of digital biomarkers data with electronic health records also facilitates close monitoring of treatment response and outcomes. Advancements in artificial intelligence and machine learning technologies are further enhancing ability of digital biomarkers to derive clinically meaningful insights from huge volumes of longitudinal physiological and behavioral datasets collected through digital platforms.
Segment Analysis
The global digital biomarkers market is segmented based on product type, therapeutic areas, application, and end-user. The product type segment includes digital biomarkers and services. The digital biomarkers segment is expected to dominate the market during the forecast period owing to increasing adoption of wearable devices and software applications in therapeutics development and remote patient monitoring.
Key Takeaways
The global digital biomarkers market size is expected to witness high growth, exhibiting CAGR of 34% over the forecast period, due to increasing adoption of digital health solutions and focus on real-world evidence generation.
Regional Analysis
North America is expected to dominate the global digital biomarkers market during the forecast period. This is attributed to presence of key players, high healthcare expenditure, and favorable government initiatives for promoting digital health in the region. Asia Pacific region is projected to witness fastest growth during the forecast period due to rising geriatric population, increasing investment by key players, and growing penetration of mobile phones and internet.
Key Players
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. AliveCor Inc. and FitBit Inc. are the prominent players in the global digital biomarkers market.
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