Digital Biomarkers Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Digital Biomarkers Market Analysis

The digital biomarkers market is expected to register a CAGR of 20.5% over the forecast period.

The COVID-19 pandemic amplified the use of digital biomarkers during the lockdown period. The digital biomarkers were primarily used for predictive and prognostic, as well as monitoring purposes during the COVID-19 Pandemic. Also, the emergence of remote patient monitoring as an important approach in the management of COVID-19 patients was responsible for driving the demand for digital biomarkers. Moreover, the players operating in the market introduced innovative solutions during the COVID-19 period to cater to the unmet needs of the customers. For instance, in September 2022, researchers from the Institute of Data Science, Maastricht University, developed a mobile application to detect the changes in the voice of the user to detect COVID-19 infection. The application is more efficient and cost-effective as compared to the other COVID-19 tests available in the market.

Moreover, the increasing usage of wearables attributed to the growing awareness about fitness and well-being after COVID-19 was one of the factors driving the demand for digital biomarkers. Furthermore, the majority of the clinical trials were disturbed due to the lockdown imposed by the governments. Drug developers and digital biomarker solution providers came up with advanced products and platforms to tackle the obstacles in decentralized clinical trials. For instance, in October 2022, Thermo Fisher Scientific Inc. announced the launch of the PPD Decentralized Clinical Trials Network in order to provide valuable insights related to the Decentralized Clinical Trials for pharmaceutical and biotech customers. Hence, the introduction of new solutions in the market is anticipated to drive the demand for digital biomarkers in near future.

Moreover, the increasing prevalence of chronic diseases in developing, as well as developed countries across the globe, is anticipated to support the use of digital biomarkers for remote patient monitoring. According to the report published by the American heart association, in 2020, the global age-adjusted prevalence rate of cardiovascular disease was 7,354.1 per 100,000 individuals and more than 244.1 million individuals were living with ischemic heart disease across the globe. Moreover, the introduction of innovative and easy-to-use wearables by market players to detect various vital signs is also augmenting the demand for digital biomarkers. For instance, in November 2022, Shimmer Research, launched Verisense Digital Health Panel (DHP) to provide clinical researchers with access to raw, real-world, digital health ground-truth sensor data.

Additionally, the increasing number of clinical trials with the growth in investment research and development of various therapeutics to manage chronic conditions is expected to drive the demand for digital tools including digital biomarkers. According to the data published by the WHO International Clinical Trials Registry Platform (ICTRP), around the world, more than 59,000 clinical trials were active in 2020. Thus, the large number of ongoing clinical trials is accountable for the surge in demand for digital biomarkers.

Therefore, owing to the factors mentioned in the above paragraphs the studied market is anticipated to witness growth over the analysis period. However, high product costs along with data security concerns hinder the market growth.

Digital Biomarkers Market Trends

This section covers the major market trends shaping the Digital Biomarkers Market according to our research experts:

Monitoring Digital Biomarkers Segment is Anticipated to Show Significant Growth Over the Forecast Period

Digital Biomarkers Industry Segmentation

Digital biomarkers are digital devices such as portables, wearables, implantables, or digestible used to collect objective, quantifiable physiological and behavioral data. The data collected is majorly used in the understanding of health-related outcomes. The digital biomarkers market is segmented by Type (Data Collection Tools and Data Integration Tools), Clinical Practice (Monitoring Digital Biomarkers, Diagnostic Digital Biomarkers, Predictive and Prognostic Digital Biomarkers, and Other Clinical Practices), Therapeutic Area (Cardiovascular and Metabolic Disorders, Respiratory Disorders, Neurological Disorders, Musculoskeletal Disorders, and Other Therapeutic Areas), End User (Pharmaceutical Companies, Healthcare Providers, Payers, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.