Market Size of Digital Biomarkers Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 20.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
