Market Trends of Digital Biomarkers Industry
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 are commonly used for monitoring, diagnostic, predictive, and prognostic purposes. The monitoring digital biomarkers accounted for the maximum market share and are likely to show prominent growth during the forecast period. The monitoring digital biomarkers are primarily used in the monitoring of vital signs of patients suffering from various chronic diseases including cardiovascular and metabolic disorders, respiratory disorders etc. The growing prevalence of chronic diseases is expected to drive the demand for monitoring digital biosensors in near future. As per the report published by the World Health Organization in May 2022, the number of patients suffering from respiratory diseases around the world is close to 246 million in 2022.
Moreover, the developments and introductions of innovative products in this segment are also important factor in the rising adoption of monitoring digital biomarkers in the forecast period. For instance, in September 2022, Nutromics secured USD 14 million funding from Dexcom Ventures for the development of a platform 'lab-in-a-patch' that uses DNA sensor technology to track multiple targets in the human body, including disease biomarkers and hard-to-dose drugs. Thus, the increasing number of new product launches is anticipated to drive the demand for effective digital biomarkers in near future.
Therefore, the monitoring digital biosensors segment is expected to witness significant growth over the forecast period owing to the increase in the prevalence of chronic diseases and introduction of innovative products in the market.
North America is Expected to Dominate the Digital Biomarkers Market
North America is expected to dominate the market owing to factors such as the rising prevalence of chronic diseases, the growing number of clinical trials in the United States, availability of technologically advanced products in the region. According to the report published by the Centers for Disease Control and Prevention, in 2022, around 20.1 million U.S. adults suffer from coronary artery disease, and 805,000 Americans have a heart attack each year. Additionally, according to the data published by the International Clinical Trials Registry Platform (ICTRP), more than 11,000 clinical trials are active in the United States. Thus, the large number of ongoing clinical trials and growing number of chronic diseases is supporting the market growth in the region.
Also, the increasing technological advancements by market players and the presence of key players in the region is also responsible for the driving demand for digital biomarkers. For instance, in February 2022, ActiGraph announced launch of CPIW 2.0 f or the continuous tracking of real-world movement and sleep behaviors in clinical trial participant.
Therefore, owing to the abovementioned factors the growth of the studied market is anticipated in the North America Region.
