Digital biomarkers are measurable and quantifiable physiological and behavioral data such as physiological signals, physiological response, and behavior patterns that can provide holistic information to diagnose and monitor health issues. Digital biomarkers find application in various areas like monitoring treatment efficacy, evaluating disease prognosis, remote patient monitoring, diagnosing psychiatric disorders etc. With the increasing prevalence of chronic diseases and growing need for effective disease management, Digital biomarkers help monitor disease progression remotely and provide personalized treatment options to patients.
The global digital biomarkers market is estimated to be valued at US$ 3.3 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the digital biomarkers market is the increasing adoption of remote patient monitoring. Chronic diseases such as diabetes, cardiovascular diseases, neurological disorders etc require continuous monitoring to manage the condition effectively. With digital biomarkers, various physiological parameters of patients can be monitored remotely using devices such as wearables and mobile applications. This helps reduce hospital visits and risk of infection. According to a survey by American Hospital Association, 17% of emergency department visits in the U.S. can potentially be managed through remote patient monitoring. Further, digital biomarkers help improve treatment adherence and management of co-morbidities especially in elderly patients. However, data privacy and security concerns may limit the adoption of digital biomarkers in certain regions.
SWOT Analysis
Strength: Digital biomarkers are digital outcomes that objectively and accurately represent pathophysiological processes. They can be gathered by various digital technologies like smartphones, wearable devices, and connected devices. Using digital biomarkers in clinical trials and patient care can reduce cost and timelines as compare to traditional biomarkers. They provide longitudinal real-world insights about health and disease. This allows for collecting large datasets that can aid early diagnosis and personalized care.
Weakness: Adoption of digital biomarkers in clinical practice requires validation through robust clinical trials and regulatory approval. Data privacy and security pertaining to collection and use of digital biomarkers data is a challenge that needs addressing. Reliability of data from connected devices depend on various factors like interoperability, connectivity issues. Clinical validity and utility needs to be established through evidence before widespread clinical use.
Opportunity: Integration of digital biomarkers with artificial intelligence, machine learning can help uncover patterns, insights that were previously unknown. This will advance early disease detection and prediction capabilities. Wider adoption in therapeutic development, clinical trials to supplement or substitute traditional endpoints. Use in remote patient monitoring expand care to underserved populations.
Threats: Resistance from clinicians to adopt unvalidated tools in clinical decision making. Reimbursement challenges as payers may not cover use of digital tools. Privacy and cybersecurity threats from increased digitization of health data. Dependence on connected devices pose risks of technical failures affecting data quality and measurements.
Key Takeaways
The global digital biomarkers market is expected to witness high growth over the forecast period of 2024 to 2031. Global Digital Biomarkers Market Size for 2024 is estimated at US$ 3.3 billion and is expected to reach US$ 14.6 billion by 2031, registering a CAGR of 8.0%.
Regional analysis
North America currently dominates the global digital biomarkers market, accounting for over 35% of the market revenue in 2024. Rapid adoption of digital health solutions across healthcare settings in the US and Canada is driving the growth. Asia Pacific is expected to be the fastest growing regional market over the forecast period supported by increasing smartphone and connected device penetration, growing focus on chronic disease management in countries like India, China and Japan.
Key players
Key players operating in the digital biomarkers market are Purina Mills LLC, Nutreco N.V., Roquette Freres S.A. , Evonik Industries A G, Charoen Pokphand Foods PLC, Alltech Inc., Associated British Foods Plc., Koninklijke DSM NV, BASF SE, ACI Godrej Agrovet Private Limited. The market is seeing increasing partnerships among technology companies, pharma/biotech firms to develop and validate digital biomarkers for various therapeutic areas. Funding and investments in digital biomarkers startups are also on the rise globally.
Get More Insights on this tOpic-https://www.rapidwebwire.com/digital-biomarkers-market-value-insights-and-forecast/
