Digital biomarkers contribute to better spatial resolution and expanded imaging capabilities. Using various sensors, Machine Learning (ML), and Artificial Intelligence (AI) approaches, Digital Biomarker are the data use to monitor the human body’s anatomical, psychological, and behavioral changes. Digital biomarkers offer services for carotid conduit disease, problematic fringe vein disease, stomach aortic aneurysm, and aortic analysis. Digital biomarkers are physiological and behavioral measurements made using portable, wearable, implantable, or consumable digital sensors.
In 2021 the market worth of digital biomarkers was USD 1.52 billion, and by 2030 it will be worth USD 23.86 billion, growing at a 35.7% CAGR During the forecast period.
The rise of the digital biomarkers market can be attribute to a rise in the adoption of mobile health applications and connect digital devicesThe use of smartphones and the development of smartwatches, which help track physiological indicators of a person’s health, are boosting the market for digital biomarkers.
Factors boosting market growth are the growing use of digital biomarkers in conditions like diabetes, respiratory illnesses, cardiovascular diseases, and sleep disorders. Digital biomarkers offer individualized, affordable healthcare. The quick development of the IT and communications infrastructure also drives the market for digital biomarkers. Global demand for digital biomarkers is anticipate to increase as governments and corporations increase their efforts in healthcare digitalization and smart hospitals.
Factors limiting the market growth are the high cost of establishing a production facility and marketing for digital biomarkers.
Companies are producing an increasing number of digital biomarkers due to the rapid growth of technology; as a result, it will likely become an appealing investment category in the future. More businesses are investing in creating digital biomarkers as data and devices are accept more widely. The Centers for Disease Control & Prevention (CDC) found that a particular smartwatch’s atrial fibrillation warnings matched a patient’s actual ECG 84 percent of the time, lowering the risk of mortality. As a result, smartwatches and other consumer wearables that track various physiological aspects of the human body are becoming more popular.
By System Component
In 2021, the data collection tool segment led the entire market with the largest revenue share of 90%. This is due to the population’s increased use of cell phones and wearable technology, which considerably aids data collection. The internet and wireless connectivity are key instruments for facilitating simple data collection and transfer. One of the main components of data-gathering tools is biosensors.
The cardiovascular application segment held a maximum market position with a revenue share of nearly 20% in 2020. The largest market share is due to the rising prevalence of cardiovascular diseases among the world’s population. The World Health Organization estimates that cardiovascular illnesses cause 32% of fatalities worldwide. It is regard as one of the main causes of death. In the upcoming years, the rising prevalence of cardiovascular illnesses brought on by several causes, such as increased cigarette use, bad eating practices, and smoking, will accelerate the expansion of this market.
Biotechnology and pharmaceutical companies are the market leader in terms of end-user. The largest share is due to acquisitions, mergers, and investments into businesses that offer tools and solutions for the sector. For instance, Merck and Evidation Health collaborated to create software to track patients with Alzheimer’s disease in September 2021. As a result, the market trend for digital biomarkers generates several mergers and collaborations that advance the industry’s expansion.
Furthermore, various wellbeing tech firms have offer help to forestall the Coronavirus episode by contributing their computerize biomarker advancements; with this speculation, the market is expect to develop during the figure time frame. For example, Medopad is working with worldwide accomplices to decide patients who are generally in danger for Coronavirus, accelerate the approval cycle, and find advanced biomarkers for information focuses like respiratory markers. Subsequently, the market is suppose to profit from the Coronavirus circumstance.
As the predominance of persistent and neurological problems ascend because of a maturing populace, there is a developing requirement for quicker prescription improvement to effectively battle these illnesses, when contrasted and irregularly gathered conventional endpoints. Thus, drug firms are putting resources into a computerize biomarker for decentralize clinical preliminaries, which is expecte to be a critical driver of market development.
Asia pacific ruled the entire regional market with a revenue share of nearly 40.41%. The adoption of digital biomarkers in the Asia Pacific market has been greatly aid by the increase government spending on creating the region’s robust and modern healthcare infrastructure in recent years. The market is expanding due to the widespread use of digital technologies and their rising adoption in Asia Pacific’s healthcare industry. Moreover, the demand for digital biomarkers will rapidly increase due to the presence of a large population, the rising prevalence of chronic diseases, and the growing elderly population.
In 2020, North America held the second-largest market. Rising healthcare costs and a sizable senior population in wealthy nations like the US drive the adoption of digital biomarkers in the North American healthcare sector.
- Verily Life Sciences
- Sanofi S.A.
- Pfizer Inc
- Novartis Internationla AG
- Mindstrong Health
- Medapod Ltd
- Happify Health
- GlaxoSmithKline Plc
- Fitbit, Inc
- Eli Lily and Company
- Evidation Health, Inc.
- Biogen, Inc
- Bayer AG
- Alphabet, Inc
- AliveCor, Inc
In 2021 the market worth of digital biomarkers was USD 1.52 billion, and by 2030 it will be worth USD 23.86 billion, growing at a 35.7% CAGR During the forecast period. The market for digital biomarker is expanding owing to the growing applications of these tools in diabetes, respiratory illnesses, CVDs, and sleep disorders, among others.
Because of the ascent in ventures and supporting drives to accelerate research on computerized biomarkers. The medical organizations fragment is probably going to encounter market development during the figure time frame. For example, Altoida, Inc. gotten a USD 6.3 million Series A venture from Hikma Drugs PLC in May 2020. To give medical services experts a better approach to order patients’ gamble of moderate mental disability. And work on clinical results for neurological circumstances. Altoida’s innovation joins computerized biomarkers with the latest improvements in man-made brainpower, computer generated reality, and calculations.
Clinical experts are looking for advanced pointers that would simplify it to screen. And analyze Coronavirus patients in the ongoing pandemic condition from a distance. This is suppose to prompt market development. For example, The Public Organizations of Wellbeing (NIH) and physIQ have an agreement for the improvement of a man-made intelligence empowered Coronavirus related de pay File in September 2020. Alongside the approval of a calculation that can utilize the latest wearable biosensor examination made by the pinpointIQ cloud stage.
Cyber Security Market Report – The global cybersecurity market will witness a robust CAGR of 9.5%, valued at $216.10 billion in 2021, expected to appreciate and reach $478.68 billion by 2030, confirms Strategic Market Research. North America accounted for a sizeable market value of over 25% in the year 2021.