|
Forecast Period
|
2024-2028
|
|
Market Size (2022)
|
USD 2.81 Billion
|
|
CAGR (2023-2028)
|
14.88%
|
|
Fastest Growing Segment
|
Biotechnology & Pharmaceutical Companies
|
|
Largest Market
|
North America
|
Market Overview
Global Digital Biomarkers Market has
valued at USD 2.81 Billion in 2022 and is anticipated to project impressive
growth in the forecast period with a CAGR of 14.88% through 2028. Digital
biomarkers capture information that individuals actively gather about their own
well-being or the treatment of a condition using digital health technology.
This information is used to explain, influence, and predict health outcomes.
Digital biomarkers can collect extensive data, including sleep patterns, heart
rate variability, physical activity, and cognitive function. They are collected
through various sensors, such as GPS, accelerometers, and microphones, and
analyzed using advanced algorithms and machine learning techniques.
Digital biomarkers provide an
opportunity to gather factual and clinically valuable data. They contribute to
essential imaging capabilities and improved spatial accuracy. Digital
biomarkers offer services for carotid conduit disease, stomach aortic aneurysm,
complicated fringe vein disease, and aortic analysis. In the healthcare sector,
digital biomarkers are the primary source of big data findings. They help
evaluate current health issues, as well as predict and assess dangerous
scenarios. These devices are available as implanted, portable, consumable, and
wearable items. By enabling early disease identification and diagnosis,
individualized therapies, and enhancing the quality of life, the application of
digital biomarkers can transform the healthcare sector. Additionally, they
provide researchers with a wealth of information to identify trends and
patterns, facilitating the development of novel cures and treatments.
Furthermore, the objective and minimally patient-involved data acquisition in
clinical studies can enhance authenticity, leading to the production of more
precise medications.
Key Market Drivers
Rise
in Prevalence of Cancers
The worldwide pervasiveness of smoking,
physical inactivity, and unhealthy food habits significantly influences the
incidence of cancer. These habits, when combined, create an environment that
promotes the development and progression of cancerous cells within the body. To
this end, biomarkers play a crucial role in enabling constant tracking and
monitoring of diverse characteristics regarding health and diseases. By
measuring specific molecules or genetic alterations, biomarkers provide
valuable insights into the underlying mechanisms of cancer development.
The multistage carcinogenesis process
involves a series of molecular pathway events that eventually lead to the
development of cancer. From the initial genetic mutations to the formation of a
tumor, each step in this process contributes to the progression of the disease.
Understanding these molecular events is essential for early detection, accurate
diagnosis, and effective treatment of cancer. However, the diagnosis,
prognosis, and therapy of cancer can be quite complex. Each cancer type differs
from other forms based on its unique molecular profile, making it challenging
to develop standardized approaches for treatment. This complexity necessitates
the need for advanced technologies and innovative solutions to deliver
personalized and precise care to patients.
In recent years, the concept of digital
biomarkers has emerged as a promising avenue for better analysis and insights
into patients' health. These digital biomarkers, collected through various
digital health technologies such as wearable devices and mobile applications,
provide continuous monitoring of individuals' health parameters. By capturing
real-time data on vital signs, physical activity, sleep patterns, and other
relevant indicators, digital biomarkers offer a comprehensive view of an
individual's health status.
The increasing demand for personalized
medicine and the growing adoption of digital health technologies have fueled
the growth of the global digital biomarkers market. With the ability to provide
objective and quantifiable data, digital biomarkers have opened up numerous
opportunities for improving disease management and enhancing patient outcomes.
This, in turn, has led to abundant growth in the field, with researchers,
healthcare providers, and technology companies actively exploring the potential
of digital biomarkers in transforming the future of healthcare.
Growing
Incidence of Chronic Ailments
According to a comprehensive report
published by the World Health Organization (WHO) in 2022, it was estimated that
nearly 246 million individuals worldwide were grappling with various
respiratory diseases. This staggering figure underscores the urgent need for
effective monitoring, diagnosis, and prognostic tools in healthcare. Digital
biomarkers, which harness the power of technology to assess and predict health
outcomes, have emerged as a game-changer in this domain.
By leveraging digital biomarkers,
healthcare professionals can closely monitor crucial symptoms of patients
battling chronic conditions such as respiratory disorders, cardiovascular
ailments, and metabolic disorders. This proactive approach enables early
detection of potential complications and facilitates timely intervention,
ultimately improving patient outcomes and quality of life.
The global digital biomarkers market
holds immense potential, with the monitoring of these innovative markers poised
to drive its growth in the foreseeable future. With an ever-increasing
prevalence of chronic diseases and the pressing need for continuous health
monitoring, the demand for digital biomarkers is expected to soar. This robust
market growth signifies a paradigm shift in healthcare, where data-driven
insights and personalized care are becoming the cornerstone of modern medical
practices.
Rise
in Number of Clinical Trials
The report published by the WHO
International Clinical Trials Registry Platform (ICTRP) reveals that in 2020,
the number of active clinical trials worldwide exceeded 59,000. This
significant increase can be attributed to the rising prevalence of chronic ailments,
which necessitates extensive research and development efforts. As the number of
clinical trials continues to rise, the demand for digital biomarkers is
expected to experience sharp spikes. These digital biomarkers play a crucial
role in monitoring patients' health conditions and tracking changes in their
health patterns, providing vital insights for clinical trials.
Moreover, there has been a substantial
push towards the development of various therapeutics aimed at managing chronic
conditions. This drive for innovation further fuels the demand for digital
tools, including digital biomarkers, which contribute to more effective and
efficient clinical trials. Looking ahead, ongoing technological advancements in
this field, coupled with the growing acceptance of tech-based tools in clinical
trials, are anticipated to be the major trends shaping the global digital biomarkers
market in the coming years.
Increased
Healthcare Expenditure
There has been a significant increase in
healthcare expenditure globally due to various factors. According to the
National Health Expenditure Accounts (NHEA), healthcare spending grew by 9.7%
in 2020, reaching a staggering USD 4.1 trillion. This translates to
approximately USD 12,530 per person in the US. Furthermore, health spending
accounted for 19.7% of the gross domestic product (GDP). In the European Union,
Eurostat reports that healthcare expenditure amounted to 9.94% of the GDP,
equivalent to Euro 1.38 trillion. These figures highlight the substantial
financial commitment to healthcare. With this rise in healthcare expenditures,
there is a corresponding increase in the demand for digital biomarkers, which
are poised to drive industry growth and revolutionize healthcare.
The usage of smartphones, smartwatches,
and wearable digital technological devices has witnessed a remarkable surge in
recent years. Medical bracelets, fitness trackers, and other wearable devices
have become increasingly popular among individuals seeking to monitor their
health and fitness levels. Notably, Apple currently dominates the smartwatch
market with a share of 30.1%, followed by Samsung at 10.1%. The year-on-year
sales of smartwatches continue to rise, indicating a growing market for digital
biomarkers.
In addition to smartwatches, smartphones
themselves play a crucial role in the advancement of digital biomarkers. These
devices are equipped with various sensors, including accelerometers and motion
sensors, which enable individuals to track and monitor their health on a daily
basis. The widespread adoption of smartphones has made health tracking more
accessible and convenient for users worldwide.
Furthermore, the process of drug
development has become increasingly capital-intensive and time-consuming. As a
result, there is a growing emphasis on investing in digital biomarkers as a
more efficient and cost-effective alternative. By utilizing digital biomarkers,
researchers and pharmaceutical companies can streamline the drug development
process, saving valuable time and resources. This investment in digital
biomarkers holds immense potential for revolutionizing the healthcare industry.
By incorporating these additional details, we gain a deeper understanding of
the factors driving the demand for digital biomarkers and their potential
impact on healthcare and drug development.
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Key Market Challenges
High
Product Cost
The emerging field of digital biomarkers
holds great promise for revolutionizing healthcare by providing valuable
insights into patients' health and facilitating early disease detection.
However, a significant obstacle to the widespread adoption of digital
biomarkers is the high product cost associated with their development and
implementation. This cost factor poses several challenges to the demand for
digital biomarkers in healthcare. The high product cost of digital biomarkers
affects their affordability for both healthcare providers and patients. The
research, development, and validation processes for digital biomarkers involve
substantial investments in technology, data collection, analytics, and
regulatory compliance. These costs can translate into expensive licensing fees
for healthcare institutions, limiting their ability to integrate these
biomarkers into routine patient care.
The financial burden of high-cost
digital biomarkers may deter healthcare organizations from investing in the
necessary infrastructure and training required for their implementation.
Smaller or underfunded healthcare facilities, in particular, may struggle to
allocate resources to adopt these advanced technologies, leading to disparities
in access to cutting-edge healthcare solutions. Additionally, the high product
cost of digital biomarkers may result in higher healthcare expenses for
patients. As the cost of implementing and utilizing these biomarkers is passed
on to consumers, it could potentially discourage individuals from seeking out
and utilizing these technologies, particularly in regions with limited
healthcare coverage or insurance.
Data
Security Concerns
Digital biomarkers, emerging as a
powerful tool in the realm of healthcare, are not without their share of
challenges. One of the most pressing concerns hindering their widespread
adoption is the issue of data security. The sensitivity and personal nature of
health data collected through these biomarkers have raised significant
apprehensions among both healthcare providers and patients, which, in turn,
could deter their demand. Healthcare institutions and providers are held to
strict regulatory standards for data protection, such as the Health Insurance
Portability and Accountability Act (HIPAA) in the United States and the General
Data Protection Regulation (GDPR) in Europe. The integration of digital
biomarkers into clinical practice requires compliance with these regulations,
adding complexities and costs to ensure data security and privacy. Failure to
meet these standards can result in severe legal and financial consequences. While
digital biomarkers hold immense potential in improving healthcare by enabling
real-time monitoring and personalized treatments, data security concerns remain
a significant barrier to their adoption. Addressing these concerns through
robust data encryption, compliance with privacy regulations, and transparent
data handling practices will be essential to build trust among healthcare
providers and patients and promote the widespread acceptance and utilization of
digital biomarkers in modern healthcare.
Key Market Trends
Growing
Use of Digital Biomarkers and Penetration of Wearable Devices and Smartphones
The growing utilization of digital
biomarkers in diabetes, respiratory diseases, cardiovascular diseases, and
sleep disorders serves as a significant driver in the market. The adoption of
handheld and wearable digital devices, which constitute a substantial portion
of the digital biomarker market, has been facilitated by digital technologies.
Health informatics is expanding the global market for digital biomarkers,
enabling personalized and cost-effective care. Furthermore, the rapid evolution
of telecommunications and IT infrastructure is fueling the demand for digital
biomarkers. With increasing investments in healthcare digitalization and smart
hospitals by governments and corporations, the global demand for digital
biomarkers is expected to witness a boost.
Wearable devices, following Bluetooth
headsets, rank as the industry's second-largest innovation. In healthcare,
devices such as Google Glass, Apple Watch, Fitbit, MotivRing, and Oculus Rift
are widely used. The growing prevalence of wearable devices in healthcare can
be attributed to the rising global health awareness, increasing patient
population, and the integration of technology into daily life. Numerous apps
available on Google Play and iOS platforms monitor sleep, heart rate, and
movement. A recent survey revealed that smartphones are utilized in 80% of
developed countries and 82% of developing countries.
Technology
Advancements and Growing Awareness
Due to the rapid advancement of
technology, companies across various industries are investing significant
resources into the development of an increasing number of digital biomarkers.
These biomarkers, which encompass a wide range of physiological factors, have
the potential to revolutionize healthcare and become an attractive investment
segment in the future. With the growing acceptance of data-driven solutions and
the widespread use of devices such as smartwatches, more and more companies are
recognizing the value of digital biomarkers. For instance, the Centre for
Disease Control and Prevention (CDC) recently conducted a study that found a
smartwatch's notifications for Atrial Fibrillation accurately matched a
patient's actual ECG 84 percent of the time. This breakthrough discovery has
the potential to reduce the mortality risk associated with this condition and
improve the overall well-being of individuals.
As a result, smartwatches and other
consumer wearables that monitor multiple physiological factors of the human
body are rapidly gaining popularity. These devices not only provide valuable
insights into an individual's health but also empower users to take proactive
steps towards improving their well-being.
The development of digital biomarkers
represents an exciting frontier in the intersection of technology and
healthcare. With their potential to enhance early detection and improve patient
outcomes, it is no surprise that this field is attracting significant attention
and investment from companies worldwide.
Segmental Insights
Component Insights
Based on
the component segment, the wearable segment is poised for significant and
sustained growth throughout the forecast period. As the utilization of wearable
technology continues to increase, healthcare professionals are empowered with
the ability to develop highly personalized and adaptable patient treatment
programs. This advanced technology not only enables rapid therapeutic responses
but also facilitates the monitoring of even the slightest fluctuations in
health patterns, allowing for proactive interventions. Moreover, with the
expanding patient population and global awareness of health issues, the demand
for wearable technologies in healthcare is further bolstered. The widespread
adoption of technology across diverse industries also contributes to the
expanding presence of wearables in healthcare, as it fosters innovation and
collaboration among various sectors. Consequently, the wearable segment is
experiencing substantial and continuous growth in the market, driven by the
convergence of technological advancements, healthcare needs, and industry
synergies.
Therapeutic Area Insights
Based on
the therapeutic area, the cardiovascular diseases segment has emerged as the
dominant force in the global digital biomarkers market in 2022, both in terms
of revenue and market share. This dominance is expected to continue throughout
the forecast period. The primary factor driving this trend is the alarming rise
in the prevalence of cardiovascular diseases among the global population.
According to the World Health Organization, cardiovascular diseases are
responsible for approximately 32% of all global deaths, making it the leading
cause of mortality worldwide.
The
increasing prevalence of cardiovascular diseases can be attributed to a
multitude of factors, including the rising consumption of tobacco, unhealthy
food habits, and smoking. These lifestyle choices have contributed to a
significant surge in the number of individuals affected by cardiovascular
ailments. As a result, the demand for digital biomarkers tailored to monitor
and manage cardiovascular conditions has witnessed a substantial upswing. In
2022, the cardiovascular diseases segment accounted for the largest market
share in the global digital biomarkers market. These innovative digital tools
capture and analyze patients' data, leading to improved patient care and
treatment outcomes. By leveraging advanced technologies, such as artificial
intelligence and machine learning, digital biomarkers have the potential to
revolutionize the field of cardiovascular healthcare. Looking ahead, the
cardiovascular diseases segment is poised for further growth and expansion in
the forthcoming years. The continuous advancements in digital biomarkers,
coupled with the increasing adoption of remote patient monitoring, are expected
to fuel the growth of this segment. The integration of digital biomarkers into
the healthcare ecosystem holds immense promise in enabling early detection,
prevention, and personalized treatment strategies for cardiovascular diseases.
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Regional Insights
In 2022,
North America emerged as the leader in the global digital biomarkers market,
capturing nearly half of the market revenue. This dominance can be attributed
to the significant presence of digital biomarker manufacturers in the region,
coupled with the escalating prevalence of chronic diseases. The robust growth
trajectory is expected to continue during the forecast period.
On the
other hand, the Asia-Pacific region is poised to exhibit the fastest compound
annual growth rate (CAGR) from 2024 to 2028. This can be attributed to the
region's expanding geriatric population, which is more susceptible to chronic
diseases. Additionally, there is a growing awareness among people in the region
regarding the potential benefits of digital biomarkers in managing and
monitoring their health.
Recent Developments
- Koneksa
unveiled the launch of its clinical pipeline in October 2022, encompassing
biomarkers in neuroscience, oncology, respiratory, and other therapeutic
domains.
- In October
2022, Spren successfully secured over USD 11 million in seed capital to
introduce its camera-enabled biomarker platform.
- VUNO, a Korean Medical AI Company, disclosed the findings of its
study on digital biomarkers and their efficacy in liver cancer detection in
June 2022. This AI-driven digital pathology examination focuses on liver cancer
and validates image-based digital biomarkers. The examination combines digital
pathology data with genome analysis and clinical records.
Key Market Players
- ActiGraph, LLC
- AliveCor,
Inc.
- Altoida
AG
- Biogen
Inc.
- Fitbit,
Inc.
- HumanAPI
Inc.
- Pfizer,
Inc.
- Sanofi
S.A.
- Novartis
International AG
- Neurotrack
Technologies, Inc.
|
By Component
|
By Type
|
By Therapeutic Area
|
By End User
|
By Region
|
|
|
Data Collection Tools
Data Integration
Systems
|
Novel Digital
Biomarkers
Original Digital
Biomarkers
Approved Digital
Biomarkers
|
Cardiovascular
Diseases
Sleep & Movement
Diseases
Neurodegenerative
Disorders
Psychiatric Disorder
Others
|
Biotechnology &
Pharmaceutical Companies
Payers
Providers
Others
|
North America
Europe
Asia Pacific
South America
Middle East &
Africa
|
|
|
|
|
|
|
|
|
Report Scope:
In this report, the Global Digital Biomarkers Market
has been segmented
into the following categories, in addition to the industry trends which have
also been detailed below:
·
Digital Biomarkers Market, By Component:
o
Data Collection Tools
§
Digital Platforms
§
Mobile Apps
§
Desktop-Based Software
§
Wearable
§
Others
o
Data Integration Systems
·
Digital Biomarkers Market, By Type:
o
Novel Digital Biomarkers
o
Original Digital Biomarkers
o
Approved Digital Biomarkers
·
Digital Biomarkers Market, By Therapeutic Area:
o
Cardiovascular Diseases
o
Sleep & Movement
Diseases
o
Neurodegenerative Disorders
o
Psychiatric Disorder
o
Others
·
Digital Biomarkers Market, By End User:
o
Biotechnology &
Pharmaceutical Companies
o
Payers
o
Providers
o
Others
·
Digital Biomarkers Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Global Digital Biomarkers Market.
Available Customizations:
Global Digital Biomarkers market report with the given market data,
Tech Sci Research offers customizations according to a company's specific
needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
Global Digital Biomarkers Market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]