The Rising Utilization Of Digital Technology In Drug Development Lifts The Digital Biomarkers Market


Digital Biomarkers Market


The digital biomarkers Market is estimated to be valued at US$ 2.86 Bn in 2023 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The digital biomarkers market refers to measurable digital responses in individuals that are evaluated to predict health-related outcomes. Digital biomarkers are generated passively through digital sensors and mobile devices such as wearable devices, smartphones and other connected digital platforms. They are a helpful tool for measuring wellbeing, symptoms and the effectiveness of treatment regimens in chronic diseases such as diabetes, asthma and cardiovascular diseases. Key uses of digital biomarkers include monitoring disease progression, treatment effectiveness and drug discovery & development.

Market Dynamics:
Rising incidences of chronic diseases globally is a major growth driver for the digital biomarkers market. According to WHO reports, chronic diseases kill 41 million people each year, equivalent to 71% of all deaths globally. Digital technologies can play a vital role in tracking health conditions, symptoms progression and predict worsening of disease remotely and efficiently. Additionally, growing utilization of digital technologies such as sensors, AI and cloud computing in drug development processes is also boosting adoption of digital biomarkers. Digital biomarkers enable drug developers to identify responders and non-responders during clinical trials in an economical manner. This helps accelerate drug development and reduce costs significantly. Further, increasing penetration of online platforms and connected devices provides a wealth of data that can be leveraged to develop accurate digital biomarkers.

Segment Analysis
The global digital biomarkers market is segmented based on application, biometric data type, therapeutic area, end-user, and region. Based on application, the global digital biomarkers market is segmented into neurological disorder, cardiovascular disorders, sleep and movement disorders, and other applications. The neurological disorder segment is dominating the global market as digital biomarkers are being extensively employed in diagnosis and management of neurological disorders like Alzheimer's, Parkinson's diseases among others.

PEST Analysis
Political: Policy support by various governments around the world for adoption of digital health technologies are positively impacting the market growth. For instance, U.S. Food and Drug Administration (FDA) has introduced policies to support digital biomarkers.
Economic: Rising healthcare expenditure driven by increasing disease burden and ageing population is driving demand for cost-effective digital biomarkers in disease diagnosis and management.
Social: Growing acceptance of self-monitoring health devices and remote healthcare owing to COVID pandemic is favoring adoption of digital biomarkers.
Technological: Advancements in sensor technology, data analytics, artificial intelligence are enabling seamless integration of digital biomarkers in drug development and clinical trials.

Key Takeaways
Global Digital Biomarkers Market Size is expected to witness high growth, exhibiting 34% CAGR over the forecast period, due to increasing prevalence of chronic diseases, growing preference for patient-centric care, and rising adoption of mobile health apps and wearables.

Regional analysis: North America captures around 40% share of the global digital biomarkers market led by U.S. Asia Pacific is the fastest growing region owing to increasing healthcare investments, large patient pools and rising medical tourism in countries like China and India.

Key players operating in the digital biomarkers market include AliveCor Inc., Altoida Inc., Amgen Inc., Human API, Fitbit, Inc., Biogen Inc, Bayer AG, Akili Interactive Labs, Evidation Health, Inc., GlaxoSmithKline Plc, and Eli Lilly and Company, among others. Key players are involved in new product launches, collaborations to expand disease indications of their digital biomarkers and strengthen product pipelines. 


Read More- https://www.trendingwebwire.com/digital-biomarkers-market-size-share-and-forecast-analysis/


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