The latest market publication titled Digital Biomarkers Market Size, Share and Trends Analysis by Region, Product Type, End-user, and Segment Forecast, 2022-2027 has been added to the report store by GlobalData Plc. The report examines the digital biomarkers market growth to be mainly driven by the aging population and rising chronic diseases. In addition, increasing investments and funding to develop digital biomarkers coupled with rising M&A and partnerships are also likely to boost the adoption of digital biomarkers.
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Digital Biomarkers Market Outlook 2022-2027
The digital biomarkers market growth is also anticipated to be driven by prominent trends including the development of AI-based digital biomarkers. Furthermore, digital biomarkers have also emerged as an important predictive tool for supporting recovery from the global COVID-19 pandemic. These biomarkers have also emerged as a convenient tool for precision medicine. Despite the rising adoption and popularity of digital biomarkers, challenges including data standardization, interpretation issues, data maintenance issues, and difficulties in the validation of biomarkers might limit the market’s growth.
Digital Biomarkers Market Segment Highlights
The increase in the use and popularity of connected digital devices and health-related mobile apps has produced a novel set of large, diverse, and complex data sets known as “digital biomarkers.” Digital biomarkers are particularly pertinent with the ongoing COVID-19 pandemic, where RPM strategies are vital to monitoring patients infected with the virus and those at risk of contracting it. The report segments the digital biomarkers market as follows:
- Monitoring Digital Biomarkers: The monitoring digital biomarkers held the largest digital biomarkers market share in 2021. The segment will continue to account for the highest growth throughout the forecast period as these biomarkers usually measure certain parameters on a continuous basis to assess the status of a disease or medical condition.
- Diagnostic Digital Biomarkers
- Predictive Digital Biomarkers
By Product type
- Wearable Applications: The wearable applications segment accounted for the highest digital biomarkers market revenue in 2021. The segment will be driven by the rising popularity of smartwatches and fitness trackers. The soaring popularity of smartwatches is attributed to the perceived convenience and value they provide to consumers.
- Mobile Applications
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By Therapeutic Area
- Neurological and Mental Health: This therapeutic area segment is likely to garner the largest revenue in the digital biomarkers market. In neurology, digital biomarkers are used to diagnose and monitor diseases such as Alzheimer’s and Parkinson’s. Preventive analysis, delay of symptom onset, and monitoring using neurological digital biomarkers enable early detection and evaluate treatment options.
- Healthcare companies: Healthcare companies use digital biomarkers for drug development and in the development of novel treatments. In clinical trials, they are increasingly used as endpoints for neurological and psychiatric diseases. Digital biomarkers help medical personnel to understand the efficacy of interventions on patients. Technology companies are increasingly conducting clinical validation of digital biomarkers in collaboration with research institutions.
- Healthcare providers
- North America: The region will emerge as the highest revenue-generating segment of the digital biomarkers market during the projected period. The increasing use of wearables and mobile apps for activity and disease monitoring, and expanding applications in therapeutic areas, are driving the market’s growth in these regions.
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Digital Biomarkers Market Vendor Landscape
The digital biomarkers market has witnessed several partnering with to enhance the adoption of this technology. This is expected to intensify the competition among existing players and upcoming startups. With the huge burden caused by the COVID-19 pandemic, government bodies have also shown interest in the development of digital biomarker-based therapeutic solutions. For instance, In April 2022, Labcorp and Medidata collaborated to co-develop digital biomarkers and expand decentralized clinical trials. In September 2022, Sonde Health signed an agreement with Koye Pharmaceutical, to develop a new vocal biomarker detection and monitoring capability for chronic obstructive pulmonary disease in India.
Furthermore, the adoption of digital biomarkers has led to an increase in investments and funding activities to accelerate research on digital biomarkers. In October 2022, General Prognostics, a digital biomarker firm raised $3.25 million for its API for b