DUBLIN--(BUSINESS WIRE)--The "Digital Biomarkers Market Size, Share & Trends Analysis Report by Type (Wearable, Mobile based Applications, Sensors), by Clinical Practice, by Therapeutic Area, by End-use, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global digital biomarkers market size is expected to reach USD 13,966.16 million by 2030, registering a CAGR of 21.9%
Due to the rising acceptance of recent advancements and remote technologies, the market for digital biomarkers is anticipated to expand throughout the forecast period. Development of the remote data collecting technologies, which make up the largest segment of the market for digital biomarkers, has been propelled by the improvements in wearable and mobile technology. Additionally, this market segment is being further assisted by the growing use of the internet.
Vocal digital biomarkers in particular have lately come into existence and offer enormous business development potential. They enable easy data collection through voice recordings and through patient-owned technology like cell phones, wearables, and other devices. Vocal biomarkers are being utilized more frequently, which might ease the strain on the healthcare systems and improve patient outcomes by enhancing early intervention and before-time identification of physical or mental illnesses, boosting the market's expansion during the forecast period.
Furthermore, in order to acquire market presence and further boost its revenue market share during the forecast, players have also begun exploring the vocal digital biomarkers. For instance, in October 2021, Sonde health launched a voice-enabled mental fitness monitoring technology platform.
Additionally, the market is anticipated to experience substantial expansion during the forecast period due to the rising prevalence of chronic diseases and neurodegenerative diseases, as well as the growing need for enhanced drug development to successfully control these diseases. In comparison to the conventional clinical trial process, digital biomarkers accelerate the development of new drugs.
According to a study by one of the well-known decentralized trial platform providers, Med able, 85.0% of all clinical trials experience some sort of delay, with the financial impact of delays costing between USD 600,000 and USD 8 million per day, decentralized clinical trials could save up to 1 to 3 months of time in phase 2 studies.
As a result, medicine manufacturers are spending money on a digital biomarker for DCT, which is anticipated to fuel market expansion. For instance, AstraZeneca stated in March 2022 that it had invested USD 33.0 million in Huma, a UK-based company that provides decentralized clinical trials based on remote digital biomarkers. Through this alliance, the company will quicken the adoption of DCT.
Forward-thinking market participants are expanding their decisions and moving beyond typical suppliers in order to strengthen the company's position in the global market for digital biomarkers by utilizing the wide range of technology capabilities and services required for future success.
These companies have employed a variety of strategies such as product launches, joint ventures, and mergers & acquisitions. For instance, in April 2022, Pfizer acquired ResApp, an Australian- based startup that had created an app that uses artificial intelligence to gauge and determine the severity of respiratory problems using the coughing voice of a patient.
Digital Biomarkers Market Report Highlights
- Cardiovascular and metabolic disorders (CVMD) had the highest revenue share of more than 20.0% in the therapeutic area segment in 2021 and is anticipated that it will continue to have a significant major presence given the rising prevalence of cardiovascular diseases among patient populations around the globe. On the other hand, due to COVID-19 and emerging new technologies, it is anticipated that during the forecast period, market revenue share for respiratory disorders will expand at the fastest rate
- Due to the growing use of diagnostic monitoring meant for clinical disease and daily living, diagnostic digital biomarkers had the largest revenue share in the clinical practice segment in 2021. Moreover, the fastest revenue growth is anticipated for monitoring digital biomarkers during the forecast period
- Wearable had a revenue share of more than 39.0% in the digital biomarker type segment in 2021, due to the release of new, cutting-edge wearable smart watches and other products. As a result of the extensive usage of smartphones, worldwide, it is anticipated that revenue share growth for mobile-based applications would happen at the fastest rate during the forecast period. Additionally, rising usage of new technologies, and sensors, would also confront intense competition during the forecast period
- Healthcare companies hold the largest, more than 50.0% market share within the end-use category, in 2021, as a result of the rising indications and demands for cost-effective clinical trial and product analysis strategies
- North America dominated the market in 2021 and generated more than 59.0% share of the total revenue, as a result of its well-established advanced healthcare infrastructure and large expenditure in R&D activities. Furthermore, Europe would see the fastest rate of growth during the forecast period
- By engaging in partnerships, acquisitions, mergers, and product launches, key companies also help the market to expand. For instance, in 2021, Med able collaborated with the digital biomarkers business Aural Analytics to measure distant speech patterns and monitor their well-being and stage of decline
Digital Biomarkers Market Dynamics
Market Driver Analysis
- Increased Popularity of Recent Innovations and Remote Technologies
- Rising Usage of Smartphones and The Emergence of New Wearables
- Expanding Therapeutic Area Application
- Increasing Investment in Decentralized Clinical Trials
Market Restraints Analysis
- Concerns about Data Privacy
- Lack of Awareness and Poor Skilled Professionals in Emerging Economics
Digital Biomarkers Market Analysis Tools: Porter's Five Forces Analysis
Pestel Analysis
Regulatory Framework
Technology Overview
Pricing Analysis
Covid-19 Impact Analysis
Company Profiles
- Actigraph LLC
- Alivecor Inc
- Koneksa
- Amgen Inc.
- Biogen Inc.
- Altoida Inc
- Ixico plc
- Adherium Limited
- Empatica Inc
- Huma
- Vivosense
- Resapp (Pfizer)
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