The global digital biomarkers market is predicted to gain a valuation of USD 10.38 Billion by 2027, expanding with a CAGR of 39.2% throughout the projected timeline, according to a recent report by Emergen Research. Rapid expansion of the industry can be accredited to the escalating burden of chronic illnesses across the world. The increasing application of digital biomarkers in therapeutic areas such as cardiovascular disease, neurodegenerative disorders, gastrointestinal disease, diabetes, psychiatric disorders, sleep and movement disorders, and respiratory disease, among others, is significantly boosting the market growth.
Additionally, elements such as the escalating burden of chronic health conditions, escalating elderly population, augmenting healthcare budget, and escalating drug development costs and processes are projected to add traction to the industry growth. The augmenting geriatric populace and their increased susceptibility to infectious diseases, cardiovascular problems, and immunological disorders are the significant factors adding to the expansion of the industry. Furthermore, the augmenting financial support for R&D of novel digital biomarkers is significantly propelling the growth of the industry.
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Moreover, the emergence of COVID-19 is playing a vital role in accelerating the expansion of the industry. However, the high costs associated with digital biomarkers are predicted to impede the market growth.
Key Highlights from the Report:
- The cost-efficiency and enhanced scalability of digital biomarkers on smartphone apps assist in garnering an enormous pool of social, psychological, environmental, and behavioral data that were inaccessible previously.
- Biosensors accounted for a significant share of the industry in 2019 due to its enhanced attribute to assess the health status, onset and progress of the disease and monitoring health conditions in a non-invasive manner.
- The current psychiatric assessment methods are resource-intensive and the evaluations are time-consuming. Development of digital biomarkers is expected to generate enormous prospects for the emergence of time-sensitive, affordable, and scalable assessment of symptoms and psychiatric diagnosis.
- North America occupied the largest share of the industry in 2019 and is projected to retain its dominant position in the forthcoming years. This accelerating growth can be accredited to the increased penetration of smartphones and wearable devices and escalating incidences of lifestyle-induced disorders which compels the people to keep track of their vital signs for better management of their health conditions.
- Major companies operating in the market are Bayer AG, Koninklijke Philips NV, AliveCor Inc., Evidation Health Inc., Happify Health, F. Hoffmann-La Roche Ltd., Fitbit Inc., Novartis International AG, GlaxoSmithKline Inc., and Neurotrack Technologies Inc., among others.
- Koneska, a firm focused on the development and implementation of patient-centric digital biomarkers in the drug development procedures, received nearly USD 16 million in Series B round of funding in September 2020. The company plans to use the funds for the integration of wearable devices and other patient-specific technologies with clinical research to expand its digital platform.
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For the purpose of this report, Emergen Research has segmented the Global Digital Biomarkers Market on the basis of system component, therapeutic area, end-user, and region:
System Component Outlook (Revenue, USD Billion; 2017-2027)
- Data Collection Tools
- Digital Platforms
- Desktop-Based Software
- Mobile Apps
- Data Integration Systems
Therapeutic Area Outlook (Revenue, USD Billion; 2017-2027)
- Cardiovascular Disease
- Respiratory Disease
- Sleep and Movement Disease
- Neurodegenerative Disorders
- Gastrointestinal Disease
- Psychiatric Disorder
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceutical Companies
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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About Emergen Research
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