Digital biomarkers are digital measurements of various aspects of human physiology that are objectively and quantitatively collected through digital devices and sensors. They can include data on activities of daily living, heart rate and heart rate variability, sleep patterns, physical activity levels and more. Digital biomarkers play a vital role in remote patient monitoring, clinical trial enrichment, and diagnosis. For instance, monitoring heart rate and heart rate variability using wearable devices helps in detecting cardiovascular complications at an early stage.
The global digital biomarkers market is estimated to be valued at US$ 3.3 Billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the digital biomarkers market is rising demand for continuous health monitoring solutions. Continuous monitoring of vital health parameters helps in early detection and management of chronic diseases. For example, monitoring heart rate and activity levels using wearable devices helps detect cardiovascular issues in real-time. Moreover, continuous monitoring solutions are increasingly being used in clinical trials for patient recruitment, retention and outcome evaluation. They provide more comprehensive datasets compared to intermittent clinic/hospital visits. Growing applications of digital biomarkers in drug development is also fueling market growth. Pharmaceutical companies are collaborating with digital healthcare companies to incorporate digital biomarkers in clinical trials to accelerate drug development process. For instance, in 2021, Eli Lilly partnered with Evidation Health to use digital biomarkers from ongoing clinical studies to speed up new drug development. This driver, along with growing adoption of wearable devices and remote patient monitoring solutions, is expected to propel the digital biomarkers market over the forecast period.
Segment Analysis
The global digital biomarkers market can be segmented based on product type, application area, indication area, and end-users. The product type segment can be further divided into software and devices. Among these, the software segment currently dominates the market as it has application in various therapeutic and diagnostic areas such as cardiovascular, metabolic, neurological disorders and more.
PEST Analysis
Political: The growing healthcare expenditures and government initiatives promoting adoption of digital technologies in healthcare sector across various countries will boost the market growth.
Economic: The global digital biomarkers market is expected to witness high growth due to rising disposable incomes, increasing burden on healthcare systems and need to lower healthcare costs.
Social: Growing awareness about value of digital biomarkers in monitoring health conditions will drive individuals to adopt various digital solutions. Technological advancements are positively impacting the market.
Technological: Technology platforms that can capture digital biomarkers from various sources such as smartphones, wearables, healthcare apps are becoming more sophisticated. Technologies such as artificial intelligence and machine learning are enabling more accurate disease detection and management.
Key Takeaways
Global Digital Biomarkers Market Size is estimated to be valued at US$ 3.3 Billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
Regional analysis: North America dominates the global market currently due to presence of major market players, growing awareness, supportive regulations, and technological advancements in the region. Asia Pacific is expected to witness highest growth rate during the forecast period owing to rising healthcare expenditure, growing burden of chronic diseases and increasing penetration of digital technologies in countries such as China and India.
Key players: Key players operating in the digital biomarkers market include Purina Mills LLC, Nutreco N.V., Roquette Freres S.A., Evonik Industries A G, Charoen Pokphand Foods PLC, Alltech Inc., Associated British Foods Plc., Koninklijke DSM NV, BASF SE, ACI Godrej Agrovet Private Limited. These major providers are focusing on developing innovative software and device solutions to expand applications of digital biomarkers across various therapeutic areas.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it