Market Overview:
The Global Digital Biomarkers Market size is expected to grow from USD 2537.77 million in 2022 to USD 38185.96 million by 2030, at a CAGR of 40.34% during the forecast period (2023-2030).
Digital biomarkers are physiological and behavioral data that are collected and evaluated by means of portable, wearable, implantable, or digestible digital devices. Usually, the data collected is used to forecast, influence, and/or explain health-related outcomes. The market for digital biomarkers is being driven by the expanding use of these tools in therapeutic fields like cardiovascular disease, sleep and movement disorders, neurodegenerative diseases, mental disorders, gastrointestinal disease, respiratory disease, and diabetes. The market is being driven by elements like the rising prevalence of chronic illnesses, the growing elderly population, the rising cost of drug development, and healthcare spending.
Top Key Players in the Digital Biomarkers Market:
DuPont, Archer Danial Midland (ADM) Company, CHR Hansen Holding A/S, BASF SE, Cargill Incorporated, Kerry Group Plc., Ashland Inc., Tate and Lyle Inc., Corbion NV, Royal DSM NV, Red Arrow International Inc., McCormick and Company inc., Associated British Food Plc., International Flavors and Fragrance Inc, and Other Major Players.
Market Dynamics and Factors for Digital Biomarkers Market:
Drivers:
Need For Improved Diagnostics And Integration of Digital Devices To Monitor Health
In the practice of medicine, companion diagnostics, and biomarkers are becoming more and more important, which has improved disease-specific diagnosis, treatment, and monitoring. It can be used to find patients who are likely to respond favorably to particular medications or treatment approaches. These diagnostics frequently go hand in hand with a particular medication. For instance, Thermo Fisher Scientific, Inc.'s Oncomine Dx Target Test supports biomarker testing for non-small cell lung cancer (NSCLC) patients who are candidates for ROZLYTREK (entrectinib). The growth of connected digital devices and health-related mobile applications is responsible for the expansion of the market for digital biomarkers.
Opportunities:
Voice-Based Digital Biomarker Presents Substantial Growth Opportunity
A future revolution in biological research and healthcare will be ushered in by voice-based digital biomarkers. Both a new frontier in health evaluation and a clear indicator of a patient's health is their voice quality. Technologies that can record speech on common consumer devices and then recognize and predict symptoms hold great promise for both academic study and clinical application. But because these biomarkers are so recent, there are a lot of questions about how to commercialize and utilize them.
Segmentation Analysis of the Digital Biomarkers Market:
- By System Component, the Data collection tools segment is expected to dominate the market. The cheap cost and greater scalability of digital biomarkers based on smartphone applications make it possible to access previously unavailable social, behavioral, psychological, and environmental data.
- By Therapeutic Area, Cardiovascular diseases are likely to dominate in this area. In cardiovascular disorders, digital biomarkers provide greater in-depth insights into the heart response of individuals during standardized exercise.
Regional Analysis of the Digital Biomarkers Market:
North America is expected to dominate the market during the forecast period. When it comes to integrating digitalization into the healthcare industry, North America is particularly adaptable. Government organizations are proactive in putting new technologies into practice to improve the region's healthcare infrastructure. FDA approvals are simple to obtain and reliable when all requirements are met. Digital devices that are FDA-approved and FDA-cleared that are now covered by Medicare and Medicaid, as well as those that overlap with or are covered separately by private insurance, can help hasten the adoption of current digital tools in clinical settings.
Key Industry Development:
In October 2020, Medidata, a company that specializes in clinical trial data and life science technologies, announced the acquisition of MC10's digital biomarker business. The purchase is intended to improve the integration of clinical-grade measurements into the remote trial platform and bolster the use of wearable sensors in clinical research.
In September 2020, Koneksa, a company that develops and implements patient-specific digital biomarkers for use in the drug development process, announced the completion of a USD 16.0 million Series B investment round. By extending its digital platform, Koneska plans to use the funds to integrate wearables and other patient-specific technology into clinical research.
