DUBLIN, May 20, 2022 /PRNewswire/ -- The "Global Digital Biomarkers Market - A Global and Regional Analysis: Focus on System Component, Type, Application, End User, Regional and Country-Wise Analysis - Analysis and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global digital biomarkers market report highlights that the market was valued at $1,808.3 million in 2021 and is expected to reach $16,174.0 million by 2028. The market is expected to grow at a CAGR of 36.06% during the forecast period 2022-2028.
Global Digital Biomarkers Market Drivers
Conventional chronic disease diagnostics are very subjective and based on a series of visits. As a result, drug development decisions are based on limited, subjective evidence, resulting in large-scale Phase 3 trials of medications that were unsuccessful. Digital biomarkers can predict the efficacy of a drug more swiftly than a conventional clinical endpoint, thereby accelerating product development in the case of certain therapeutic areas. Moreover, the advancements in digital biomarker technology such as voice-based digital biomarkers, mHealth applications, and the adoption of smart wearable devices are gaining popularity among people.
Furthermore, with the rise in prevalence and incidence of chronic diseases, technological adoption will also increase. As a result, disease diagnosis will become more prevalent, and the global market for digital biomarkers will expand. Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.
Global Digital Biomarkers Market Restraints
The factors restraining the growth of the global digital biomarkers devices market include the risks associated with return on investment (RoI) and the lack of standardized and interoperability solutions. Moreover, people are specifically concerned about the increased risk of medical errors and invasion of patients' privacy when digital health devices are being used instead of conventional methods.
Global Digital Biomarkers Market Opportunities
High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for digital biomarkers market growth. In an era of machine learning (ML) and artificial intelligence (AI), extracting quantitative digital biomarkers that help in illness detection, characterization, monitoring, and therapy response assessment is becoming increasingly desirable.
Impact of COVID-19 on the Global Digital Biomarkers Market
The COVID-19 pandemic had a debilitating impact on the global healthcare ecosystem. Hospitals and clinics faced several challenges, such as lack of resources, high patient influx, and risk of infection among care providers. The market is projected to witness considerable growth during the forecast period 2022-2028. The increasing innovations and product designs in the global market and the growing use in emerging economies are the driving factors for the market's growth.
Market Segmentation
Global Digital Biomarkers Market (by System Components)
The global digital biomarkers market based on system components product type has been segmented into data collection tools and data integration software. Data collection tools have been further segmented into wearables, implantables, and mobile applications.
Global Digital Biomarkers Market (by Type)
The global digital biomarkers market based on product type has been segmented into clinical trials and clinical settings.
Global Digital Biomarkers Market (by Application)
The global digital biomarkers market, based on application, has been segmented into gastrointestinal diseases, sleep and movement disorders, cardiovascular, psychiatric disorders (mood and behavior), neurodegenerative diseases, diabetes, respiratory diseases, and others.
Global Digital Biomarkers Market (by End User)/b>
The global digital biomarkers market based on end user has been segmented into biopharmaceutical companies, providers, and payers.
Global Digital Biomarkers Market (by Region)
The different regions covered under the global digital biomarkers market include North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World.
North America is expected to be the most lucrative region for the global digital biomarkers market due to advanced healthcare infrastructure and a high focus on research and development activities. The Asia-Pacific digital biomarkers market is one of the profitable markets with immense potential for expansion by key players in the global digital biomarkers market. The Asia-Pacific digital biomarkers market is expected to grow at the fastest rate during the forecast period. This can be attributed to the massive geriatric population base, which is driving the increase in the volume of digital biomarkers.
Key Market Players and Competition Synopsis
Some key players operating in the market include AliveCor, Inc., Pear Therapeutics Inc., Abbott, Akili Interactive Labs, Inc., Koninklijke Phillips N.V., Huma, Koneksa Health, Alphabet Inc., and Neurotrack Technologies, Inc.
Some strategies covered in this segment are funding activities, mergers and acquisitions, partnerships, alliances, business expansions, regulatory and legal activities, and new offerings and upgradations.
Key Questions Answered in the Report
Key Topics Covered:
1 Markets1.1 Market Outlook1.1.1 Product Definition1.1.1.1 Data Collection Tools1.1.1.1.1 Wearable Devices1.1.1.1.2 Implantables1.1.1.1.3 Mobile Applications1.1.1.2 Data Integration Software1.1.2 Inclusion and Exclusion Criteria1.1.3 Key Findings1.1.4 Global Market Scenario1.1.4.1 Realistic Growth Scenario1.1.4.2 Optimistic Growth Scenario1.1.4.3 Pessimistic/Conservative Growth Scenario1.2 Global Digital Biomarkers Market Overview1.2.1 Current State of Digital Biomarker1.2.2 Types of Biomarkers1.2.2.1 Wellness1.2.2.2 Disease1.2.2.3 Drugs1.2.3 Industry1.2.3.1 Pharmaceutical1.2.3.2 Biotechnology/Life Sciences1.2.3.3 Medical Devices1.2.3.4 Application Vendors1.2.4 Clinical Trials (Clinical Research Organization)1.2.4.1 Technology Vendors1.2.5 Digital Biomarker Ecosystem1.2.5.1 Wearable Devices1.2.5.2 Implantable Components/ Sensors1.2.5.3 Ocular Devices1.2.5.4 Accelerometers1.2.5.5 Smart Home Systems/IoTs1.2.5.6 AR/VR Platforms1.2.5.7 Desktop/Web Applications1.2.6 Data Measurement1.2.6.1 Physiological Parameters1.2.6.2 Behavioral Parameters1.3 Industry Outlook1.3.1 Technology Landscape1.3.1.1 Artificial Intelligence and Machine Learning1.3.1.2 Augmented Reality (AR) and Virtual Reality (VR)1.3.1.3 Blockchain1.3.1.4 Edge Computing1.3.1.5 Cloud Computing1.3.2 Key Trends1.3.3 Opportunity Assessment1.3.3.1 Short-Term Growth Potential1.3.3.2 Long-Term Growth Potential1.3.4 Product Benchmarking1.3.5 Patent Analysis1.3.5.1 Awaited Technological Developments1.3.5.2 Patent Publication Growth Trend1.3.5.3 Patent Analysis (by Country/Cluster)1.3.6 Case Studies: Key Therapeutic Areas1.3.6.1 Cardiovascular Diseases1.3.6.2 Parkinson's Diseases1.3.6.3 Alzheimer's Diseases1.4 Impact of COVID-191.4.1 Impact on Digital Biomarkers1.4.2 Impact on Device Adoption1.4.3 Impact on Market Size1.4.3.1 Pre-COVID-19 Phase1.4.3.1.1 Global and Regional Analysis1.4.3.2 During COVID-19 Phase1.4.3.2.1 Global and Regional Analysis1.4.3.3 Post-COVID-19 Phase1.5 Business Dynamics1.5.1 Impact Analysis1.5.2 Business Drivers1.5.2.1 Rising Popularity of Digital Biomarkers in Drug Development1.5.2.2 Rising Employment of Vocal Digital Biomarkers1.5.2.3 Rising Use of Wearable Devices and Increasing Smartphone Penetration1.5.2.4 Regulatory Flexibility toward Digital Health Solutions1.5.2.5 Failure of Drugs for Neurodegenerative Disorders1.5.3 Business Challenges1.5.3.1 Need for Standardized and Interoperable Solutions1.5.3.2 Inaccuracy in Data Measurements1.5.3.3 Lack of Integration and Interoperability between Medical Records and User Generated Data1.5.3.4 Lack of Use Cases of the Return on Investment (ROI) Analysis1.5.4 Business Opportunities1.5.4.1 Digital Biomarkers: The Future of Precision Medicine1.5.4.2 Early Detection of Neurological Disorders Using Digital Biomarkers1.5.4.3 Increasing Awareness for General Health Management1.5.4.4 Upsurge in Demand of Metabolic, Cardiovascular, and Gastrointestinal Healthcare1.5.4.5 Penetration of Digital Biomarkers in Female, Maternal, Pre- and Neo-Natal Care1.5.4.6 Rise in Usage of Digital Biomarkers to Assess Pulmonary Health
2 Global Digital Biomarker Market (by Application)2.1 Opportunity Assessment2.2 Growth-Share Matrix2.3 Gastrointestinal Diseases2.4 Sleep and Movement Disorders2.5 Cardiovascular2.6 Psychiatric Disorders (Mood and Behavior)2.7 Chronic Pain2.8 Neurodegenerative Diseases2.9 Diabetes2.1 Respiratory Diseases2.11 Others
3 Global Digital Biomarkers Market (by End User)3.1 Opportunity Assessment3.2 Growth-Share Matrix3.3 Biopharmaceutical Companies3.4 Payers3.5 Providers
4 Global Digital Biomarkers Market (by System Components)4.1 Opportunity Assessment4.2 Market Share Analysis4.3 Growth-Share Matrix4.4 Data Collection Tools4.4.1 Wearables Devices4.4.1.1 Evolution of Wearable Devices in Clinical Trials4.4.1.2 Wearable Devices in Clinical Trials4.4.1.3 Actigraphy Devices4.4.1.4 Opportunity in Digital Biomarker4.4.1.5 New Developments4.4.1.6 Market Estimation and Forecast4.4.2 Implantables4.4.2.1 Opportunity in Digital Biomarker4.4.2.2 New Developments4.4.2.3 Market Estimation and Forecast4.4.3 Mobile Applications4.4.3.1 Opportunity in Digital Biomarkers4.4.3.2 New Developments4.4.3.3 Market Estimation and Forecast4.5 Data Integration Software4.5.1 Opportunity in Digital Biomarker4.5.2 New Developments4.5.3 Market Estimation and Forecast
5 Global Digital Biomarkers Market (by Type)5.1 Opportunity Assessment5.2 Market Share Analysis5.3 Growth-Share Matrix5.4 Clinical Trials5.5 Clinical Settings
6 Region
7 Market- Company Profiles and Competitive Benchmarking7.1 Competitive Landscape7.1.1 Key Strategies and Developments7.1.1.1 Partnerships, Alliances, and Business Expansions7.1.1.2 Funding Activities7.1.1.2.1 New Offerings7.1.1.2.2 Mergers and Acquisitions7.1.1.2.3 Regulatory and Legal Activities7.2 Company Profiles
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