Global Digital Biomarkers Market
Dublin, May 23, 2022 (GLOBE NEWSWIRE) -- 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.
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)
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
How has COVID-19 impacted the growth of the global digital biomarkers market?
What are the key regulations governing the digital biomarkers market in key regions?
What technological developments are projected to have the maximum influence on the global digital biomarkers market?
Who are the leading players holding significant dominance in the global digital biomarkers market?
What are some of the growth opportunities which market players can capitalize on?
What are the drivers and restraints for the global digital biomarkers market?
Which region has the highest growth rate in the digital biomarkers market?
Which are the fastest growing countries in terms of the global digital biomarkers market?
What are the key strategies being adopted by market players in the global digital biomarkers market?
Key Topics Covered:
1.1 Market Outlook
1.1.1 Product Definition
126.96.36.199 Data Collection Tools
188.8.131.52.1 Wearable Devices
184.108.40.206.3 Mobile Applications
220.127.116.11 Data Integration Software
1.1.2 Inclusion and Exclusion Criteria
1.1.3 Key Findings
1.1.4 Global Market Scenario
18.104.22.168 Realistic Growth Scenario
22.214.171.124 Optimistic Growth Scenario
126.96.36.199 Pessimistic/Conservative Growth Scenario
1.2 Global Digital Biomarkers Market Overview
1.2.1 Current State of Digital Biomarker
1.2.2 Types of Biomarkers
188.8.131.52 Biotechnology/Life Sciences
184.108.40.206 Medical Devices
220.127.116.11 Application Vendors
1.2.4 Clinical Trials (Clinical Research Organization)
18.104.22.168 Technology Vendors
1.2.5 Digital Biomarker Ecosystem
22.214.171.124 Wearable Devices
126.96.36.199 Implantable Components/ Sensors
188.8.131.52 Ocular Devices
184.108.40.206 Smart Home Systems/IoTs
220.127.116.11 AR/VR Platforms
18.104.22.168 Desktop/Web Applications
1.2.6 Data Measurement
22.214.171.124 Physiological Parameters
126.96.36.199 Behavioral Parameters
1.3 Industry Outlook
1.3.1 Technology Landscape
188.8.131.52 Artificial Intelligence and Machine Learning
184.108.40.206 Augmented Reality (AR) and Virtual Reality (VR)
220.127.116.11 Edge Computing
18.104.22.168 Cloud Computing
1.3.2 Key Trends
1.3.3 Opportunity Assessment
22.214.171.124 Short-Term Growth Potential
126.96.36.199 Long-Term Growth Potential
1.3.4 Product Benchmarking
1.3.5 Patent Analysis
188.8.131.52 Awaited Technological Developments
184.108.40.206 Patent Publication Growth Trend
220.127.116.11 Patent Analysis (by Country/Cluster)
1.3.6 Case Studies: Key Therapeutic Areas
18.104.22.168 Cardiovascular Diseases
22.214.171.124 Parkinson's Diseases
126.96.36.199 Alzheimer's Diseases
1.4 Impact of COVID-19
1.4.1 Impact on Digital Biomarkers
1.4.2 Impact on Device Adoption
1.4.3 Impact on Market Size
188.8.131.52 Pre-COVID-19 Phase
184.108.40.206.1 Global and Regional Analysis
220.127.116.11 During COVID-19 Phase
18.104.22.168.1 Global and Regional Analysis
22.214.171.124 Post-COVID-19 Phase
1.5 Business Dynamics
1.5.1 Impact Analysis
1.5.2 Business Drivers
126.96.36.199 Rising Popularity of Digital Biomarkers in Drug Development
188.8.131.52 Rising Employment of Vocal Digital Biomarkers
184.108.40.206 Rising Use of Wearable Devices and Increasing Smartphone Penetration
220.127.116.11 Regulatory Flexibility toward Digital Health Solutions
18.104.22.168 Failure of Drugs for Neurodegenerative Disorders
1.5.3 Business Challenges
22.214.171.124 Need for Standardized and Interoperable Solutions
126.96.36.199 Inaccuracy in Data Measurements
188.8.131.52 Lack of Integration and Interoperability between Medical Records and User Generated Data
184.108.40.206 Lack of Use Cases of the Return on Investment (ROI) Analysis
1.5.4 Business Opportunities
220.127.116.11 Digital Biomarkers: The Future of Precision Medicine
18.104.22.168 Early Detection of Neurological Disorders Using Digital Biomarkers
22.214.171.124 Increasing Awareness for General Health Management
126.96.36.199 Upsurge in Demand of Metabolic, Cardiovascular, and Gastrointestinal Healthcare
188.8.131.52 Penetration of Digital Biomarkers in Female, Maternal, Pre- and Neo-Natal Care
184.108.40.206 Rise in Usage of Digital Biomarkers to Assess Pulmonary Health
2 Global Digital Biomarker Market (by Application)
2.1 Opportunity Assessment
2.2 Growth-Share Matrix
2.3 Gastrointestinal Diseases
2.4 Sleep and Movement Disorders
2.6 Psychiatric Disorders (Mood and Behavior)
2.7 Chronic Pain
2.8 Neurodegenerative Diseases
2.1 Respiratory Diseases
3 Global Digital Biomarkers Market (by End User)
3.1 Opportunity Assessment
3.2 Growth-Share Matrix
3.3 Biopharmaceutical Companies
4 Global Digital Biomarkers Market (by System Components)
4.1 Opportunity Assessment
4.2 Market Share Analysis
4.3 Growth-Share Matrix
4.4 Data Collection Tools
4.4.1 Wearables Devices
220.127.116.11 Evolution of Wearable Devices in Clinical Trials
18.104.22.168 Wearable Devices in Clinical Trials
22.214.171.124 Actigraphy Devices
126.96.36.199 Opportunity in Digital Biomarker
188.8.131.52 New Developments
184.108.40.206 Market Estimation and Forecast
220.127.116.11 Opportunity in Digital Biomarker
18.104.22.168 New Developments
22.214.171.124 Market Estimation and Forecast
4.4.3 Mobile Applications
126.96.36.199 Opportunity in Digital Biomarkers
188.8.131.52 New Developments
184.108.40.206 Market Estimation and Forecast
4.5 Data Integration Software
4.5.1 Opportunity in Digital Biomarker
4.5.2 New Developments
4.5.3 Market Estimation and Forecast
5 Global Digital Biomarkers Market (by Type)
5.1 Opportunity Assessment
5.2 Market Share Analysis
5.3 Growth-Share Matrix
5.4 Clinical Trials
5.5 Clinical Settings
7 Market- Company Profiles and Competitive Benchmarking
7.1 Competitive Landscape
7.1.1 Key Strategies and Developments
220.127.116.11 Partnerships, Alliances, and Business Expansions
18.104.22.168 Funding Activities
22.214.171.124.1 New Offerings
126.96.36.199.2 Mergers and Acquisitions
188.8.131.52.3 Regulatory and Legal Activities
7.2 Company Profiles
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