DUBLIN, May 18, 2022--(BUSINESS WIRE)--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.
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.
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.
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?
Market Report Coverage - Digital Biomarkers
System Components - Data Collection Tools (Wearable Devices, Implantables, and Mobile Applications) and Data Integration Software
Type - Clinical Trials and Clinical Settings
Application - Gastrointestinal Diseases, Sleep and Movement Disorders, Cardiovascular, Psychiatric Disorders (Mood and Behavior), Chronic Pain, Neurodegenerative Diseases, Diabetes, Respiratory Diseases, and Others
End User - Biopharmaceutical Companies, Providers, and Payers
North America - U.S. and Canada
Europe - Germany, U.K., France, Italy, Spain, Russia, Netherlands, and Rest-of-Europe
Asia-Pacific - Japan, China, South Korea, India, Australia and Singapore, and Rest-of-Asia-Pacific
Latin America - Brazil, Mexico and Rest-of-Latin America
Rest-of-the-World - Saudi Arabia, U.A.E, Israel, South Africa and Rest-of-Rest-of-the-World
Market Growth Drivers
Rising Popularity of Digital Biomarkers in Drug Development
Rising Employment of Vocal Digital Biomarkers
Rising Use of Wearable Devices and Increasing Smartphone Penetration
Regulatory Flexibility toward Digital Health Solutions
Failure of Drugs for Neurodegenerative Disorders
Need for Standardized and Interoperable Solutions
Inaccuracy in Data Measurements
Lack of Integration and Interoperability between Medical Records and User Generated Data
Lack of Use Cases of the Return on Investment (ROI) Analysis
Digital Biomarkers: The Future of Precision Medicine
Early Detection of Neurological Disorders Using Digital Biomarkers
Increasing Awareness for General Health Management
Upsurge in Demand of Metabolic, Cardiovascular, and Gastrointestinal Healthcare
Penetration of Digital Biomarkers in Female, Maternal, Pre- and Neo-Natal Care
Rise in Usage of Digital Biomarkers to Assess Pulmonary Health
Akili Interactive Labs, Inc.
Cambridge Cognition Ltd
Koninklijke Philips N.V.
Evidation Health, Inc.
Neurotrack Technologies, Inc.
Winterlight Labs Inc.
For more information about this report visit https://www.researchandmarkets.com/r/l4cbq8
View source version on businesswire.com: https://www.businesswire.com/news/home/20220518005730/en/
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