Digital Biomarkers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The digital biomarkers market is expected to register a CAGR of 20.5% over the forecast period.

The COVID-19 pandemic amplified the use of digital biomarkers during the lockdown period. The digital biomarkers were primarily used for predictive and prognostic, as well as monitoring purposes during the COVID-19 Pandemic. Also, the emergence of remote patient monitoring as an important approach in the management of COVID-19 patients was responsible for driving the demand for digital biomarkers. Moreover, the players operating in the market introduced innovative solutions during the COVID-19 period to cater to the unmet needs of the customers. For instance, in September 2022, researchers from the Institute of Data Science, Maastricht University, developed a mobile application to detect the changes in the voice of the user to detect COVID-19 infection. The application is more efficient and cost-effective as compared to the other COVID-19 tests available in the market.

Moreover, the increasing usage of wearables attributed to the growing awareness about fitness and well-being after COVID-19 was one of the factors driving the demand for digital biomarkers. Furthermore, the majority of the clinical trials were disturbed due to the lockdown imposed by the governments. Drug developers and digital biomarker solution providers came up with advanced products and platforms to tackle the obstacles in decentralized clinical trials. For instance, in October 2022, Thermo Fisher Scientific Inc. announced the launch of the PPD Decentralized Clinical Trials Network in order to provide valuable insights related to the Decentralized Clinical Trials for pharmaceutical and biotech customers. Hence, the introduction of new solutions in the market is anticipated to drive the demand for digital biomarkers in near future.

Moreover, the increasing prevalence of chronic diseases in developing, as well as developed countries across the globe, is anticipated to support the use of digital biomarkers for remote patient monitoring. According to the report published by the American heart association, in 2020, the global age-adjusted prevalence rate of cardiovascular disease was 7,354.1 per 100,000 individuals and more than 244.1 million individuals were living with ischemic heart disease across the globe. Moreover, the introduction of innovative and easy-to-use wearables by market players to detect various vital signs is also augmenting the demand for digital biomarkers. For instance, in November 2022, Shimmer Research, launched Verisense Digital Health Panel (DHP) to provide clinical researchers with access to raw, real-world, digital health ground-truth sensor data.

Additionally, the increasing number of clinical trials with the growth in investment research and development of various therapeutics to manage chronic conditions is expected to drive the demand for digital tools including digital biomarkers. According to the data published by the WHO International Clinical Trials Registry Platform (ICTRP), around the world, more than 59,000 clinical trials were active in 2020. Thus, the large number of ongoing clinical trials is accountable for the surge in demand for digital biomarkers.

Therefore, owing to the factors mentioned in the above paragraphs the studied market is anticipated to witness growth over the analysis period. However, high product costs along with data security concerns hinder the market growth.

Digital Biomarkers Market Trends

Monitoring Digital Biomarkers Segment is Anticipated to Show Significant Growth Over the Forecast Period

Digital biomarkers are commonly used for monitoring, diagnostic, predictive, and prognostic purposes. The monitoring digital biomarkers accounted for the maximum market share and are likely to show prominent growth during the forecast period. The monitoring digital biomarkers are primarily used in the monitoring of vital signs of patients suffering from various chronic diseases including cardiovascular and metabolic disorders, respiratory disorders etc. The growing prevalence of chronic diseases is expected to drive the demand for monitoring digital biosensors in near future. As per the report published by the World Health Organization in May 2022, the number of patients suffering from respiratory diseases around the world is close to 246 million in 2022.

Moreover, the developments and introductions of innovative products in this segment are also important factor in the rising adoption of monitoring digital biomarkers in the forecast period. For instance, in September 2022, Nutromics secured USD 14 million funding from Dexcom Ventures for the development of a platform “lab-in-a-patch” that uses DNA sensor technology to track multiple targets in the human body, including disease biomarkers and hard-to-dose drugs. Thus, the increasing number of new product launches is anticipated to drive the demand for effective digital biomarkers in near future.

Therefore, the monitoring digital biosensors segment is expected to witness significant growth over the forecast period owing to the increase in the prevalence of chronic diseases and introduction of innovative products in the market.

North America is Expected to Dominate the Digital Biomarkers Market

North America is expected to dominate the market owing to factors such as the rising prevalence of chronic diseases, the growing number of clinical trials in the United States, availability of technologically advanced products in the region. According to the report published by the Centers for Disease Control and Prevention, in 2022, around 20.1 million U.S. adults suffer from coronary artery disease, and 805,000 Americans have a heart attack each year. Additionally, according to the data published by the International Clinical Trials Registry Platform (ICTRP), more than 11,000 clinical trials are active in the United States. Thus, the large number of ongoing clinical trials and growing number of chronic diseases is supporting the market growth in the region.

Also, the increasing technological advancements by market players and the presence of key players in the region is also responsible for the driving demand for digital biomarkers. For instance, in February 2022, ActiGraph announced launch of CPIW 2.0 f or the continuous tracking of real-world movement and sleep behaviors in clinical trial participant.

Therefore, owing to the abovementioned factors the growth of the studied market is anticipated in the North America Region.

Digital Biomarkers Industry Overview

The digital biomarkers market is moderately fragmented in nature due to the presence of several companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold market shares and are well known. include Akili, Inc., ActiGraph, LLC., AliveCor, Inc., Fitbit Health Solutions, Empatica Inc., Biogen, F. Hoffmann-La Roche Ltd., Koneksa, IXICO plc, and Huma, among others.

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