The global digital biomarkers market has crossed the significant milestone of $1 billion in 2020 and is projected to experience robust growth, according to preliminary findings from a recent report. Key factors such as the increasing prevalence of cancer and cardiac issues, as well as the widespread adoption of smartphones and connected digital devices, are expected to drive the expansion of the digital biomarkers market. Additionally, the market is benefiting from the strong adoption of health-related mobile applications and substantial investments in research and development in this field. The future growth of the global digital biomarkers market will be further propelled by high-tech innovations and advancements in biomarkers. Biotechnological and pharmaceutical companies are the primary end-users, owing to their active involvement in acquisitions, mergers, and investments in companies that provide tools and solutions for the industry.
For more information, please refer to the full report: https://www.fairfieldmarketresearch.com/report/digital-biomarkers-market
One of the major growth drivers in the global digital biomarkers market is the rising prevalence of cancer worldwide. Unhealthy habits such as smoking, physical inactivity, and poor dietary choices significantly contribute to the incidence of cancer. Biomarkers play a crucial role in continuously monitoring various health and disease-related characteristics, providing better analysis and insights into patient health. The complexity involved in diagnosing, prognosing, and treating different types of cancer has created a substantial demand for digital biomarkers, leading to abundant growth opportunities in the global market.
The increasing incidence of chronic ailments is another factor fueling the market's expansion. According to a report by the World Health Organization, approximately 246 million people worldwide suffered from respiratory diseases in 2022. Digital biomarkers are utilized for monitoring, diagnosing, and predicting outcomes in chronic diseases. The monitoring of digital biomarkers holds tremendous potential in the global digital biomarkers market and is expected to drive holistic growth. It enables the assessment of essential symptoms in patients with diverse chronic ailments, including respiratory disorders, cardiovascular diseases, and metabolic disorders. The continued rise in the prevalence of chronic diseases and the need to monitor changes in health patterns are anticipated to further boost the market's growth.
The increasing number of clinical trials globally is also driving the demand for digital biomarkers. According to the WHO International Clinical Trials Registry Platform (ICTRP), there were over 59,000 active clinical trials worldwide in 2020, primarily due to the growing incidence of chronic diseases. As the number of clinical trials continues to rise, the demand for digital biomarkers is expected to witness significant spikes. Digital biomarkers play a vital role in monitoring patients' health conditions and changes in health patterns, which is essential for clinical trials. Furthermore, the push for research and development in managing chronic conditions and the development of therapeutics drives the demand for digital tools such as digital biomarkers. Ongoing technological advancements, greater acceptance of technology-based tools in clinical trials, and research and development initiatives are expected to be major trends in the global digital biomarkers market.
Wearable devices are leading the way in the digital biomarkers market. These devices, including wearables, portables, implantables, or digestibles, collect objective, behavioral, and quantifiable physiological data. The wearables segment is expected to maintain its lead in the digital biomarkers market due to the increasing need for advanced data collection tools. Wearable devices provide more precise, clinically useful, and patient-centric data, enabling a deeper understanding of health-related outcomes. They have gained significant traction in various medical fields such as oncology, diabetes, rehabilitation, cardiovascular diseases, and mental health. Wearable devices facilitate the assessment of parameters such as step count, heart rate, activity intensity, blood oxygen level, sleep patterns, and sweating intensity.
Key players dominating the global digital biomarkers market include Neurotrack Technologies, Inc., ActiGraph LLC, AliveCor Inc., Brainomix, Kinsa Inc., Koneksa, Altoida Inc., Amgen Inc., Biogen Inc., Empatica Inc., Vivo Sense, IXICO plc, Imagine AI, Adherium Limited, Aural Analytic, Huma, Sonde Health, Inc., Clario, Feel Therapeutics, and ResApp (Pfizer).
In conclusion, the global digital biomarkers market has surpassed the $1 billion mark and demonstrates strong growth potential. Factors such as the rising prevalence of cancer and chronic diseases, increasing adoption of wearable devices, and a surge in clinical trials contribute to the market's expansion. With ongoing technological advancements and a focus on research and development, the market is projected to experience a positive trajectory in the coming years.