The Digital Biomarkers Market is Estimated To Witness High Growth Owing To Popularity of Remote Patient Monitoring
Digital biomarkers are defined as objective, quantifiable, physiological indicators derived from digital sources such as smartphones, wearable sensors and other connected medical devices. These digital markers present opportunities to enrich diagnosis and evaluate treatment responses objectively. Digital biomarkers can capture changes in drug response, disease progression and fluctuations in clinical status outside of traditional clinical visits.
The Digital Biomarkers Market is estimated to be valued at US$ 2.86 Bn in 2023 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising demand for remote patient monitoring and home healthcare solutions is augmenting the digital biomarkers market growth. The global COVID-19 pandemic has reinforced the need for remote care of chronic patients as well as those recovering from acute illnesses like COVID-19. Digital biomarkers derived from wearable devices and mobile health apps enable continuous monitoring of vital signs and symptoms outside of clinical settings. Additionally, growing acceptance of digital therapeutics and integration of digital biomarkers with digital therapies is expected to create new avenues for digital biomarkers providers over the forecast period. High investment by pharmaceutical companies in digital biomarkers to accelerate development and evaluation of novel therapeutics is another key trend fueling the industry expansion.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the digital biomarkers market is low due to high capital investment required and established distribution network of existing players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the digital biomarkers platforms are differentiated based on technology and application.
Bargaining power of suppliers: Suppliers have low bargaining power given the fragmented nature of components and data suppliers in the digital biomarkers market.
Threat of new substitutes: Threat from new substitutes is moderate as digital biomarkers play an important role in digital therapeutics and drug development which is difficult to substitute.
Competitive rivalry: Strong competition exists among existing players to gain higher market share.
SWOT Analysis
Strength: Digital biomarkers provide non-invasive, real-time data collection and analysis capabilities. These biomarkers also offer cost-effective solutions for clinical trials and drug development process.
Weakness: Data privacy and security concerns limit the adoption of digital biomarkers. Lack of regulatory guidelines and clinical validity also hamper the market growth.
Opportunity: Growing adoption of remote patient monitoring and integration of digital biomarkers with mobile health apps provide significant growth opportunities. Rising incidences of chronic diseases further boost the demand.
Threats: reimbursement issues and lack of awareness in emerging economies pose major threats to the digital biomarkers market.
Key Takeaways
The global Digital Biomarkers Market is expected to witness high growth, exhibiting CAGR of 34% over the forecast period, due to increasing prevalence chronic diseases. North America dominates the global market owing to presence of major market players and rising digital healthcare adoption in the region. The digital biomarkers market in North America is estimated to reach US$ 2.24 Bn by 2030. Europe is the second largest market for digital biomarkers while Asia Pacific region is expected to offer lucrative growth opportunities during the forecast period.
Regional analysis: The digital biomarkers market in Asia Pacific is anticipated to grow at a robust CAGR over the next few years. Developing healthcare infrastructure, growing medical tourism, and increasing government initiatives for digitization are major factors driving the regional market.
Key players: Key players operating in the digital biomarkers market are AliveCor Inc., Altoida Inc., Amgen Inc., Human API, Fitbit, Inc., Biogen Inc, Bayer AG, Akili Interactive Labs, Evidation Health, Inc., GlaxoSmithKline Plc, and Eli Lilly and Company, among others.
Get more insights on this topic: https://creativenewsalert.blogspot.com/2023/12/mental-health-digitals-are-fastest.html
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Italiano
Russian
Romaian