DIGITAL BIOMARKERS MARKET ANALYSIS

The global digital biomarkers market was valued at US$ 2.03 Bn in 2022 and is forecast to reach a value of US$ 22.28 Bn by 2030 at a CAGR of 34.1% between 2023 and 2030. The global digital biomarkers market is experiencing strong growth due to the growing prevalence of chronic diseases and rising adoption of digital healthcare solutions across the globe. Moreover, increasing research and development (R&D) and growing adoption of patient-centric healthcare applications is expected to propel growth of the market. However, factors such as high capital investments and data security concerns are expected to hamper the market growth.

Global Digital Biomarkers Market: Regional Insights

Based on geography, the global digital biomarkers market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the rise in incidence of chronic diseases, increasing adoption of digital healthcare solution or services, and outbreak of COVID-19 in the region. For instance, digital biomarkers can radically transform the standard of care for chronic conditions that are complex to manage. Chronic diseases, such as cardiovascular diseases, cancer, and diabetes, are the leading causes of death and disability in the U.S., according to the U.S. Centers for Disease Control & Prevention (CDC). This in turn is expected to augment the market growth.

Europe and Asia Pacific are also expected to witness robust growth in the global digital biomarkers market owing to the increasing smartphone penetration, increasing prevalence of chronic diseases, the outbreak of COVID-19, and increasing adoption of digital healthcare solution and services in these regions. For instance, according to the European Chronic Disease Alliance (ECDA), chronic diseases, such as cardiovascular disease, stroke, cancer, diabetes, and respiratory diseases, are the leading cause of mortality in Europe. Each year, cardiovascular disease (CVD) causes 3.9 million deaths in Europe and over 1.8 million deaths in the EU.

Figure 1. Global Digital Biomarkers Market Share (%), by Region, 2023

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Global Digital Biomarkers Market Drivers:

Rising adoption of digital healthcare solutions to drive market growth

One of the key factors expected to augment growth of the global digital biomarkers market during the forecast period is the rising adoption of digital healthcare solutions, services, or technologies. Digital healthcare solutions, services, and technologies present an opportunity for better, safer, and efficient healthcare delivery systems. Digital biomarkers are data that users directly collect about health or disease management through digital health technologies to explain, influence, or predict health-related outcomes. Thus, with the increasing healthcare digitalization, the demand for digital biomarkers is also increasing, driving the market growth. 

Rise in burden of chronic disease to propel market growth

Another factor which is driving the growth of the global digital biomarkers market is the increasing prevalence of chronic diseases around the world. Digital biomarkers can radically transform the standard of care for chronic conditions that are complex to manage. According to the World Health Organization (WHO), each year, noncommunicable diseases (NCDs) kill about 41 million people, equivalent to 74% of all deaths worldwide. Cardiovascular diseases account for most NCD deaths, or 17.9 million people every year, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million).

Global Digital Biomarkers Market Opportunities:

Increasing research and development and rise in focus on drug development is expected to provide significant growth opportunities for players in the global digital biomarkers market. For instance, in October 2022, Koneksa launched its clinical pipeline featuring biomarkers across neuroscience, oncology, respiratory, and other therapeutic areas. With 15 digital programs in development, the company has also planned to launch some upcoming clinical studies. Koneksa’s digital biomarker platform uses algorithms to analyze and integrate real-time patient data into clinical trials, and then translates typically analog processes into digital.  

Growing adoption of patient-centric healthcare applications is expected to offer significant growth opportunities for players operating in the global digital biomarkers market. For instance, in May 2022, MyHealthcare launched a patient-centric digital health platform in collaboration with Sakra World Hospital to deliver 360-degree patient care outcomes. A new platform will empower people to manage their healthcare needs such as booking doctor appointments, preventive health check-ups, book diagnostics tests, manage family health, view e-prescriptions, view test results and other reports, and request for pathology tests or delivery of medicines at home.

Global Digital Biomarkers Market Trends:

Rise in adoption of wearables is a recent trend

With the increasing awareness among people about health, fitness, and well-being, especially after COVID-19, the demand or adoption of wearable devices is also increasing with a rapid pace across the world. Wearable health monitoring devices help in monitoring the health data of the wearer. Moreover, introduction of easy-to-use and technologically advanced wearables by market players to detect vital signs has also increased the demand for digital biomarkers. This trend is expected to continue over the forecast period, driving the market growth.

Increasing healthcare digitization is another trend

Increasing digitization in the healthcare industry has revolutionized medical research, diagnostics, and therapeutics. Digital biomarkers are data that consumers directly collect about health or disease management through digital health technologies to explain, influence, and/or predict health-related outcomes. Digital biomarkers play an increasing important role in diagnostics and prognostics and as a result can be used to improve patient health. This trend is also expected to continue during the forecast period, driving the growth of the market.

Global Digital Biomarkers Market Restraints:

High capital investments to hinder market growth

One of the key factors expected to hamper growth of the global digital biomarkers market is the high capital investments. High capital investment is required to discover, develop, and/or validate biomarkers. Moreover, high capital investment is required to run clinical trials as well as to address stringent regulatory requirements, which not only affect the ability of small companies worldwide but also severely affect innovation. Hence, along with high capital investment, the low cost benefit also hampers the growth of the market.

Data security concerns to hamper market growth

Another factor which is hampering the growth of the global digital biomarkers market is the data security concerns. Security and privacy risks are one of the major challenges for the market as the nature of data, and vulnerable to cybersecurity attacks and data theft. Digital therapeutics solutions or services are also vulnerable to third-party interference, signal errors, and transmission outages. This may result in the loss of critical patient data. This in turn is expected to hamper the growth of the global digital biomarkers market.

Figure 2. Global Digital Biomarkers Market Share (%), by End User, 2023

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Global Digital Biomarkers Market Segmentation:

The global digital biomarkers market report is segmented into Data Collection Tools, Application, End User, and Region.

Based on Data Collection Tools, the market is segmented into Wearable Devices, Implantable Components/Sensors, Mobile/Tablet Apps, Platforms, Desktop Based Software, and Data Integration (Systems that Integrate Data). Out of which, Wearable Devices Segment is expected to dominate the digital biomarkers market during the forecast period and this is attributed to the increasing adoption of wearable devices across the globe.

Mobile/Tablet Apps Segment is also expected to witness significant growth in the near future and this is owing to the rapid adoption of health-related mobile applications.

Based on Application, the market is segmented into Sleep and Movement, Cardiovascular Disease, Mood and Behavior, Pain Management, Neurodegenerative Disorders, and Respiratory Conditions. Out of which, Cardiovascular Disease Segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of cardiovascular disease across the globe.

Neurodegenerative Disorders Segment is also expected to witness significant growth in the near future and this is due to increasing prevalence of neurodegenerative disorders, such as Alzheimer's disease and Parkinson's disease.

Based on End User, the market is segmented into Biopharmaceutical Companies, Providers, and Payers. Out of which, Biopharmaceutical Companies Segment is expected to dominate the market during the forecast period and this is attributed to the increasing research and development and rise in focus on drug development.

Providers Segment is also expected to witness robust growth in the near future and this is owing to rising adoption of novel digital biomarkers.

Global Digital Biomarkers Market: Key Developments

In March 2023, Koneksa linked with life sciences consultant SSI Strategy as part of the Novartis- and Merck-backed company’s strategy to expand digital biomarkers in clinical trials.

In January 2023, Koneksa announced the launch of a clinical study comparing the treatment effect between at-home mobile Spirometry using digital biomarkers and in-clinic Spirometry in patients with moderate asthma on long-acting beta-agonist (LABA) treatment.

In January 2023, Aculys Pharma, Inc. and Four H, Inc. announced the research collaboration using wearable devices to help individuals with narcolepsy and excessive daytime sleepiness associated with obstructive sleep apnea syndrome (OSAS).

In January 2021, Biogen Inc. announced a new virtual research study, in collaboration with Apple, to investigate the role Apple Watch and iPhone could play in monitoring cognitive performance and screening for decline in cognitive health including mild cognitive impairment (MCI).

Global Digital Biomarkers Market: Key Companies Insights

The digital biomarkers market is highly competitive. This is attributed to the increasing number of clinical trials, as a result, players in the market are focusing on developing and launching novel products in the market.

Some of the key players in the global 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.

*Definition: Digital biomarkers are defined as objective, quantifiable physiological & behavioral data collected and measured by digital devices such as portables, wearables, implantables, and/or digestibles. The data collected by these devices is typically used to explain, influence, and predict health-related outcomes.