The global digital biomarkers market is experiencing growth due to several factors, including the rise in the prevalence of chronic diseases, an increase in the number of geriatric populations, and the benefits associated with digital biomarkers.
PORTLAND, Ore., Aug. 10, 2023 /PRNewswire/ -- Allied Market Research published a report titled, "Digital Biomarkers Market by Type (Wearable, Mobile Application, Software, and Others), Application (Cardiovascular Disease, Sleep and Movement Disease, Neurological Disorders, and Others), and End User (Healthcare Companies, Hospitals, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global digital biomarkers market was valued at $2.1 billion in 2022 and is projected to reach $14.7 billion by 2032, registering a CAGR of 21.3% from 2023 to 2032.
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Digital biomarkers are quantifiable, unwavering physiological, behavioral, or environmental data that is gathered using digital platforms or equipment. These biomarkers come from various sources, including digital tools, mobile apps, sensors, and wearable technology. They offer valuable information about an individual's health status, disease progression, response to treatment, and general well-being. By enabling remote monitoring, personalized medicine, early disease detection, and more effective healthcare interventions, digital biomarkers have the potential to completely transform the healthcare industry. They provide a data-driven strategy for managing healthcare and have the potential to greatly enhance patient outcomes and care quality.
Prime Determinants of Growth:
The global digital biomarkers market is experiencing growth due to several factors, including the rise in the prevalence of chronic diseases, an increase in the number of geriatric populations, and the benefits associated with digital biomarkers. However, the high cost associated with digital biomarkers is anticipated to hinder the growth of the market. On the contrary, the high presence of digital biomarker providers and the rise in initiatives taken by the government to develop healthcare infrastructure are expected to witness growth during the forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $2.1 Billion |
Market Size in 2032 | $14.7 Billion |
CAGR | 21.3 % |
No. of Pages in Report | 438 |
Segments Covered | Type, Application, Clinical Practice, End User, and Region |
Drivers | The rise in the prevalence of chronic diseases |
Increase in the number of geriatric populations | |
The benefits associated with digital biomarkers | |
Opportunities | Rise in the number of product approvals and product launches by market players |
Large number of market participants | |
Restraints | High manufacturing cost of digital biomarkers |
What is the Impact of Recession 2023 on Digital Biomarkers Market?
- The 2023 recession has negatively impacted the global digital biomarkers market, resulting in hiring freezes, budget cuts, or reductions in the workforce. These constraints are projected to limit the availability of skilled personnel to deploy and manage the digital healthcare system.
- However, the global digital biomarkers market is expected to recover from the negative impact of the recession as demand for new treatment options for chronic diseases rises.
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The wearable segment to maintain its leadership status throughout the forecast period-
Based on type, the wearable segment held the highest market share in 2022, accounting for more than three-fifths of the global digital biomarkers market revenue, and is estimated to maintain its leadership status throughout the forecast period. Owing to the high presence of market players who manufacture wearable digital biomarkers. However, the mobile application segment would display the fastest CAGR of 22.1% from 2023 to 2032. Due to the rise in awareness among people regarding mobile applications and digital biomarkers and the rise in prevalence of chronic diseases.
The cardiovascular diseases segment to maintain its lead position throughout the forecast period-
Based on application, the cardiovascular diseases segment held the highest market share in 2022, accounting for nearly two-fifths of the global digital biomarkers market revenue, and is estimated to maintain its lead position throughout the forecast period. Due to the rise in the prevalence of cardiovascular diseases and increased awareness among the public regarding digital biomarkers for cardiac diseases. However, the diabetes segment is projected to manifest a significant CAGR of 22.3% from 2023 to 2032. Due to the rising prevalence of diabetes.
The monitoring segment to rule the roost by 2032-
Based on clinical practice, the monitoring segment held the highest market share in 2022, contributing to nearly three-fifths of the global digital biomarkers market revenue, and is projected to rule the roost by 2032. This is due to increased awareness among the public regarding digital biomarkers for monitoring cardiac diseases and other chronic diseases. On the other hand, the diagnostic segment would showcase the fastest CAGR of 21.8% from 2023 to 2032. The growth is attributed to a rise in the usage of diagnostic digital biomarkers by healthcare providers for the diagnosis of chronic diseases.
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The healthcare consumers segment to maintain its leadership status throughout the forecast period-
Based on end user, the healthcare consumers segment held the highest market share in 2022, accounting for nearly three-fourths of the global digital biomarkers market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to a rise in adoption of healthcare consumers. However, the healthcare providers segment would portray the fastest CAGR of 22.0% from 2023 to 2032.
North America to maintain its dominance by 2032-
Based on region, North America held the highest market share in 2022, holding nearly half of the global digital biomarkers market revenue, and is likely to dominate the market during the forecast period. The growth is attributed to the high presence of digital biomarker manufacturers in North America and the rising prevalence of chronic disease. However, the Asia-Pacific region is expected to witness the fastest CAGR of 22.3% from 2023 to 2032. Owing to the rising number of geriatric populations, it is more susceptible to chronic diseases, and an increase in awareness among people regarding digital biomarkers.
Leading Market Players: -
- Actigraph Llc
- Verily Life Sciences LLC
- Alivecor
- Koneksahealth
- Amgen Inc.
- Empatica
- Sonde Health, Inc.
- Clario
- Feel Therapeutics
- Brainomix
The report provides a detailed analysis of these key players in the global digital biomarkers market. These players have adopted different strategies such as agreements, partnerships, acquisitions, and business expansion to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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