Digital Biomarkers Market

Market Overview

The global digital biomarkers market size was valued at USD 1.8 billion in 2021. It is projected to reach USD 27.17 billion by 2030, growing at a CAGR of 35.20% during the forecast period (2022–2030).

Digital Biomarkers are the data used to track anatomical, psychological, and behavioral changes in the human body using various sensors, Machine Learning (ML), and Artificial Intelligence (AI) techniques, making the data accessible to the wearer and other concerned users. The digital biomarkers currently used in the healthcare industry are the primary contributors to the significant data insights currently available. They assist in analyzing existing and anticipated health conditions and adverse situations.

The devices are available in a variety of forms, including those that are wearable, portable, digestible, and implantable. The oxygen saturation (SpO2) monitor and the heart rate monitor are two of the most common features found in consumer wearables. These monitors are essential for tracking heart and lung biostatistics to identify and warn users of adverse reactions. According to the CDC, cardiovascular disease is the leading cause of death in the United States, accounting for more than 960,000 deaths annually. The discovery of digital biomarkers greatly assists patients with chronic diseases.

Market Dynamics

Market Driving Factors

• Growing Use of the Digital Biomarkers to Drive Market

The increasing use of digital biomarkers in various applications on various diseases, including diabetes, respiratory diseases, cardiovascular diseases, and sleep disorders, is a significant driver of the global digital biomarkers market. In addition, the rising incidence of chronic diseases and the increase in the world's aged population drive the demand for digital biomarkers. The proliferation of digital technologies has led to the increased adoption of various handheld and wearable digital devices. Digital biomarkers serve the need for patients to monitor their health conditions regularly and receive consultations. Digital biomarkers can provide personalized, cost-effective patient care. In addition to the rising prevalence of smart digital devices, the rapid evolution of telecommunications and IT infrastructure is driving the growth of the market for digital biomarkers. In the coming future, the rising government and corporate investments in the digitalization of the healthcare sector and the development of smart hospitals are anticipated to further stimulate the global demand for digital biomarkers. 

• The Explosion of Wearable Devices and Increasing Smartphone Penetration to Aid Growth

After Bluetooth headsets, wearable devices are the most significant innovation in the industry for wearable devices. In the healthcare industry, various devices such as Google Glass (Google), Apple Watch (Apple), Fitbit band (Fitbit), MotivRing, and Oculus Rift are utilized. The increased prevalence of wearable devices in healthcare is attributable to the increased global self-awareness of health, the rise in the number of patients, and the increased use of technology in all aspects of daily life. Smartphones are used for daily tasks, including banking, flight booking, and health monitoring. Many mobile health applications on Google Play and iOS allow the user to monitor bodily functions such as sleep, heart rate, and movement. According to a recent survey, 80% of the population in developed economies and 82% in developing economies use smartphones.

Market Restraining Factors

• Evaluation of Validity of a Biomarker is Complex to Hinder Market Growth

Biomarker-based data must be thoroughly evaluated for reliability, validity, sensitivity, specificity, ascertainment bias, and interpretation. Issues persist whether the biomarker is used as a variable in a clinical trial or an epidemiologic study. If the biomarker is unreliable, laboratory errors can lead to misclassification of exposures or diseases. Changes in laboratory personnel, laboratory methods, storage, and transport procedures can impact the dependability of biomarkers utilized in an investigation. Inaccurate biomarker measurement would inevitably diminish the relationship between the biomarker and the disease. Nevertheless, there are numerous other measurement errors in the laboratory.

Key Market Opportunities

• Advancing Technology and Increased Awareness to Spur Market Opportunities

Companies are developing a growing number of digital biomarkers due to the rapid advancement of technology. Consequently, it will likely become an attractive investment segment in the future. More companies are investing in producing digital biomarkers with the growing acceptance of data and devices. The Centers for Disease Control and Prevention (CDC) discovered that notifications for Atrial Fibrillation on a specific smartwatch matched an actual ECG for patients 84 percent of the time, thereby decreasing the mortality risk for individuals. As a result, smartwatches and other consumer wearables that monitor multiple physiological factors of the human body are becoming increasingly popular.

Segmental Analysis

The global digital biomarkers market is segmented by application and end-user.

By Application

Based on application, the global digital biomarkers market is divided into sleep and movement, cardiovascular, mood and behavior, pain management, neurodegenerative disorders, and respiratory conditions.

The cardiovascular segment is dominating the market. Digital biomarkers in cardiovascular diseases allow for a deeper understanding of the cardiac response of patients during standardized activity. The data collected by digital biomarkers have the potential to optimize and improve patient-centric treatment approaches, as well as improve the outcome of cardiac rehabilitation.

By End-User

Based on end-user, the global digital biomarkers market is bifurcated into biopharmaceutical companies, payers, and providers.

Biopharmaceutical companies are dominating the end-user market. Digital biomarkers are considered most useful in the early stages of drug development when pharmaceutical scientists must determine if a drug is effective before proceeding to phase III trials and validating their findings. In the case of Alzheimer's and Parkinson's diseases, for instance, the effectiveness of the drugs could not be determined before the phase III trial, resulting in inevitable high-profile, cost-prohibitive failures that cost pharmaceutical companies millions of dollars.

Regional Analysis

The global digital biomarkers market is segmented into four regions, namely North America, Europe, Asia-Pacific, and Latin America.

Asia-Pacific region held the largest share of the digital biomarkers market because governments emphasized improving healthcare infrastructure, the proliferation of smart devices such as smartphones, and the presence of a large pool of patients. The region held a significant share of the digital biomarker market because of North America's high penetration of smartphones and wearable devices. This can be attributed to the growing prevalence of lifestyle-related diseases, which, in turn, encourages consumers to monitor their vital signs for a better understanding of their current and future health conditions.

Recent Developments

• February 2022- ActiGraph Announces Significant Technology Upgrades for Clinical Trials. ActiGraph, a leading technology partner for clinical trials and academic research, has introduced significant upgrades and enhancements to its remote monitoring ecosystem for the real world. The CPIW 2.0 is a purpose-built wearable for continuously tracking real-world movement and sleep behaviors in clinical trial participants. Its design, durability, and onboard temperature sensor have been enhanced.
• March 2022- ActiGraph Joined the Decentralized Trials & Research Alliance. ActiGraph, a leading provider of wearable technology-enabled scientific solutions for clinical trials and academic research, has joined the Decentralized Trials & Research Alliance (DTRA).
• May 2022- Akili Integrated First-of-its-Kind Prescription Video Game Treatment with the Virtual World Through Partnership with Roblox. Akili Interactive ("Akili"), a leading digital medicine company pioneering the development of cognitive treatments through game-changing technologies, and Roblox (NYSE: RBLX), a global platform connecting millions of people through shared experiences, have announced a partnership that connects patients' medical treatments to their preferred virtual worlds.