Accelerating digital health applications to drive the growth of Digital Biomarkers Market

Lucy Kart

Accelerating digital health applications to drive the growth of Digital Biomarkers Market

The global 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 Overview:

Digital biomarkers are measurable digital data points derived from digital sources including smartphones, smart watches and biosensors. They help in objectively and accurately measure biological health and wellness parameters and detect physiological changes. Digital biomarkers find applications in various therapeutic areas including neurological diseases, psychiatric disorders, cardiovascular diseases and metabolic disorders. They offer advantages over traditional clinical biomarkers as they provide continuous monitoring capability, enable remote and home-based monitoring and early detection of clinical worsening or therapy response.

Market key trends:

The growing adoption of digital health technologies and remote monitoring solutions is a major factor driving the growth of the digital biomarkers market. The ease of use, cost-effectiveness and continuous monitoring capabilities of digital biomarkers are increasing their popularity over traditional clinical biomarkers. Furthermore, increasing funding and investments in digital biomarkers research and development and rising collaborations between technology companies and pharma/biotech players are also fueling market growth. However, data privacy and security concerns as well as regulatory hurdles remain key challenges for widespread adoption of digital biomarkers.

Porter’s Analysis

Threat of new entrants: The digital biomarkers market has high entry barriers as it requires heavy investments in R&D. Additionally, established brands have strong customer loyalty which discourage new players.

Bargaining power of buyers: The buyers have moderate bargaining power as there are numerous players offering similar digital biomarkers. However, specialized areas have vendor lock-ins providing buyers limited options.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes. However, suppliers of critical technologies hold a stronger position.

Threat of new substitutes: Threat of new substitutes is low as digital biomarkers offer convenience and personalized healthcare benefits that are not easily replaceable.

Competitive rivalry: The market competition is high owing to presence of numerous international and regional vendors competing on technology innovations.

Key Takeaways

Global Digital Biomarkers Market Size is expected to witness high growth, exhibiting CAGR of 34% over the forecast period 2023 to 2030, due to increasing adoption of remote patient monitoring technologies.

Regional analysis: North America is expected to dominate the market owing to large patient population, higher awareness, and increase in adoption of digital health technologies in the region. Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period owing to rising medical tourism in countries like India and China.

Key players analysis: 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. These players are focusing on various organic and inorganic growth strategies to strengthen their product portfolio and global presence in the market.

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Along with an industrial chain, market statistics in terms of revenue, sales, price, capacity, regional market analysis, segment-wise data, and market forecast information are offered in the full study, etc.

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