The global digital biomarkers market size was estimated at US$ 1.57 billion in 2021 and is expected to reach over US$ 14.58 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 28.1% from 2022 to 2030.
Growth Factors
The rising uses of the digital biomarkers in various application areas such as diabetes, respiratory diseases, CVDs, and sleep disorders are significantly driving the growth of the global digital biomarkers market. The rising investments in the research and development of drugs are resulting in the increased cost of the drugs. Moreover, the growing prevalence of chronic diseases and growing geriatric population across the globe is fueling the demand for the digital biomarkers. The old people are more prone to the chronic diseases. The proliferation of digital technologies has resulted in an increased adoption of the various hand held and wearable digital devices, which forms a crucial part of the digital biomarkers market. The increasing usage of health informatics in the healthcare industry is fostering the growth of the global digital biomarkers market.
The necessity of the patients to regularly monitor their health conditions and have consultations is served by the digital biomarkers. Digital biomarkers can provide cost-effective and personalized treatment to ensure efficient patient care. Furthermore, along with the increasing adoption of the smart digital devices, the rapid development of the telecommunications and the IT infrastructure is fueling the digital biomarkers market growth. The rising government and corporate investments in the digitalization of the healthcare sector and development of smart hospitals is further expected to spur the demand for the digital biomarkers across the globe in the foreseeable future. The market is highly influenced by the presence of numerous market players and the digital biomarkers market has witnessed over 100 developmental strategies such as new product launches, acquisitions, and business expansion in a span of three years i.e. from 2016 to 2019. The various developmental strategies adopted by the market players are exponentially influencing the market growth.
Scope of the Digital Biomarkers Market
Report Coverage | Details |
Market Size | US$ 14.58 Billion by 2030 |
Growth Rate | CAGR of 28.1% from 2022 to 2030 |
Largest Market | North America |
Fastest Growing Market | Asia Pacific |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Segments Covered | System Component, Application, Region |
Companies Mentioned | Bayer AG, Biogen Inc., ActigraphLLc, Amgen Inc, F. Hoffmann-La Roche Ltd, Fitbit Inc, GlaxoSmithKline Plc, Koninklijke Philips N.V., Mindstrong Health, Medical Care Corporation, Medopad Ltd |
System Component Insights
Based on system component, the data collection tools segment dominated the global digital biomarkers market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributable to the increased adoption of the smartphones and wearable devices among the population that helps in the collection of data significantly. The wireless connectivity and internet is a major tool that facilitates easy data collection and easy transfer of the data. The biosensors constitute a major portion of the data collection tools.
Application Insights
Based on the application, the cardiovascular diseases segment dominated the global digital biomarkers market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is simply attributed to the increased prevalence of cardiovascular diseases among the global population. According to the World Health Organization, the cardiovascular diseases accounts for around 32% of the global deaths. It is known as the leading causes of deaths. The rising prevalence of cardiovascular diseases due to various factors like increased consumption of tobacco, unhealthy food habits, and smoking is further expected to augment the growth of this segment in the forthcoming years. The cardiovascular diseases segment accounted for over 25% of the market share in 2020. The digital biomarkers collects the patients’ data and enhances the patient care and treatment outcomes.
On the other hand, the respiratory disease segment is expected to be the fastest-growing segment during the forecast period. This is attributed to the rising prevalence of respiratory diseases like asthma and chronic obstructive pulmonary disease across the globe.
Region Insights
Based on region, Asia Pacific dominated the global digital biomarkers market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. Asia Pacific accounted for around 40% of the market share in 2020. The increased government expenditure on the development of the strong and advanced healthcare infrastructure in the region in the past few years has significantly boosted the adoption of the digital biomarkers in the Asia Pacific market. The proliferation of the digital technologies and its increasing adoption in the healthcare sector in Asia Pacific is fueling the growth of the market. Moreover, the presence of huge population and rising prevalence of chronic diseases along with the growing geriatric population is expected to exponentially augment the demand for the digital biomarkers in the foreseeable future.
North America was the second largest market in 2020. The increased healthcare expenditure along with the presence of huge geriatric population in the developed market like US is augmenting the adoption of the digital biomarker in the North America healthcare industry. The higher adoption rate of digital technologies in North America has significantly driven the market growth in the past few years and is expected to retain its position throughout the forecast period.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In October 2020, Medidata announced the acquisition of the digital biomarker segment of M10. This acquisition aimed at strengthening the position of Medidata in the digital biomarkers market.
The various developmental strategies like acquisitions and mergers fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global digital biomarkers market include:
Segments Covered in the Report
By System Component
By Application
By Geography
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client