Published Date : 01 Dec 2022
The global digital biomarkers market size was accounted at USD 2.01 billion in 2022 and it is projected to expand around USD 14.58 billion by 2030 with a registered CAGR of 28.1% during the forecast period from 2022 to 2030.
The global digital biomarkers market is primarily driven by the rising usage of digital biomarkers across various applications such as diabetes, respiratory diseases, CVDs, and sleep disorders. The growing geriatric population and rising prevalence of various chronic diseases across the globe is augmenting the demand for digital biomarkers. According to the United Nations, The global geriatric population is expected to reach 2 billion by 2050. Old people are more prone to various chronic diseases and hence, their healthcare expenditure is higher, which fuels the growth of digital biomarkers. The presence of numerous market players has fragmented the market. The various developmental strategies adopted by the market players such as new product launches, acquisitions, and business expansion plays a crucial role in the digital biomarkers market growth. More than 100 such strategies had been undertaken by the market players between 2016 and 2019.
Digital Biomarkers Market Report Scope
|Market Size In 2022||USD 2.01 Billion|
|Market Size By 2030||USD 14.58 Billion|
|Growth Rate from 2022 to 2030||CAGR of 28.1%|
|Forecast Period||2022 to 2030|
|Segments Covered||By System Component, By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
Asia Pacific dominated the global digital biomarkers market, accounting for around 40% of the market share in 2020. This is attributable to the growing prevalence of chronic diseases such as CVDs, respiratory diseases, and diabetes. Furthermore, the growing geriatric population in this region is making it a lucrative market for the players. As per the United Nations, 80% of the geriatric population will be living in low and middle-income countries by 2050. Furthermore, the growing investments of the government in the development of advanced healthcare infrastructure in the region has significantly boosted the growth of the digital biomarkers market. The rising adoption of digital technologies and advanced instruments in the healthcare sector is further expected to drive market growth in the forthcoming future.
North America was a prominent market in 2020. The increased prevalence of chronic diseases coupled with the increased healthcare expenditure, increased demand for the latest medical solutions, and rising adoption of the telehealth solutions in the region are the major factors that boosted the growth of the digital biomarkers in North America.
Driver: Rising usage of connected devices
The global digital biomarkers market is significantly driven by the increasing adoption of digital connected devices in the healthcare industry coupled with the rising adoption of healthcare-related mobile apps. The connected devices facilitate in a variety of prognostic and diagnostic solutions in various diseases such as cardiovascular diseases, mental disorders, and neurological diseases. Therefore, the surging adoption of connected digital devices is fueling the growth of the global digital biomarkers market.
Restraints: High cost of digital biomarkers
The high costs associated with the acquisition and implementation of digital biomarkers in the healthcare setting is a major restraining factors. Moreover, the lack of knowledge regarding the operation of the digital biomarkers may restrict its adoption that may hinder the market growth during the forecast period.
Opportunities: Rising adoption of smartphones across the globe
The rising affordability of consumers is boosting the demand for smartphones across the globe. Further, the increased investments in the development of telecommunication and IT infrastructure is improving the access to the internet. Therefore, the rising adoption of smartphones and improved access to the internet is expected to boost the adoption of telehealth, which in turn is expected to drive market growth in the upcoming future. According to the ITU, around 4 billion people had access to the internet by the end of 2019.
Challenges: Lack of awareness and inadequate healthcare infrastructure
The lack of awareness regarding digital biomarkers and the poor access to healthcare facilities in underdeveloped and developing nations is a major challenge that may restrict the growth of the global digital biomarkers market during the forecast period.
Key Players in the Report
Segments Covered in the Report
By System Component
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1537
You can place an order or ask any questions, please feel free to contact at email@example.com | +1 9197 992 333