Healthcare is undergoing a technological transformation, as companies are leveraging new technologies to generate, collect, and track novel data. With the wealth of new data, the obligation is on the industry to turn it into relevant information that helps researchers, clinicians, entrepreneurs, and consumers better understand the states of both disease and health. Digital biomarkers are an opportunity to translate new data sources into informative and actionable insights. The high prevalence and growing incidences of chronic diseases and the technological advancements in digital healthcare systems are the key propellers for the growth of the market.

During the COVID-19 pandemic, technological advancements such as the integration of software and artificial intelligence (AI) in wearable devices, rising adoption of mHealth applications, and growing interest in telemedicine and remote patient monitoring systems have all contributed to the market growth for digital biomarkers. The global digital biomarkers market report highlights that the market was valued at $1,808.3 million in 2021 and is expected to reach $16,174.0 million by 2028. The market is expected to grow at a CAGR of 36.06% during the forecast period 2022-2028.

Global Digital Biomarkers Market Drivers

Conventional chronic disease diagnostics are very subjective and based on a series of visits. As a result, drug development decisions are based on limited, subjective evidence, resulting in large-scale Phase 3 trials of medications that were unsuccessful. Digital biomarkers can predict the efficacy of a drug more swiftly than a conventional clinical endpoint, thereby accelerating product development in the case of certain therapeutic areas. Moreover, the advancements in digital biomarker technology such as voice-based digital biomarkers, mHealth applications, and the adoption of smart wearable devices are gaining popularity among people.

Furthermore, with the rise in prevalence and incidence of chronic diseases, technological adoption will also increase. As a result, disease diagnosis will become more prevalent, and the global market for digital biomarkers will expand. Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.

Global Digital Biomarkers Market Restraints

The factors restraining the growth of the global digital biomarkers devices market include the risks associated with return on investment (RoI) and the lack of standardized and interoperability solutions. Moreover, people are specifically concerned about the increased risk of medical errors and invasion of patients' privacy when digital health devices are being used instead of conventional methods.

Global Digital Biomarkers Market Opportunities

High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for digital biomarkers market growth. In an era of machine learning (ML) and artificial intelligence (AI), extracting quantitative digital biomarkers that help in illness detection, characterization, monitoring, and therapy response assessment is becoming increasingly desirable.

Impact of COVID-19 on the Global Digital Biomarkers Market

The COVID-19 pandemic had a debilitating impact on the global healthcare ecosystem. Hospitals and clinics faced several challenges, such as lack of resources, high patient influx, and risk of infection among care providers. The market is projected to witness considerable growth during the forecast period 2022-2028. The increasing innovations and product designs in the global market and the growing use in emerging economies are the driving factors for the market's growth.

 

 Global Digital Biomarkers Market Segmentation

Key Market Players and Competition Synopsis

Some key players operating in the market include AliveCor, Inc., Pear Therapeutics Inc., Abbott, Akili Interactive Labs, Inc., Koninklijke Phillips N.V., Huma, Koneksa Health, Alphabet Inc., and Neurotrack Technologies, Inc.

Some strategies covered in this segment are funding activities, mergers and acquisitions, partnerships, alliances, business expansions, regulatory and legal activities, and new offerings and upgradations.

Key Questions Answered in the Report

• How has COVID-19 impacted the growth of the global digital biomarkers market?
• What are the key regulations governing the digital biomarkers market in key regions?
• What technological developments are projected to have the maximum influence on the global digital biomarkers market?
• Who are the leading players holding significant dominance in the global digital biomarkers market?
• What are some of the growth opportunities which market players can capitalize on?
• What are the drivers and restraints for the global digital biomarkers market?
• Which region has the highest growth rate in the digital biomarkers market?
• Which are the fastest growing countries in terms of the global digital biomarkers market?
• What are the key strategies being adopted by market players in the global digital biomarkers market?

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How This Report Can Add Value

Assuming that the reader is a manufacturer of digital biomarkers, the report will assist them in the following ways:

• Understand their position compared to other key players in the market
• Stay updated with novel technology integration, features, and the latest developments in the market
• Understand the impact of COVID-19 on digital biomarkers and the entry barriers for new companies
• Gain insights into end-user perception concerning the digital biomarkers market
• Identify some key players in the market and understand their valuable contribution

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