by Digital biomarkers are digital signals derived from smart devices like smartphones, wearable devices and connected health devices that can be used to assess or predict health-related outcomes. Digital biomarkers offer many advantages over traditional biomarkers such as cost effectiveness, ease of use, real-time monitoring capabilities and ability to generate a lot of data from distant and decentralized locations. This has increased the adoption of digital biomarkers across various applications like monitoring chronic conditions, assessing treatment effects, developing new medicines and early detection of diseases.
The global Digital Biomarkers Market is estimated to be valued at US$ 3.3 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of digital biomarkers across various application areas is one of the key trends propelling the growth of the digital biomarkers market. With the increasing adoption of connected health devices and smartphones, digital biomarkers can leverage these devices to collect high-frequency digital data points about an individual. This huge amount of digital data when analyzed using artificial intelligence and machine learning techniques can provide useful insights about an individual’s health status, detect early signs of diseases and help monitor chronic conditions in real time. The non-invasive and continuous monitoring capabilities of digital biomarkers have the potential to transform healthcare especially for remote and decentralized healthcare delivery.
SWOT Analysis
Strength: Digital biomarkers can be collected continuously and remotely, providing longitudinal and dynamic insights into disease progression or treatment response. They also have the potential for early disease detection.
Weakness: There are challenges around data privacy, security, and transparency regarding how digital data is collected and used. Regulatory pathways for digital biomarkers are still evolving.
Opportunity: The market potential is high given the growing demand for remote patient monitoring and advantages of digital technologies over traditional biomarkers. Growing investments from pharmaceutical companies also offer opportunities.
Threats: Some digital biomarkers may not provide clear or clinically meaningful insights. Reliance on consumer digital devices poses risks related to technology errors or outages. Established competitors in adjacning markets could enter the digital biomarkers space.
Key Takeaways
The global digital biomarkers market is expected to witness high growth over the forecast period. Global Digital Biomarkers Market Size is estimated to reach US$ 3.3 billion in 2024 and projected to expand at a CAGR of around 8% from 2024 to 2031.
Regional analysis: North America dominates the global digital biomarkers market currently and is expected to maintain its leading position over the forecast period. Higher adoption of digital health technologies, presence of key market players, and growing funding for digital biomarkers research are some factors responsible for North America’s large share. The Asia Pacific region is anticipated to offer lucrative growth opportunities owing to rising healthcare investments, growing burden of chronic diseases, and increasing adoption of remote monitoring solutions in countries like China, India and Japan.
Key players: Key players operating in the digital biomarkers market are Purina Mills LLC, Nutreco N.V., Roquette Freres S.A., Evonik Industries A G, Charoen Pokphand Foods PLC, Alltech Inc., Associated British Foods Plc., Koninklijke DSM NV, BASF SE, ACI Godrej Agrovet Private Limited. These players are focusing on new product launches, partnerships, acquisitions and expansions to strengthen their presence in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
