Digital Biomarkers Market Dynamic, Key Players, Business Prospects & Development Strategies
2022-09-08 • bis research
The digital biomarkers market is expected to grow rapidly over the forecast period, owing to rising digitalization, rising usage of digital biomarkers, elevating the global population coupled with the geriatric population, improving reimbursement policies, and public initiatives and funding to develop technologically advanced products. Due to the COVID-19 pandemic, the market's growth was propelled in 2020 and has been rising since then. The following figure represents the market size of the global digital biomarkers market in the period 2022-2028.
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.
The global digital biomarkers market is one of the advanced markets in the medical ecosystem. According to BIS Research, this market was valued at $1,808.3 million in 2021 and is projected to reach $16,174.0 million by the end of 2028, growing at a CAGR of 36.06% during the forecast period 2022-2028.
Digital biomarkers are physiological and behavioral data that are gathered and measured using digital devices such as portable, wearables, implantable, or digestible. Typically, the information gathered is utilized to explain, affect, and/or forecast health-related outcomes. Digital biomarkers also provide a way to collect clinically relevant and objective data. 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.
Global Digital Biomarkers Market Drivers