Research Nester published a report titled “Digital Biomarker Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global digital biomarker market in terms of market segmentation by system component, therapeutic area, application, development status, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global digital biomarker market is segmented by application into wellness, disease diagnosis, personalized medication, and drug discovery & development, out of which, the drug discovery & development segment is expected to hold the largest market share throughout the forecast period, i.e., 2020-2030, and register the largest revenue of USD 16732.40 Million by the end of 2030. The growth of the segment can be attributed to the increase in expenditure by both private and public players in the research and development of advanced healthcare products.
In 2019, the global digital biomarker market garnered USD 1,043.3 Million, and by 2030, the market is estimated to touch USD 46,131.4 Million by growing at a CAGR of 41.22% over the forecast period. The rising incidences of chronic diseases, and the need to cure such diseases at an early stage is one of the major factors expected to drive the market growth. According to the data provided by the Centers for Disease Control and Prevention (CDC), currently, 6 out of 10 people, especially adults, in the United States are suffering from a chronic disease. Various chronic diseases such as heart attack, stroke, cancer, respiratory problems, and others are the major cause of deaths and represent major disabilities burden in the OECD countries. It has been reported that an estimated one-third of people aged 15 years and over are living with two or more chronic conditions in 27 OECD countries. The rapidly increasing prevalence of chronic diseases globally is consistently attracting various market players in telehealth services who incorporate different innovative technologies to improve their product portfolio and support the decrease in the total expenses in chronic diseases. Additionally, huge investments are being made by different market players to improve their product portfolio by incorporating technological advances, such as informing patient's daily status, better remote patient follow-up consistency through programmed transfers of information, the point-of-care pairing of a transmitter to patient's device whenever the timing is ideal and different facilities which have led to the expansion of their application range.
Regionally, the global digital biomarker market is segmented into five major regions comprising North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market accounted for the largest market revenue of USD 512.3 Million in 2019 and is further projected to grow with a CAGR of 40.13% during the forecast period. The growth of the market in the region is primarily attributed to the growing smartphone usage in the region. Additionally, factors such as the growing burden of chronic diseases and a rising geriatric population is also expected to generate huge demand for digital biomarkers over the forecast period.
Rising Penetration of Smartphones & Wearables to Boost Market Growth
Smartphone connections accounted for nearly two-thirds of the total mobile connections in the year 2020. Additionally, it has been estimated that global smartphone connections have doubled over the past five years. With the growing adoption of smartphones, internet penetration is also increasing, which is anticipated to contribute significantly to the growth of the global digital biomarkers market. Moreover, the emergence of digitalization has further led to the revolutionization of the healthcare sector. Besides, the wearable healthcare technology industry is also witnessing considerable growth and is paving the way for patient-led care. However, rising security concern is estimated to negatively affect the growth of the market in upcoming years.
This report also provides the existing competitive scenario of some of the key players of the global digital biomarker market which includes company profiling of ActiGraph LLC, Akili Interactive Labs, Inc., AliveCor, Inc., Altoida, Inc., Biogen Inc., ConnectedLife Health Pte Ltd, Cambridge Cognition Ltd, Evidation Health, Inc., Fitbit, Inc., Happify, Inc., Human API, GlaxoSmithKline plc, Huma, IXICO plc, Kinsa Inc., Koneksa, Medical Care Corporation, Mindstrong Health, Koninklijke Philips N.V., Neurotrack Technologies, Inc., Novartis AG, ResMed, F. Hoffmann-La Roche Ltd, Winterlight Labs, Verily Life Sciences LLC, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global digital biomarker market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.