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The digital biomarkers market is estimated to be worth $1.45 billion in 2021 and is expected to grow at compounded annual growth rate (CAGR) of 36% during the forecast period.
From periodically monitoring disease progression in patients to developing customized therapies based on genetic predisposition, biomarkers (which are specific indicators of biological events) have become an indispensable aspect of contemporary healthcare solutions / practices. Ongoing digitization efforts in the healthcare industry have led to the development of a number of digital solutions, which are capable of generating, collecting, and tracking medical data. From this data, details of anatomical, physiological, and molecular events, and even behavior-related patterns in humans, or digital biomarkers, have been acknowledged as viable inputs to explain, influence and / or predict health-related outcomes. Digital biomarkers are analyzed in silico, using advanced analytical algorithms and artificial intelligence (AI) enabled tools, and therefore, can be used to rapidly generate actionable insights and identify previously undetected biological events (obscured by the shortcomings of manual processes). In this context, regulatory bodies across the world have actually begun evaluating software as a medical device. Fundamentally, digital biomarkers are identified / measured using sensors and algorithms across the plethora of available connected medical devices and other health-focused software solutions. Moreover, the fact that the procurement / analysis of digital biomarkers are not limited to the physical confines of the clinical environment, presents new opportunities to revolutionize disease diagnosis, patient monitoring and clinical trial conduct. When combined with specific phenotypic signatures, digital biomarkers have demonstrated the potential to be used to generate insights related to esoteric medical fields, such as psychiatry and neurology. In fact, experts believe that future diagnostic / treatment protocols for certain mental health indications are likely to be underpinned by digital biomarkers, similar to how the management of diabetes and hypertension are underpinned by biochemical biomarkers.
In the current pandemic scenario, medical professionals are trying to identify digital biomarkers that can facilitate the successful screening / diagnosis of COVID-19 patients, remotely. For instance, the National Institutes of Health (NIH) has tasked physIQ with developing and validating an algorithm, which can use existing wearable biosensor-derived analytics (generated by the company’s pinpointIQ™ cloud platform) to discover a novel digital biomarker for COVID-19 associated decompensation. In this regard, it is worth noting that the development of tools to capture digital biomarkers and analyze them, requires multidisciplinary (including computer science and engineering, as well as neology and medicine) expertise. Currently, several successful start-ups claim to be involved in designing and developing the necessary software / hardware solutions for the abovementioned purposes. Most of these companies have also received significant capital investments to support their respective product development initiatives. One of the primary challenges encountered by innovators in this market is related to regulatory review. Digital biomarkers are subjected to the same level of regulatory scrutiny as their traditional counterparts. Moreover, there is an evident need for a systematic approach to assess the quality and utility of digitized renderings of biological events, in order to gauge their safety and efficacy in informing health-related decision making. Despite existing challenges, this niche, but emerging domain, is expected to evolve complementary to digital therapeutics, with pioneers in the field poised to benefit from the first-to-market advantage. Given the recent rise in partnership activity in this field, and the growing demand for remote diagnostic and therapeutic solutions (mostly influenced by the pandemic), we believe that the digital biomarkers market is likely to witness a healthy market growth during the forecast period.
Examples of key companies engaged in digital biomarkers market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Acculi Labs, Canary Health Technologies, Empatica, IXICO, Kinsa, Progentec Diagnostics and Vocalis Health. This market report includes an easily searchable excel database of all the companies providing digital biomarkers solutions, worldwide.
Several recent developments have taken place in the field of digital biomarkers market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The “Digital Biomarkers Market by Content of Solution (Standalone Software Solutions and Combination Offerings), Purpose of Solution (Diagnosis, Early Screening, Monitoring, and Predictive Insights), Type of Biomarker (Cognitive, Idiosyncratic, Physiological, Vocal, and Other Biomarkers), Therapeutic Area (Autoimmune Disorders, Cardiovascular Disorders, Infectious Disorders, Mental Health Problems, Neurological Disorders, Respiratory Disorders, Substance Use Disorders, and Other Disorders), Business Model (B2B and B2C), and by Key Geographical Regions (North America, Europe, Asia-Pacific, Middle East and North Africa, and Rest of the World): Industry Trends and Global Forecasts, 2021-2030 ” market report features an extensive study of the current market landscape, market size, market share, market forecast, market outlook and future opportunities of the digital biomarkers market. The market research report features an in-depth analysis, highlighting the capabilities of various stakeholders engaged in digital biomarkers market.
Amongst other elements, the market research report includes:
The key objective of digital biomarkers market report is to provide a detailed market analysis in order to estimate the existing market size, market value, statistics and future opportunity for digital biomarkers market during the forecast period. Based on multiple parameters, likely adoption trends, and expected price variations for these products, we have provided an informed estimate of the evolution of the market for the forecast period 2021-2030. The market report also features the likely distribution of the current and forecasted opportunity within digital solutions for biomarkers market across [A] content of solution (combination offering of software application + device or AI, and standalone software applications), [B] purpose of solution (diagnosis, early screening, monitoring and predictive insights), [C] type of biomarker (cognitive, idiosyncratic, physiological, vocal, and other biomarkers), [D] therapeutic area (autoimmune disorders, cardiovascular disorders, infectious disorders, mental health problems, neurological disorders, respiratory disorders, substance use disorders, and other disorders), [E] business model (B2B (healthcare providers, payers, employers and pharmaceutical companies) and B2C (patients and caregivers)), and [F] key geographical regions (North America, Europe, Asia-Pacific, Middle East and North Africa, and Rest of the World). In order to account for future uncertainties and to add robustness to our model, we have provided three forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth. The opinions and insights presented in the market report were influenced by discussions held with senior stakeholders in the industry. The market research report features detailed transcripts of interviews held with the following industry stakeholders:
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market research report are in USD, unless otherwise specified.