DUBLIN–(BUSINESS WIRE)–The “Global Digital Biomarkers Market – A Global and Regional Analysis: Focus on System Component, Type, Application, End User, Regional and Country-Wise Analysis – Analysis and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
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.
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.
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.
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?
Market Report Coverage – Digital Biomarkers
Market Segmentation
- System Components – Data Collection Tools (Wearable Devices, Implantables, and Mobile Applications) and Data Integration Software
- Type – Clinical Trials and Clinical Settings
- Application – Gastrointestinal Diseases, Sleep and Movement Disorders, Cardiovascular, Psychiatric Disorders (Mood and Behavior), Chronic Pain, Neurodegenerative Diseases, Diabetes, Respiratory Diseases, and Others
- End User – Biopharmaceutical Companies, Providers, and Payers
Regional Segmentation
- North America – U.S. and Canada
- Europe – Germany, U.K., France, Italy, Spain, Russia, Netherlands, and Rest-of-Europe
- Asia-Pacific – Japan, China, South Korea, India, Australia and Singapore, and Rest-of-Asia-Pacific
- Latin America – Brazil, Mexico and Rest-of-Latin America
- Rest-of-the-World – Saudi Arabia, U.A.E, Israel, South Africa and Rest-of-Rest-of-the-World
Market Growth Drivers
- Rising Popularity of Digital Biomarkers in Drug Development
- Rising Employment of Vocal Digital Biomarkers
- Rising Use of Wearable Devices and Increasing Smartphone Penetration
- Regulatory Flexibility toward Digital Health Solutions
- Failure of Drugs for Neurodegenerative Disorders
Market Challenges
- Need for Standardized and Interoperable Solutions
- Inaccuracy in Data Measurements
- Lack of Integration and Interoperability between Medical Records and User Generated Data
- Lack of Use Cases of the Return on Investment (ROI) Analysis
Market Opportunities
- Digital Biomarkers: The Future of Precision Medicine
- Early Detection of Neurological Disorders Using Digital Biomarkers
- Increasing Awareness for General Health Management
- Upsurge in Demand of Metabolic, Cardiovascular, and Gastrointestinal Healthcare
- Penetration of Digital Biomarkers in Female, Maternal, Pre- and Neo-Natal Care
- Rise in Usage of Digital Biomarkers to Assess Pulmonary Health
Companies Mentioned
- Alphabet Inc.
- AliveCor Inc.
- Akili Interactive Labs, Inc.
- Cambridge Cognition Ltd
- Dassault Systemes
- IXICO plc
- Koninklijke Philips N.V.
- Shimmer
- Quanterix Corporation
- Altoida AG
- Evidation Health, Inc.
- Happify, Inc.
- Huma
- Human API
- Mindstrong Health
- Neurotrack Technologies, Inc.
- Orikami
- Winterlight Labs Inc.
For more information about this report visit https://www.researchandmarkets.com/r/l4cbq8
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