April 12, 2024
Digital Biomarkers Market

The Global Digital Biomarkers Market Driven by Advanced Technologies in Healthcare

The global digital biomarkers market comprises various digital measurements of a patient’s biological health indicators based on physiological signals and behaviors collected through digital devices and sensors. Digital biomarkers offer non-invasive, inexpensive, and continuous monitoring solutions to capture hard-to-detect biological changes, enabling early disease diagnosis and real-time insights into disease progression or treatment responses. The growing application of advanced digital technologies like artificial intelligence, machine learning, and sensors in healthcare has allowed new possibilities for predicting disease onset, enhancing treatment efficacy, and achieving continuous remote patient monitoring at low costs.

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:

One of the major trends in the digital biomarkers market is the increasing adoption of digital health technologies driven by the rising burden of chronic diseases globally. Digital biomarkers derived from digital health devices can provide clinical-grade data to help manage chronic illness like diabetes, hypertension, respiratory disorders more efficiently. Furthermore, advanced capabilities of digital biomarkers are finding increasing usage in drug development for precision medicine and new therapeutic discovery. Pharmaceutical companies are actively collaborating with digital biomarker analytics startups to identify new digital signatures of disease and evaluate novel interventions using real-world evidence. The incorporation of digital biomarkers with phenotypic data also enables more objective biomarkers with stronger predictive power. This growing utility in clinical trials and pharmaceutical R&D will further propel the digital biomarkers market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barriers to entry but challenging to match established players. Require significant investment in R&D to develop innovative digital biomarkers.

Bargaining power of buyers: Moderate bargaining power due to availability of alternatives and standardized products. Customers can negotiate on price and demand new digital biomarkers.

Bargaining power of suppliers: High reliance on key technology providers and partners. Suppliers hold strong position due to specialized skills and technologies required.

Threat of new substitutes: Moderate threat from alternative monitoring methods but digital biomarkers offer non-invasive solutions. Advancing technologies can lead to new substitutes.

Competitive rivalry: High competition due to presence of global established players. Companies compete on parameters like innovation, quality, price and service.

Key Takeaways

The global Digital Biomarkers market is expected to witness high growth. Global Digital Biomarkers Market Size is projected to reach US$ 3.3 Bn in 2024 and further grow at a CAGR of 8.0% to reach US$ 6.0 Bn by 2031.

Regional analysis: North America holds the highest share currently due to presence of majority key players and advanced healthcare facilities. Europe and Asia Pacific are expected to offer lucrative growth opportunities owing to increasing adoption of digital technologies in healthcare.

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. Companies are focusing on R&D to develop innovative digital biomarkers and expanding presence globally through strategic collaborations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it