July 25, 2024
Digital Biomarkers Market

Digital Biomarkers Market Driving High Growth Owing to Rising Adoption by Pharmaceutical Companies

The digital biomarkers market has been growing significantly over the past few years owing to the rising adoption of digital technologies in healthcare. Digital biomarkers utilize digital data like smartphone sensors or wearable devices to capture continuous health indicators and symptoms. Several pharmaceutical and biotech companies are leveraging digital biomarkers to gain deeper insights into disease diagnosis, progression and treatment response.Digital biomarkers offer non-invasive and affordable methods to generate real-world evidence and help in developing personalized treatment regimens. The ability of digital biomarkers to capture multichannel data over extended periods enables monitoring of patients remotely and in their natural environment. However, data privacy and regulatory concerns still limit the widespread adoption of digital biomarkers.

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 from 2024 to 2031

Key Takeaways

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.

Some of the key opportunities in the Digital Biomarkers Market Growth include precision medicine, drug development, and patient engagement. Precision medicine applications utilizing digital biomarkers can enable more effective diagnosis and targeted treatment. Digital biomarkers also offer opportunities for pharmaceutical players to improve clinical trial design, patient selection and efficacy evaluation. Continuous monitoring using digital biomarkers can greatly enhance patient engagement and compliance with treatment regimens.

The growing adoption of digital health solutions across major markets like North America, Europe and Asia Pacific is fueling the global expansion of the digital biomarkers market. Several developing countries are also increasingly adopting digital health technologies owing to limited availability of medical resources. This is likely to open new avenues for digital biomarkers companies globally over the coming years.

Market Drivers

The major market driver for the growth of digital biomarkers is the rising adoption by pharmaceutical companies. Pharma players are leveraging digital biomarkers for real-world evidence generation, clinical trials optimization and post-market surveillance. Digital biomarkers offer advantages like continuous monitoring capabilities and generation of multichannel data over longer durations in natural environments. This helps pharmaceutical companies gain deeper insights into treatment response, disease progression and develop personalized therapies. Increasing focus on precision medicine by biopharma players is also driving the demand for digital biomarker tools and platforms.

PEST Analysis

Political: Regulations related to data privacy and security will impact the Digital Biomarkers Market. New laws can facilitate or restrict development and adoption of digital tools.

Economic: Growing healthcare costs are driving interest in remote patient monitoring and prevention. Demand for affordable solutions that improve health outcomes will influence investments in digital biomarkers technology.

Social: Younger consumers are more open to sharing personal data through digital devices and apps if it benefits their health and wellness. Wider social acceptance can encourage individual and self-monitoring use cases.

Technological: Advancements in data science, AI, cloud computing and remote sensing devices are expanding the potential for digital biomarkers. Continuous technological improvements allow extracting more insights from diverse data sources.

The North America region holds the largest share of the overall digital biomarkers market currently in terms of value, due to presence of major companies and rapid technology adoption in the US and Canada. However, the Asia Pacific region is poised to witness the fastest growth over the forecast period. This is attributed to rising medical expenditures, increasing investments by market players, and growing awareness about preventive healthcare in China, India and other developing Asian countries.

Europe currently captures the second largest share worldwide. Major European countries actively supporting research and development through funding in digital health solutions include Germany, France and the UK. Increased focus on remote patient monitoring and early disease detection will drive higher investments towards development of novel digital biomarkers in the region.

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