by The global Digital Biomarkers Market is estimated to be valued at US$2.03 Billion In 2022 And is expected to exhibit a CAGR of 34.1% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Digital Biomarkers Market includes the use of digital technologies to measure and monitor various physiological and behavioral parameters in patients. These biomarkers provide objective data that can be used for early detection, diagnosis, and management of diseases. The advantages of digital biomarkers include the ability to collect real-time data, remote patient monitoring, and personalized healthcare solutions. The market is driven by the increasing demand for remote patient monitoring, advancements in sensor technologies, and the rise in chronic diseases.
Market Key Trends:
One key trend in the Digital Biomarkers Market is the adoption of wearable devices for continuous monitoring of patient health. These devices can track various vital signs, such as heart rate, blood pressure, and activity levels, providing valuable data for healthcare professionals. The integration of artificial intelligence and machine learning algorithms in these devices allows for better analysis and personalized healthcare solutions. The use of wearable devices is expected to increase significantly in the coming years, driving market growth for digital biomarkers.
Key Players: AliveCor Inc., Altoida Inc., Amgen Inc., Human API, Fitbit, Inc., Biogen Inc, Bayer AG, Akili Interactive Labs, Evidation Health, Inc., GlaxoSmithKline Plc, and Eli Lilly and Company, among others.
Porter’s Analysis
Threat of new entrants:
The threat of new entrants in the Digital Biomarkers Market is relatively low. This is due to several factors such as the high level of technological expertise and investment required to enter the market, as well as the strong presence of established players. Additionally, the regulatory requirements and intellectual property barriers act as significant barriers to entry for new players.
Bargaining power of buyers:
The bargaining power of buyers in the digital biomarkers market is medium. While the market is driven by the increasing demand for digital solutions in healthcare, buyers still have some power in negotiating prices and services. This is mainly because there are multiple vendors in the market offering similar products and services, giving buyers the option to switch between providers.
Bargaining power of suppliers:
The bargaining power of suppliers in the digital biomarkers market is low. This is due to the availability of multiple suppliers and the nature of the market where suppliers do not hold significant control over the pricing and distribution of digital biomarkers. Moreover, the advancement in technology has led to the development of various substitutes, giving buyers more options to choose from.
Threat of new substitutes:
The threat of new substitutes in the digital biomarkers market is relatively high. As technology continues to advance, new substitutes and alternatives to digital biomarkers may emerge. These substitutes could include new diagnostic tools or therapies that can provide similar or better outcomes compared to digital biomarkers. As a result, there is a constant need for innovation and staying ahead of potential substitutes.
Competitive rivalry:
The competitive rivalry in the digital biomarkers market is intense. There are several key players operating in the market who are constantly striving to gain a competitive edge. This leads to aggressive marketing strategies, product development, and partnerships to expand market share. The presence of well-established and highly reputable companies further intensifies the competition.
Key Takeaways
The global digital biomarkers market is expected to witness high growth, exhibiting a CAGR of 34.1% over the forecast period of 2023 to 2030. This growth is primarily attributed to the increasing demand for remote patient monitoring, technological advancements in wearable devices, and the need for early diagnosis and disease prediction.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the digital biomarkers market. This can be attributed to factors such as the presence of major market players, favorable government initiatives, and increasing investments in healthcare technology.
Key players operating in the digital biomarkers market include AliveCor Inc., Altoida Inc., Amgen Inc., Human API, Fitbit, Inc., Biogen Inc, Bayer AG, Akili Interactive Labs, Evidation Health, Inc., GlaxoSmithKline Plc, and Eli Lilly and Company, among others. These key players are actively involved in research and development activities, partnerships, and mergers and acquisitions to strengthen their market position and expand their product portfolio.
In conclusion, the digital biomarkers market is projected to experience significant growth in the coming years due to the rising demand for remote monitoring and early diagnosis. However, the market also faces challenges such as the threat of new substitutes and intense competition among key players. To stay competitive, companies need to focus on innovation, strategic partnerships, and meeting the evolving needs of healthcare providers and patients.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
2 We have leveraged AI tools to mine information and compile it
