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Digital Biomarkers Market Growth and Restrain Factors Analysis 2023-2031
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According to the latest research by InsightAce Analytic, the global Digital Biomarkers market is valued at US$ 2.66 Billion in 2022, and it is expected to reach US$ 17.58 Billion by 2031, with a CAGR of 23.52 % during the forecast period of 2023-2031.
Digital Biomarkers are data that are objective and quantifiable physiological and behavioural data that are collected and measured via digital devices, such as wearables, portables, implantables, and digestible. It helps researchers and doctors track healthy processes, diagnose diseases and other health conditions, monitor responses to medication, and identify health risks in a person. Generally, digital biomarkers are categorized as passive and active digital biomarkers. The digital biomarker could facilitate the effective use of a DHT in evaluating a therapeutic product, potentially growing patient access to safe and effective medical products. It can detect non-biological external factors (e.g., environmental features like pollen count) and provides an opportunity to identify predictors and influences on health, which will require the systematic development of scientific evidence in the future.
Biomarkers are popular nowadays in drug development, so it is widely used, positively affecting the market growth. Aspects such as the rising employment of vocal digital biomarkers and regulatory flexibility toward digital healthcare are also responsible for developing the digital biomarkers market. The extensive usage of wearable smart devices and smartphone applications in healthcare will continually fuel the market. Failure of Drugs for Neurodegenerative Disorders accelerates the requirement of digital biomarkers. 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. The ever-increasing number of product launches and rising number of Food and Drug Administration (FDA) approvals are forecast to propel the market growth.
However, there are some market restraints like the Data Measurement errors, Deficiency of Integration, Lack of Use Cases of the Return on Investment (ROI) Analysis, Interoperability between Medical Records & User Generated Data, the requirement for standardized solutions and the high cost of biomarkers. These aspects can strongly affect market growth.
Region-wise, North America is forecast to hold the leading global digital biomarkers market share. The presence of leading industry players is estimated to contribute to the regional development in the global digital biomarkers market.
Competitive Landscape
Some of The Key Players in The Digital Biomarkers Market:
• Alphabet Inc.
• AliveCor Inc.
• Akili Interactive Labs, Inc.
• Cambridge Cognition Ltd
• Dassault Systèmes
• 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.
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Key Developments in the Market
• In Mar 2022, Altoida's additional capital brings the series A financing round to $20.3 million. The precision neurology company will use the funds to advance its first in class ai-powered neurocognitive assessment platform.
• In Jan 2021, Happify launched a digital wellness program called "Claro" with Happify, which develops digital therapeutics for people with chronic diseases, leaning on its team of scientists, physicians and gaming experts to help people manage mental health.
• In May 2020, Altoida Inc., a predictive digital biomarker company announced that it had finance from Hikma Ventures. The brain health data platform is used by researchers, patients and physicians across the globe to detect Alzheimer's Disease (AD) up to ten years prior to onset. The additional funding will further expand Altoida's presence in the US, Japan, Europe, and Brazil and follow the company's $6.3 million Series A round.
• In Dec 2018, Eli Lilly & Co. expanded its collaboration with Evidation Health into a multi-year project to develop digital biomarkers for disease, derived from smartphones, wearable sensors, and even voice data.
Market Segmentation:
Global Digital Biomarkers Market, by Application, 2023-2031 (Value US$ Mn)
• Sleep and Movement Disorders
• Cardiovascular
• Psychiatric Disorders (Mood and Behavior)
• Chronic Pain
• Neurodegenerative Diseases
• Diabetes
• Respiratory Diseases
• Others
Global Digital Biomarkers Market, by System Components, 2023-2031 (Value US$ Mn)
• Data Collection Tools
o Wearables Devices
o Implantables
o Mobile Applications
• Data Integration Software
Global Digital Biomarkers Market, by Type, 2023-2031 (Value US$ Mn)
• Clinical trials
• Clinical settings
Global Digital Biomarkers Market, by End-User, 2023-2031 (Value US$ Mn)
• Biopharmaceutical Companies
• Payers
• Providers
Global Digital Biomarkers Market, by Region, 2023-2031 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Digital Biomarkers Market, by Country, 2023-2031 (Value US$ Mn)
• U.S.
• Canada
Europe Digital Biomarkers Market, by Country, 2023-2031 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Digital Biomarkers Market, by Country, 2023-2031 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Digital Biomarkers Market, by Country, 2023-2031 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Digital Biomarkers Market, by Country, 2023-2031 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
Why should buy this report:
To receive a comprehensive analysis of the prospects for the global Digital Biomarkers Market
To receive an industry overview and future trends of the Digital Biomarkers Market
To analyze the Digital Biomarkers Market drivers and challenges
To get information on the Digital Biomarkers Market Size (Value US$ Mn) forecast to 2030
Significant investments, mergers & acquisitions in the Digital Biomarkers Market industry
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis of key market insights in a timely and cost-effective manner.
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