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Digital Biomarkers Market Size, Share, Trends, Growth And Forecast To 2033
Digital Biomarkers Market Size
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According to The Business Research Company's, The digital biomarkers market size has grown exponentially in recent years. It will grow from $3.11 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate (CAGR) of 26%. The growth in the historic period can be attributed to the growth of mobile health applications, early adoption in clinical trials, the rising prevalence of chronic diseases, consumer interest in fitness and wellness, and growing healthcare digitization.
The digital biomarkers market size is expected to see exponential growth in the next few years. It will grow to $9.94 billion in 2028 at a compound annual growth rate (CAGR) of 26.2%. The growth in the forecast period can be attributed to increasing adoption by healthcare providers, rising prevalence of chronic diseases, increasing consumer awareness, growing consumer interest for fitness and lifestyle monitoring. Major trends in the forecast period include advancements in wearable technology, integration with artificial intelligence, collaborations and partnerships, expansion in emerging markets, integration with electronic health records.
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Market Drivers and Trends:
The higher prevalence of chronic diseases is expected to propel the growth of the digital biomarkers market going forward. Chronic diseases are long-term health conditions that typically progress slowly and last for an extended period, often for life. The incidence of chronic diseases with age-related chronic conditions such as osteoarthritis, Alzheimer's disease, and heart disease, along with high consumption of processed foods and reduced physical activity, increase the risk of chronic diseases. Digital biomarkers are used in chronic diseases to monitor health metrics and disease progression in real time, enabling more personalized and timely interventions. For instance, in May 2023, according to reports published by the Centers for Disease Control and Prevention (CDC.gov)., a US-based government organization, heart disease and cancer deaths totaled 6,95,547 in 2022, which is an increase from the previous year compared with 6,05,213 in 2021. Therefore, the higher prevalence of chronic diseases will propel the growth of the digital biomarker market.
Major companies operating in the digital biomarker market are adopting a strategic partnership approach to expand their reach and enhance their service offerings. A strategic partnership typically refers to a collaborative relationship between two or more organizations where they combine their resources, expertise, and efforts to achieve common goals or objectives. For instance, in September 2023, ProofPilot, a US-based clinical trial automation provider, formed a strategic partnership with Eli Lilly and Company, a US-based pharmaceutical company, to integrate Lilly's innovative, patent-pending sensor cloud platform, Magnol.AI, into ProofPilot's technology suite. Magnol.AI is a cutting-edge platform designed to manage high-frequency sensor data with exceptional security and ease. This collaboration aims to enhance the execution of high-quality digital health research, accelerating pre-competitive biomedical studies. This integration allows researchers to utilize real-time data science capabilities and gain deep insights from sensor data, aligning with clinician and patient-reported outcomes to advance digital health and biomarker research.
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Major Key Players of the Market:
Pfizer Inc., Bayer AG, F Hoffmann-La Roche Ltd., Eli Lilly and Company, Koninklijke Philips NV (Philips), GE Healthcare, Biogen Inc., Garmin Ltd., Clario, Verily Life Sciences LLC, Altoida Inc., BioSerenity, Oura Health Oy., Evidation Health Inc., AliveCor Inc., Empatica Inc., ActiGraph LLC, VivoSense Inc., BioSensics LLC, Koneksa Health Inc., ATCOR Medical Pty Ltd., Brainomix Limited
Digital Biomarkers Market 2024 Key Insights:
• The digital biomarkers market size is expected to see exponential growth in the next few years. It will grow to $9.94 billion in 2028 at a compound annual growth rate (CAGR) of 26.2%.
• Rising Chronic Disease Rates To Drive Growth In The Digital Biomarkers Market
• Cloud-Based Platform Revolutionizing Digital Biomarkers For Remote Studies And Digital Health Research
• North America was the largest region in the digital biomarkers market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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