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Psychiatric Digital Biomarkers Market to Reach Over USD 2,879.7 Mn by 2031 as Mobile Applications Wearables and Sensors Transform Mental Health Diagnostics
Psychiatric Digital Biomarkers Market
The Psychiatric Digital Biomarkers Market is estimated to reach over USD 2,879.7 Mn by 2031, exhibiting a CAGR of 24.7% during the forecast period.
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Psychiatric digital biomarkers are generated through the collection of physiological and behavioral data from digital devices, such as wearables, smartphones, and other digital platforms. These biomarkers provide objective and quantifiable insights into mental health conditions, supporting the assessment, monitoring, and prediction of psychiatric disorders. Advanced algorithms and machine learning techniques are employed to analyze the collected data, identifying patterns associated with various mental health conditions. For example, machine learning-based voice analysis is used to derive cognitive functioning biomarkers in trauma survivors, while real-time tracking of biomarker changes aids in monitoring disorders such as Alzheimer's disease, Parkinson's disease, frontotemporal dementia, depression, and schizophrenia. Additionally, the use of touchscreens, keyboards, and microphones enables the evaluation of motor control and speech in Alzheimer's patients, contributing to a more comprehensive approach to understanding and managing psychiatric health.
In March 2022, researchers at DTU Health Tech developed a technique that utilizes voice analysis to detect mood swings and diagnose bipolar disorder in individuals. Customized models were shown to provide the most accurate results in these assessments.
List of Prominent Players in the Psychiatric Digital Biomarkers Market:
• Koneksa
• Biogen Inc.
• BioSensics
• Empatica Inc.
• Vivo Sense
• IXICO plc
• Huma
• kintsugi health
• Sonde Health, Inc.
• Clario
• icometrix
• iMediSync
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Market Dynamics
Drivers:
The rising incidence of mental health disorders, such as depression, anxiety, and bipolar disorder, is driving the demand for advanced diagnostic and monitoring solutions to enhance the management of these conditions. Technological advancements in wearable devices, mobile applications, sensors, and data analytics have improved the functionality and accessibility of digital biomarkers, reinforcing their role in mental health monitoring and management. Additionally, growing awareness of mental health issues and the advantages of digital health technologies has led to greater acceptance among both patients and healthcare providers, further promoting the adoption of psychiatric digital biomarkers.
Challenges:
A critical challenge in the psychiatric digital biomarkers market is ensuring the protection of sensitive mental health data. Compliance with data protection regulations, including the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA), is vital to maintaining patient trust and safeguarding against data breaches.
Regional Trends:
North America is projected to retain the largest market share throughout the forecast period, supported by well-established regulatory frameworks that facilitate the approval and deployment of digital health technologies. The widespread adoption of telehealth and digital health solutions further bolsters the growth of psychiatric digital biomarkers in the region. In contrast, the Asia-Pacific region is emerging as a high-growth market, fueled by rapid technological advancements and increasing healthcare investments.
Recent Developments:
• In July 2024, have decided to work together on a cutting-edge mental health treatment program. Sonde Health will evaluate users' mental health daily using its clinically recognized Mental Fitness vocal biomarker technology. In the meantime, the biggest telecom provider in South Korea, KT Corporation, will provide the necessary services and infrastructure to support users in enhancing their mental well-being.
• In May 2023, iMediSync, Mila announced a collaboration with iMediSync, a company whose goal is to transform mental health with the application of artificial intelligence (AI) and a data-driven methodology. iMediSync is a global digital mental health firm with headquarters in Korea that specializes on near-infrared light emitting diodes (NIR-LED)-based precision digital treatments and brainwave-centered diagnostics for early screening and prediction of various brain illnesses.
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Segmentation of Psychiatric Digital Biomarkers Market.
Global Psychiatric Digital Biomarkers Market - By Type
• Wearable
• Mobile based Applications
• Sensors
• Others
Global Psychiatric Digital Biomarkers Market - Clinical Practice
• Diagnostic Psychiatric Digital Biomarkers
• Monitoring Psychiatric Digital Biomarkers
• Predictive and Prognostic Psychiatric Digital Biomarkers
• Other's
Global Psychiatric Digital Biomarkers Market - End Use
• Healthcare companies
• Healthcare Providers
• Payers
• Others
Global Psychiatric Digital Biomarkers Market - By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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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 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 with key market insights in a timely and cost-effective manner.
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