by Digital biomarkers leverage digital data from mobile apps, wearables, and other digital technologies to objectively measure and evaluate biological and behavioral parameters. They play a key role in monitoring health conditions like diabetes, heart disease, neurological disorders and more accurately than traditional biomarkers. Digital biomarkers have advantages over traditional biomarkers such as cost-effectiveness, ease of collection and analysis of large datasets. The growing need for remote and frequent health monitoring is driving increased 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 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.
The growing demand for remote patient monitoring and wearable medical devices is driving the demand for Digital Biomarkers Market Demand. Increased smartphone and technology penetration have further increased the scope of digital biomarkers.
Major players are expanding globally to capitalize on the large opportunities. Partnerships with pharma companies and healthcare providers are helping them enters new markets and diversify product offerings. Increased investments are being made in biomarker research to develop new tools.
Market Key Trends
The increased usage of smartphones, fitness trackers and other connected devices is a major trend spurring growth of digital biomarkers. It has enabled easy collection of vast amounts of digital data on physiological and behavioral metrics. Advanced data analytics is being leveraged to gain insights from these large and diverse datasets. Another trend is the integration of digital biomarkers with electronic health records for a more holistic patient view. Partnerships between technology and pharmaceutical companies will further validation and clinical applications of digital biomarkers. Standardization of measures is also important for regulatory approvals and adoption in clinical trials and practice.
Porter’s Analysis
Threat of new entrants: The Digital Biomarkers Market requires high initial investments in R&D, which makes it difficult for new companies to enter the market.
Bargaining power of buyers: Individual consumers have low bargaining power in the digital biomarkers market due to the limited availability and high costs of digital biomarker technologies and services.
Bargaining power of suppliers: A few large companies dominate the supply of digital biomarker technologies, sensors and wearable devices, giving them significant power in negotiating prices in the market.
Threat of new substitutes: No direct substitutes currently exist for digital biomarkers. However, traditional lab tests and biomarkers continue to capture a large market share currently.
Competitive rivalry: The digital biomarkers market currently sees intense competition among major players to develop advanced technologies, gain regulatory approvals and expand into new application areas.
Geographical Regions
In terms of value, North America is currently the largest region in the digital biomarkers market owing to the growing adoption of digital health technologies among both patients and healthcare providers in the region.
The Asia Pacific region is expected to see the fastest growth over the forecast period from 2024-2031 supported by factors such as the rising burden of chronic diseases, growing medical expenditures and increasing awareness regarding digital health. Countries like China and India are emerging as lucrative markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
