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Reasons for Tremendous Growth of Global Digital Biomarkers Market during 2015 – 2021 - A Report by Absolute Markets Insights

Published On 14 Sep 2021 09:21 AM


As per newly released report from Absolute Market Insights (AMI), the global digital biomarkers market was valued at US$ 4521.62 Mn in 2020 and is growing at a CAGR of 25.67% over the forecast period (2021 – 2029).

Rising Application of Digital Biomarkers Market in the Drug Development Phase

The digital biomarkers market growth is influenced by factors such as the increasing cost of drug development. Presently the approval rate for drugs entering clinical development is less than 12%. The development of drugs involves a high cost which is because of the extensive R&D involved in the manufacturing of drugs. The data collected by digital biomarkers can reduce the number of processes which is required for the development of drugs, which is likely to further reduce the overall cost of manufacturing drugs. Another reason for the growth of the digital biomarkers market is the regulatory flexibility towards digital health solutions which helps in simplifying the process for companies in entering the field of digital biomarkers. The Food and Drug Administration has modified the guidelines which aims to boost innovation of digital health technologies and streamline the regulatory review process of the pharmaceutical companies. In the last decade, many attempts for drug development for neurodegenerative diseases such as Parkinson’s disease, Alzheimer’s disease, and amyotrophic lateral sclerosis (ALS) failed because of targeting the wrong pathological substrate. Only four drugs for these diseases got approved in the last decade. These failures caused companies to lose millions of money and has resulted in the cancellation of additional development and research activities. This has led to the involvement of digital biomarkers in the development of drugs for neurodegenerative disorders.

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Growth of Devices that Allows for App-Based Data Collection

With the rapid increase in the production of digital tools such as wearables and smartphones globally, there is an increase in the rate of health information collected by these devices. The information which is being collected by digital tools also includes digital biomarkers from patients suffering chronic diseases. The discovery of digital biomarkers is very much useful in treating patients suffering from chronic diseases. Digital biomarkers help in monitoring the health condition of the patients regularly and in providing them with quality care. Moreover, digital biomarkers are immensely helpful for doctors in accurately determining and tracking any minute changes in the symptoms of patients in order to prevent the progression of irrevocable diseases such as Alzheimer’s and Parkinson’s. Hence, digital biomarkers can be used for developing personalized drugs for patients. An increase in the geriatric population which is at high risk of developing diseases such as respiratory diseases, immunological, and cardiovascular diseases is another factor boosting the growth of the market. Moreover, the increasing number of smartphone users with increasing internet facilities is also expected to create various growth opportunities for digital biomarkers market growth.

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Pharmaceutical companies accounted for the major market Share in 2020

Digital biomarkers are increasingly being used in the development of drugs for chronic diseases such as Alzheimer’s, Parkinson’s, respiratory, and immunological and cardiovascular diseases. Pharmaceutical companies accounted for the highest market share under the end-users category in 2020. The development of drugs has improved as a result of the novel data emerging from digital biomarkers diagnostics. The data collected from digital biomarkers diagnostics is helping in enhancing the knowledge of the researchers in knowing the progression of the disease and enabling in identifying the overall performance of the patient towards the drug. This in turn is helping the pharmaceutical companies for developing tailored drugs for a particular patient with a severe health condition. The requirement of drugs because of increasing health conditions is boosting the growth of the digital biomarkers market.

Asia Pacific Region to Grow at the Fastest Rate over the Forecast Period (2021-2029)

AMI reports that the Asia Pacific region will grow at the fastest rate over the forecast period because of the rising demand for health apps by smartphone users, technological advancements and wearables in healthcare amid rising incidences of the COVID-19 pandemic. The growth of artificial intelligence is also boosting the market for digital biomarkers in Asia pacific as AI-based devices help in standardizing and evaluating the data collected by digital biomarkers which reduces the process of drug development which was otherwise ignored by the human reviewers. This is expected to increase the efficacy of drugs developed in the Asia Pacific region and is boosting the demand for digital biomarkers market growth.

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Digital Biomarkers Market

By Offerings

  • Products
  • Wearables
  • Mobile Apps
  • Implantable
  • Digestible
  • Services 

By End-User

  • Pharmaceutical Companies
  • Payers
  • Providers
  • Individuals

By Application

  • Respiratory
  • Cardiovascular
  • Neurodegenerative 
  • Mood and Behaviour
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Get More [email protected] https://www.absolutemarketsinsights.com/reports/Global-Digital-Biomarkers-Market-2021---2029-902

Contact Us:

Company: Absolute Markets Insights

Email id: [email protected]

Phone: +91-740-024-2424

Contact Name: Shreyas Tanna

The Work Lab,Model Colony, Shivajinagar, Pune, MH, 411016

Website: https://www.absolutemarketsinsights.com/


Press Release Provided By: Absolute Markets Insights