BANGALORE, India, Sept. 14, 2023 /PRNewswire/ — Digital Biomarker Market is Segmented by Type (Passive Digital Biomarker, Active Digital Biomarker), by Application (Clinical Disease, Daily Health): Global Opportunity Analysis and Industry Forecast, 2023-2029.
The global Digital Biomarker market was valued at USD 604.6 Million in 2022 and is anticipated to reach USD 22360 Million by 2029, witnessing a CAGR of 82.5% during the forecast period 2023-2029.
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Major Factors Driving the Growth of Digital Biomarker Market:
The Digital Biomarker Market is anticipated to expand as a result of the quick uptake of connected digital devices and mobile health applications, rising smartphone usage, the introduction of new wearables, and expanding therapeutic area applications. With the help of various sensors, machine learning (ML), and artificial intelligence (AI) techniques, digital biomarkers are used to track anatomical, psychological, and behavioral changes in the human body. The data is then made accessible to the wearer and other interested users.
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TRENDS INFLUENCING THE GROWTH OF DIGITAL BIOMARKER MARKET:
Digital biomarkers may now be produced thanks to quick developments in wearable technology, sensors, smartphone apps, and data analytics tools. These developments have made it possible to gather and analyze a variety of health-related data points. These biomarkers offer ongoing health information about an individual and are useful for identifying, treating, and preventing diseases. The Digital Biomarker Market has been driven by the development of telemedicine and remote patient monitoring technologies. By enabling remote patient health monitoring, these technologies help healthcare professionals deliver better patient care while spending less money. Digital biomarkers are essential for giving clinicians timely and reliable health information. These factors are expected to drive the growth of the Digital Biomarker Market.
The demand for digital biomarkers is increasing as medicine moves towards personalized care. These biomarkers give medical professionals the ability to customize therapies and interventions for specific patients in light of their individual physiological and genetic traits, resulting in more efficient and focused treatments. There is a greater need for ongoing monitoring and care due to the rising prevalence of chronic diseases like diabetes, cardiovascular diseases, and respiratory problems. The quality of care for patients with chronic diseases is improved by the use of digital biomarkers, which provide a way to monitor disease progression, therapy effectiveness, and patient compliance.
Digital biomarkers are being used by the pharmaceutical industry to speed up the processes involved in drug development and clinical trials. These biomarkers offer objective, quantitative measurements of medication reactions, allowing for quicker, more precise evaluations of drug safety and efficacy and eventually shortening the time required for drug development. The enormous amounts of health data produced by digital biomarkers may now be mined for useful insights thanks to the integration of big data analytics and machine learning into the healthcare industry. These discoveries may result in better clinical judgment, predictive models, and patient outcomes. These factors are expected to drive the growth of the Digital Biomarker Market.
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DIGITAL BIOMARKER MARKET SHARE:
The top 2 businesses in the global market for digital biomarkers are Philips and Novartis, who together own more than 15% of the market. In terms of geography,
North America comes in second with around 35% of the worldwide market share, followed by Europe with about 45%.
Passive digital biomarkers have a significant market share of roughly 65% in terms of kind. About 80% of the application market is made up of the clinical disease segment.
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SIMILAR REPORTS
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