Global Digital Biomarkers Market 2021-2028 Surprising Changes in Market
The recent report published by Reports and Data comprises of an in-depth assessment of the Global Digital Biomarkers Market. It assesses the ever-changing market dynamics and overall development of the industry. The report is fabricated with thorough primary and secondary research and is updated with the latest and emerging market trends to offer the readers opportunities to capitalize on the current market environment. For a thorough analysis, the market has been segmented based on types and applications along with an extensive regional segmentation.
The global digital biomarkers market is projected to be worth USD 10.38 Billion by 2027, according to a current analysis by Emergen Research. The digital biomarkers market is observing rapid growth attributed to the growing incidence of chronic diseases. The swiftly growing burden of chronic diseases across the globe are fueling the market growth. According to the statics released by WHO (World Health Organization), the burden of chronic diseases is projected to grow by 57.0% by the year 2020 from 2001. Developing nations are expected to be highly impacted, contributing to 60.0% of the global burden of chronic diseases.
An increase in healthcare expenditure and increased funding for healthcare R&D are significantly driving the digital biomarkers' market growth. The healthcare expenditure in the US reached USD 3.60 trillion in 2018, an increase of 4.6% from the previous years. This rise in spending is, to some extent, faster as compared to the increase in 2017 from 2016.
Key Highlights From The Report
In September 2020, Koneksa, a firm engaged in the development and implementation of patient-specific digital biomarkers for use in the drug development process, declared the completion of Series B funding round worth USD 16.0 Million. Koneska intends to deploy the fund for the integration of wearables and other patient-specific technologies into clinical research by expanding its digital platform.
The low cost and improved scalability of digital biomarkers based on smartphone apps help in facilitating a prospective wealth of social, behavioral, psychological, and environmental data that were formerly inaccessible.
Recent psychiatric assessment approaches are resource-intensive and consume substantial time for evaluation. Digital biomarkers development is considered to hod immense prospects in allowing time-sensitive, scalable, and affordable assessment of symptom changes and psychiatric diagnosis.
North America held a significant digital biomarker market share in 2091 attributed to the high penetration of smartphones and wearable devices, along with the growing prevalence of lifestyle-related diseases, which, in turn, persuades consumers to monitor their vital signs for a better insight into health conditions.
Key participants include AliveCor Inc., Bayer AG, Evidation Health Inc., Fitbit Inc., Happify Health, Koninklijke Philips NV, Neurotrack Technologies Inc., GlaxoSmithKline Inc., Novartis International AG, and F. Hoffmann-La Roche Ltd., among others.
About Emergen Research
At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
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