Market Trends of Digital Biomarkers Industry
The Monitoring Digital Biomarkers Segment is Anticipated to Witness Significant Growth Over the Forecast Period
The segment for monitoring digital biomarkers accounts for a significant market share, and it is likely to record prominent growth during the forecast period.
Monitoring digital biomarkers are primarily used to monitor the vital signs of patients suffering from various chronic diseases, including cardiovascular and metabolic disorders, respiratory disorders, etc. The growing prevalence of chronic diseases is expected to drive the demand for monitoring digital biosensors in the near future.
According to a report published by the Centers for Disease Control and Prevention in April 2024, the percentage of adults diagnosed with chronic obstructive pulmonary disease (COPD), emphysema, or chronic bronchitis was 4.6% in 2022. Such a high prevalence of respiratory diseases in developed countries is anticipated to increase the demand for monitoring digital biomarkers to access pulmonary functions, driving the segment's growth.
The developments and introductions of innovative products in this segment are also important factors expected to increase the adoption of monitoring digital biomarkers in the forecast period. For instance, in September 2022, Nutromics secured USD 14 million funding from Dexcom Ventures for the development of a platform 'lab-in-a-patch' that uses DNA sensor technology to track multiple targets in the human body, including disease biomarkers and hard-to-dose drugs. Thus, the increasing number of new product launches is anticipated to drive the demand for effective digital biomarkers in the near future.
Therefore, the monitoring digital biosensors segment is expected to witness significant growth over the forecast period owing to the increase in the prevalence of chronic diseases and the introduction of innovative products to the market.
North America is Expected to Hold a Major Share in the Digital Biomarkers Market
North America is expected to hold a significant share of the market owing to factors such as the rising prevalence of chronic diseases, the growing number of clinical trials in the United States, and the availability of technologically advanced products in the region.
According to the report published by the Centers for Disease Control and Prevention in July 2024, the percentage of heart attacks for adults aged 18 and over in the United States was 1.6% in 2022. As cardiac digital biomarkers help in the assessment of cardiac functions in heart failure, the market is anticipated to grow over the forecast period.
Additionally, according to the clinicaltrials.gov, as of July 2024, 2,139 clinical trials were active in Canada. Thus, the large number of ongoing clinical trials in Canada is anticipated to increase the adoption of digital biomarkers for real-time health monitoring in patients, supporting market growth in the region.
Also, increasing technological advancements by market players and the presence of key players in the region are responsible for driving demand for digital biomarkers. For instance, in February 2022, ActiGraph launched CPIW 2.0 for the continuous tracking of real-world movement and sleep behaviors in clinical trial participants.
Therefore, factors such as the large number of ongoing clinical trials and rising initiatives from the key market players are anticipated to boost market growth over the forecast period
