DUBLIN–(BUSINESS WIRE)–The “Global Digital Biomarkers Market: Focus on Key Trends, Growth Potential, Competitive Landscape, Components, End Users, Application (Sleep and Movement, Neuro, Respiratory and Cardiological Disorders) and Region – Analysis and Forecast, 2019-2025” report has been added to ResearchAndMarkets.com's offering.
The Global Digital Biomarkers Market Report projects the market to grow at a significant CAGR of 40.39% during the forecast period from 2019 to 2025
There are multiple factors that drive the market, such as the surge in the demand for mobile health apps and consumer wearable technology specifically for tracking health. For instance, as of 2019, about 35% of the U.S. adult population (18 to 29 years) track their health with the help of mobile apps while 27% of the adults own and use a wearable device for monitoring heart rate, blood pressure, physical activity, or other vitals.
Global Digital Biomarkers Market Segmentation
The Global Digital Biomarkers Market can be segmented on the basis of component type, application, end-user, and region. As of 2018, biopharma companies held an estimated 57% of the global digital biomarkers market. Numerous collaborations and partnerships were witnessed in 2017 and 2018, aimed at developing digital solutions for the clinical assessment of various disorders such as cardiovascular, neurodegenerative, and respiratory. Some of the notable biopharma companies engaging in partnership activities include Takeda, Biogen, and Sanofi among others. A significant contribution was also witnessed by healthcare providers, who held an estimated 42% of the global digital biomarkers market in 2018.
During the forecast period (2019-2025), the health insurance payers are expected to evolve as the largest end-user segmented in the global digital biomarkers market. The growth rate for this segment is expected to be 44.04% during the forecast period. This high growth rate is primarily due to the increasing use of digital biomarkers by payer groups to effectively devise individualized care plans.
In terms of region, Asia-Pacific is the largest market in the digital biomarkers space and is expected to remain the same during the forecast period. North America is also contributing to the growth of this space. The elevated level of smartphone and wearable technology in these regions, as well as the high incidence of lifestyle-related diseases, are pushing consumers in the region to monitor their medical conditions.
However, during the forecast period, Europe is expected to attain the highest CAGR of 41.99%. The growth is primarily due to increase standardization and collaboration among key stakeholders in the industry.
Key Questions Answered in the Report:
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