The Global Digital Biomarkers Market Report by BIS Research projects the market to grow at a significant CAGR of 40.39% during the forecast period from 2019 to 2025
NEW YORK, March 23, 2020 /PRNewswire/ --
Global Digital Biomarkers Market to Grow at a CAGR of 40.39% from 2019-2025
Read the full report: https://www.reportlinker.com/p05834237/?utm_source=PRN
Key Questions Answered in the Report:
• What is the total addressable market (TAM) and the potential market opportunity for the global digital biomarkers market?
• What are the major market drivers and challenges of, and the opportunities in, the global digital biomarkers market?
• What is the market share of the leading segments and sub-segments of the global digital biomarkers market in 2019 and 2025?
• How did the global digital biomarkers market evolve?
• How is each segment of the global digital biomarkers market expected to grow during the forecast period and what is the expected revenue to be generated by each of the segments by the end of 2025?
• What are the consumer preferences in terms of adoption of wearable technology for the assessment of medical conditions?
• What are the key developmental strategies implemented by the key players to stand out in this market?
• What is the preferred business model used for building digital biomarkers?
• Which area of application is expected to be the highest revenue generator in the global digital biomarkers market during the forecast period?
• Which end user segment is expected to be the highest revenue generator in this industry during the forecast period?
• What is the potential of global digital biomarkers market in the emerging countries during the forecast period?
Global Digital Biomarkers Market Forecast, 2019-2025
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.
Furthermore, the data generated from wearable devices are increasingly being validated through studies based on clinical trials. For instance, the number of clinical trials conducted using wearable devices was consistent during the period of 2008 to 2018, i.e. 5-12 trials annually. However, the number surged significantly in 2016 and 2017, with 27 and 32 trials (using mobile devices) commencing each year respectively. The primary reason for this rise in such trials in 2016 and 2017 can be attributed to the considerable surge in the sponsorship for these studies.
Expert Quote
"Cardiovascular disease segment is currently the largest therapeutic segment for the global digital biomarkers market and holds a share of 31.75% of the market, followed by neurodegenerative diseases with a share of 20.63%. During the forecast period, pain management, and mood and behavior segments, are expected to witness the highest CAGR of 59.07% and 45.34%, respectively. The growth in the pain management segment is primarily due to increasing development and adoption of AR/VR solutions for the detection and treatment of chronic pain."
Scope of the Market Intelligence on Global Digital Biomarkers Market
The purpose of this study is to gain a holistic view of the global digital biomarkers market in terms of various influencing factors such as regional adoption trends, technological advancements, and pricing patterns.
The scope of this report constitutes an in-depth study of the global digital biomarkers market, including a thorough analysis of the products in the market as well as their adoption spanning different regions.The market has been chiefly segmented into component, application, end user, and region.
The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well-informed strategic decisions. The research uncovers some of the substantial parameters that must be taken into consideration before entering the market.
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 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 from 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 an 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 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 increasing standardization and collaboration among key stakeholders in the industry.
Key Companies in the Global Digital Biomarkers Market
Some of the major key players in the global digital biomarkers market include ActiGraph, LLC., Akili Interactive Labs, AliveCor, Inc., Fitbit, Inc., HumanAPI, Novartis, Pfizer Inc. F. Hoffmann-La Roche Ltd, Sanofi, Takeda Pharmaceuticals, and Verily Life Science LLC.
Countries Covered
• North America
• U.S.
• Canada
• Europe
• Netherlands
• Germany
• U.K.
• France
• Spain
• Italy
• Russia
• Rest-of-Europe
• Asia-Pacific
• China
• Japan
• South Korea
• India
• Australia
• Singapore
• Rest-of-Asia-Pacific
• Latin America
• Brazil
• Mexico
• Rest-of-the-World
• Saudi Arabia
• UAE
• Israel
• South Africa
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