Digital Biomarkers Market Size, Key Player Revenue, SWOT, PEST & Porter’s Analysis For 2035
Digital Biomarkers Market Overview
Digital biomarkers are shaping the future of medical interventions. The digital biomarkers market is estimated to be USD 5.55 billion in 2024 and is projected to reach USD 35.8 billion in 2035. Smart digital devices, encompassing smartphones, tablets, smartwatches and other IoT gadgets, have witnessed significant increase in their adoption, across the world.
Foreseeing lucrative returns in the Digital Biomarkers market, many public and private investors have made investments, Leading to a surge in funding activity related to Digital Biomarkers. Around 40% of the funding instances reported in the digital biomarker domain were focused on imaging biomarkers, amounting to a total of USD 623 million. Majority of the funding instances as well as amount raised in this domain were focused on neurological disorders; in terms of amount raised, Akili Interactive emerged as a leading player, having raised more than USD 378 million, for commercial launch of solutions that can monitor and treat patients suffering from numerous neurological conditions. Key players in digital biomarkers domain include AliveCor, BACtrack, Biogen, BioSensics, empatica, Eyenuk, Feel Therapeutics, icometrix, and Quibim.
Digital Biomarkers Market Segmentation
Digital Biomarkers Market include Distribution by Type of Product (Software / Applications, Wearables, and Others), Purpose of Solution (Diagnosis, Early Detection, Monitoring, and Predictive Insights), Type of Biomarker (Cognitive, Idiosyncratic, Physiological, Vocal, and Others), Therapeutic Area (Autoimmune Disorders, Cardiovascular Disorders, Infectious Disorders, Mental Health Disorders, Neurological Disorders, Respiratory Disorders, Substance Abuse Disorders and Others), Business Model (B2B and B2C) and Key Geographical Regions (North America, Europe, Asia-Pacific, Middle East and North Africa, and Rest of the World).
Moreover, over 765 patents related to digital biomarkers have been filed / granted, indicating the heightened pace of innovation in this domain. Around 75% of the patents in this domain were patent applications (not having received approval yet). Further, 50% of the patents were filed / granted in North America, followed by 34% filed / granted in WIPO and 8% each in Europe and Asia-Pacific. Despite the large number of patents that have been filed recently (and hence having a long remaining patent life), only 3% of the total patents filed in this domain have a significantly higher relative valuation. This is primarily because of the relatively low citations of the patents that have been filed recently, leading to low patent value.
The different driving factors for the digital biomarkers market include the growing prevalence of chronic diseases (requiring real-time monitoring), shift towards decentralized trials (eliminating need for frequent in-person visits by the patient) and increasing adoption of smart digital devices. In 2023, the maximum revenue generated in this domain is likely to be driven by wearables; this trend is unlikely to change in the foreseen future as well.
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