The global digital biomarker market size is expected to reach $21,986.2 million by 2030, growing at a CAGR of 31.6% from 2021 to 2030. The market is expanding as a result of the rising smartphone adoption, bettering internet connectivity, increasing healthcare costs, improving healthcare IT infrastructure, surging demand for remote patient monitoring services, and easing access to virtual care.
Apart from the above-mentioned factors, the biomarker market growth is being driven by the fast-increasing incidence of chronic diseases, such as diabetes, cardiovascular diseases, Alzheimer's, and cancer, which require extensive patient monitoring and long-term care. Hence, the healthcare community is quickly embracing digital healthcare and monitoring, with even governments, patients, and market players recognizing its value.
The COVID-19 outbreak exposed the flaws in the current overcrowded healthcare systems and revealed the potential of digital health solutions in managing huge numbers of patients with ease, thus consequently promoting their acceptance in society.
Biopharmaceutical companies held the largest market share, over 50%, in 2021. The pharmaceutical sector makes use of the patient data contained in digital biomarkers to enhance clinical trials and offer better medicines. In addition, biopharmaceutical companies are forming alliances with a variety of digital health businesses, including those that create mobile apps and digital therapeutics, as well as virtual clinical trial solution vendors and wearable technology suppliers.
For instance, in February 2022, Highmark Health launched Well360 diabetes management system for adults with type 2 diabetes, which is a virtual care service powered by Onduo LLC, a Verily subsidiary.
Healthcare payers also emerged as a significant user of digital biomarkers in 2021, as their attention is directed toward the creation of new digital biomarkers. Health payers employ digital biomarkers as incentives for policy plans, consulting clients on the most-advantageous coverage for them. Furthermore, health insurers may use the objective health data to build new reimbursement strategies that would benefit both physicians and pharmaceutical companies. The development of a digital health ecosystem looks to be a top priority for health insurance firms in the current environment.
During the forecast period, providers will experience the fastest growth, as digital biomarkers are used by healthcare professionals to stratify patient population, detect high-risk patients, and shorten hospital stays and readmissions. Digital tools could effectively track the progression of a disease and assist medical professionals in choosing the best course of action.
Digital biomarker use may also result in cost savings for healthcare providers, while improving patient safety and the standard of treatment delivered. Digital biomarkers also make it possible to remotely collect patient data, which can be extremely beneficial for people with chronic illnesses. As a result, patients can receive a diagnosis before their condition worsens.
Major players in the digital biomarker market are ActiGraph LLC, AliveCor Inc., Amgen Inc., BIOGEN INC., AiCure LLC, Akili Interactive Labs Inc., Cambridge Cognition Limited, Dassault Systèmes, IXICO plc, and Quanterix Corporation.