Digital Biomarkers Market Size, Share, Growth Analysis, By Type (Wearable, Mobile based Applications), By Clinical Practice (Diagnostic digital biomarkers, Monitoring Digital Biomarker), By End-Use (Healthcare companies, Payers), By Region - Industry Forecast 2024-2031

Global Digital Biomarkers Market size was valued at around USD 2.43 billion in 2022 and is expected to rise from USD 2.96 billion in 2023 to reach a value of USD 14.44 Billion by 2031, at a CAGR of 21.9 % over the forecast period (2024–2031). 

The market is anticipated to expand as a result of the quick uptake of health-related mobile applications and connected digital devices, rising smartphone usage, the introduction of new wearables, and expanding applications in therapeutic areas. This long-awaited approval is making it possible for patients and their doctors to have a deeper understanding of their hearts, including awareness of particular arrhythmias that act as early indicators of cardiovascular disease. The market for digital biomarkers is growing significantly faster as a result of this trend. The market for healthcare firms is expected to grow over the projected period as a result of the increase in finance and investment activities to expedite research on digital biomarkers.

Additionally, a number of health technology companies have contributed their digital biomarker technologies to help stop the Covid-19 outbreak; as a result of this investment, the market is expected to expand over the course of the forecast period. In order to expedite the validation process, identify digital biomarkers for data points like respiratory indicators, and identify patients who are most at risk for COVID-19, for instance, Medopad is collaborating with international partners. The market is anticipated to profit from the COVID-19 situation as a result.

Furthermore, digital biomarkers go far beyond smartwatches and activity trackers. Some major pharmaceutical companies have partnered with innovative digital health start-ups in order to accelerate the adoption of this technology and improve new solutions in the field of digital biomarkers, which is expected to drive market expansion.

Due to the severe hardship caused by the Covid-19 outbreak, government organizations have expressed interest in developing digital biomarker-based medications.

Although there are many advantages to digital biomarkers, some obstacles to their development and use are anticipated to restrain market growth. There are issues with data privacy, reliability, data validation, and a lack of open-source data among them. Nevertheless, during the forecast period, it is anticipated that increasing competition and increased use of these systems will overcome this obstacle.

US Digital Biomarkers Market is poised to grow at a sustainable CAGR for the next forecast year.