Digital transformation in various industries has paced up operations with increased efficiency and revenue generation. A digital biomarker is such innovative technology in the healthcare sector.
The digital biomarkers industry generates $1,850 million revenue in 2021, and it is projected to capture $21,986.2 million revenue in 2030, advancing at a rate of 31.6%. The rising prevalence of chronic diseases and technological advancements in digital healthcare systems drive the industry.
Digital biomarkers are the foundation for precision medicine as they provide strong evidence of patient outcomes. Moreover, the advancing healthcare system to deliver a value-based paradigm leads to the rising adoption of innovative solutions such as digital biomarkers. The major goal to attain such technological advancements is to enhance tailored care delivery for a better analysis of the healthcare information of the patients.
The data collection tool holds a significant share of the digital biomarkers industry accounting for 90%. These tools support data gathering and novel digital biomarkers extraction that are more precise, patient-centric, and clinically useful.
Under the data collection category, wearables which include smartwatches and fitness bands, hold a significant share of the digital biomarkers industry. Wearables by major brands such as ActiGraph, Garmin, Fitbit, and other others have proved successful in clinical studies in various fields of medicine. It includes cardiovascular diseases, rehabilitation, mental health, diabetes, and oncology for assessing the heart rate, sleep-related outcomes, sweating intensity, blood oxygen level, and step count.
Moreover, digital biomarkers can enable longitudinal insights into diseases that have progressed over time. Such novel insights cannot be tracked by current diagnostic tests for diseases such as Alzheimer’s disease, depression, and dementia. Furthermore, the rising engagement of patients has facilitated them to track their health and set their own goals for improved medication adherence and disease handling led by lifestyle interventions.
Wearable devices are increasingly being used for developing highly personalized and adaptable treatment plans. It allows prompt therapeutic intervention implementation based on minor changes in the health patterns.
The cardiovascular application of digital biomarkers contributes an extensive share to the industry revenue, accounting for 20%. It is led by the growing prevalence of cardiovascular disorders, which causes 32% of the global mortality, with an estimated death of 17.9 million people each year, according to a government source.
