Digital Biomarkers Market: Introduction
- Biomarkers can be defined as objective measures that capture physiological, anatomic, and pathological characteristics of an individual to understand the state of the person and the warning signals being given by the body. Digital biomarkers can be defined as quantifiable behavioral and physiological data that can be collected and measured by employing digital devices such as wearables, digestibles, implantables, and portables.
- Digital biomarkers aid in offering significant imaging capabilities along with enhanced spatial resolution. Administrations offered in digital biomarkers include stomach aortic aneurysm, aortic analyzation, complex fringe vein ailment, and carotid conduit sickness.
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Key Drivers and Restraints of Global Digital Biomarkers Market
- Expansion of the digital biomarkers market can be attributed to an increase in usage of connected digital devices and health-related mobile applications. These devices aid in a range of diagnostic and prognostic measurements over diverse disease areas including mental health, diabetes, neurological diseases, and cardiovascular diseases.
- Rising usage of smartphones and the emergence of smartwatches, which aid in tracking the physiological details of the person’s health, boost the digital biomarkers market. Technological advances in the ranges of mobiles and digitally connected technologies further propel the digital biomarkers market.
- Significant product launches and approvals from the FDA also drive the digital biomarkers market. For instance, in April 2019, the U.S. FDA approved KardiaMobile, by AliveCor, an AI-enabled wearable device that is designed to monitor the person’s vital signs. It helps detect three highly common forms of heart arrhythmias.
- FDA has modified its guidelines related to software-as-medical-device to simplify the entry process for companies operating in the digital biomarkers market. This regulatory flexibility toward digital health solutions is estimated to propel the market during the forecast period.
- However, the clinical assessment of data platforms and other digital biomarkers is important, which is likely to restrain the global digital biomarkers market
North America to Lead Global Digital Biomarkers Market
- In terms of region, the global digital biomarkers market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global digital biomarkers market in 2019, owing to strong presence of leading market players, increase in investments on research & development, significant product launches, and growing approval of smart devices in the region
- Europe followed North America in terms of share of the global digital biomarkers market in 2019. The market in Asia Pacific is projected to expand at a rapid pace, followed by Latin America and Middle East & Africa. Rise in focus of governments of countries in Asia on enhancing healthcare facilities, increase in focus of market players on Asia Pacific to leverage growth opportunities, surge in usage of smart devices, and an increase in the patient pool boost the digital biomarkers market in Asia Pacific.
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Key Players Operating in Global Digital Biomarkers Market
Major market players are focused on expanding their presence in the digital biomarkers market primarily by adopting inorganic growth strategies. Leading players in the global digital biomarkers market are:
- ActiGraph LLC
- Akili Interactive Labs
- AliveCor, Inc.
- Fitbit, Inc.
- Pfizer Inc.
- F. Hoffmann-La Roche Ltd
- Takeda Pharmaceuticals
- Verily Life Science LLC
Global Digital Biomarkers Market: Research Scope
Global Digital Biomarkers Market, by Application
- Pain management
- Neurodegenerative disorders
- Respiratory conditions
- Cardiovascular diseases
- Mood and behavior
Global Digital Biomarkers Market, by End-user
- Biopharmaceutical companies
- Payers & Providers
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.