Advanced analytics and artificial intelligence (AI) algorithms are used by digital biomarkers to analyze data in ways that are not possible for humans to do alone.
The Global Digital Biomarkers Market is set to witness a significant CAGR of 35% from 2021 to 2026. Some of the important drivers propelling the global digital biomarkers market are high investments in R&D, increasing usage of digital tools such as smartphones and wearables, development of novel products by market players, high cost involved in drug development, and rising demand for mobile health apps.
High investments and funding to grow novel technologies to fuel its high demand
Future treatments and diagnostic protocols for certain indications, including cancer, amyotrophic lateral sclerosis (ALS), and Alzheimer’s disease, are expected to rely heavily on digital biomarkers. High growth of the digital biomarkers market has led to a number of investments and funding activities to accelerate research on digital biomarkers.
Some of these are listed below:
- In May 2022, Imagene AI, an Israel based digital biomarker company, secured US$ 21.5 million funding that includes US$ 3 million in seed funding led by Blumberg Capital and Series A round of US$ 18.5 million led by technology-driven cancer medicine investors, to focus on precision medicine in cancer care
- In February 2022, Koneksa, a company engaged in designing and validating digital biomarkers raised US$ 45 million Series C Financing led by AyurMaya, joined by Takeda Ventures and Velosity Capital, and existing investors such as McKesson Ventures, Merck Global Health Innovation Fund, Novartis, and others, to accelerate the expansion of digital biomarker platform
- In August 2021, the Alzheimer’s Drug Discovery Foundation (ADDF), US, awarded a funding up to US$ 2 million to the Early Detection of Neurodegenerative diseases (EDoN) initiative for a joint research programme led by Alzheimer’s Research UK, with the goal of developing a digital biomarker to identify Alzheimer’s disease at its earliest stage
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Big pharma companies and government bodies extend focus on digital biomarkers to boost the acceptance of digital biomarkers market
Digital biomarkers are much more than fitness trackers and smartwatches. The digital biomarkers market has witnessed a number of big pharma companies partnering with innovative digital health start-ups to improve the acceptance of this technology and co-develop advanced solutions. With the massive burden caused by Covid-19 pandemic, government bodies have also shown interest for the development of digital biomarker based therapeutic solution.
The following is a list of some recent advances in this area:
- In March 2022, AstraZeneca partnered with Huma Therapeutics, a UK-based medical technology company, to develop Software as a Medical Device (SaMD) companion apps for several therapeutic conditions by combining predictive algorithms, digital biomarkers, and real-world data
- In January 2021, Biogen announced its partnership with Apple for the development of cognitive health digital biomarkers by assessing the potential of iPhone and Apple Watch for conditions such as mild cognitive impairment (MCI)
- In September 2020, National Institute of Health (NIH) awarded a contract to physIQ, a company that bring life-saving therapies to market faster. This contract is aimed at developing an innovative AI-based COVID-19 digital biomarker solution
Competitive Landscape Analysis of Digital Biomarkers Market
The global digital biomarkers market is marked by the presence of key players such as ActiGraph, LLC (US), AliveCor Inc. (US), Amgen Inc. (US), Biogen Inc. (US), AiCure (US), AstraZeneca (UK), and others.
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