Digital Biomarkers Market Expected to Grow to $14.7 Billion in 10 Years

A new report says that the global digital biomarker market is expected to grow from $2.1 billion in 2022 to $14.7 billion by 2032. Allied Market Research released the report and expects the market to have a CAGR of 21.3% during that same period.

In a press release¹, Allied Market Research explained that there are multiple reasons for the growth. First, the life sciences industry has seen the benefits of using digital biomarkers. Second, there has been an increase in geriatric populations. Lastly, there has been a rise in chronic diseases, which researchers use biomarkers to research.

The cost of obtaining and researching digital biomarkers, however, could limit the growth of the market, as it is quite high.

Wearable devices are also expected to maintain the top spot in the global digital biomarker market. Likewise, mobile applications (which often take advantage of wearable devices) are expected to see significant growth in the coming years. This is attributed not just to the growing number of these devices and apps, but also the increasing awareness amongst the population.

Reference

1. Allied Market Research; (Aug. 10, 2023); PR Newswire; Digital Biomarkers Market to Reach $14.7 Billion by 2032, Globally, by 2032 at a 21.3% CAGR: Allied Market Research; https://www.prnewswire.com/news-releases/digital-biomarkers-market-to-reach-14-7-billion-by-2032--globally-by-2032-at-a-21-3-cagr-allied-market-research-301897765.html