Digital biomarkers are indexes that use data from digital platforms such as smartphones and wearable devices to objectively visualize the presence or absence of a disease, as well as changes caused by treatment. Digital biomarkers use advanced analytics and artificial intelligence (AI) algorithms to examine the data which would be impossible for humans to do alone.
High investments and funding to develop novel technologies to trigger its market demand
It is predicted that digital biomarkers are likely to become an important tool for future diagnostic and treatment protocols for specific indications such as Alzheimerâ€™s disease, amyotrophic lateral sclerosis (ALS), cancer, among others. High growth of the digital biomarkers market has led to a number of investments and funding activities to accelerate research on digital biomarkers.
â€¢ 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.
â€¢ 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.
Big pharmaceutical companies and government bodies extend focus on digital biomarkers to boost adoption of digital biomarkers market
Digital biomarkers are much more than fitness trackers and smartwatches. The global digital biomarkers market has witnessed a number of top pharmaceutical companies partnering with innovative digital health start-ups to enhance the adoption of this technology and co-develop advanced solutions. With the huge burden caused by Covid-19 pandemic, government bodies have also shown interest for the development of digital biomarker based therapeutic solution.
â€¢ 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.
â€¢ 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).
â€¢ 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: Global Digital Biomarkers Market
The global digital biomarkers market is marked by the presence of leading market 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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