PUBLISHER: Grand View Research | PRODUCT CODE: 1552910
PUBLISHER: Grand View Research | PRODUCT CODE: 1552910
The global digital neuro biomarkers market size is anticipated to reach USD 2.82 billion by 2030 and is projected to grow at a CAGR 25.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is witnessing significant growth owing to various factors such as increased prevalence of neurological disorders, rising geriatric population globally, advances in technology, demand for personalized medicine, and increased investment in the market by private and public players. Furthermore, positive regulatory approvals and increasing reimbursement coverage for digital health technologies encourage the adoption of digital neuro biomarkers. Regulatory bodies are recognizing the potential of these technologies to improve patient outcomes, leading to supportive policies and reimbursement models.
The increasing prevalence of neurological disorders such as Alzheimer's disease, Parkinson's disease, and multiple sclerosis is significantly fueling the demand for digital neuro biomarkers. These complex conditions necessitate accurate, continuous monitoring and early detection to manage symptoms effectively and improve patient outcomes. Digital neuro biomarkers, through advanced technologies such as wearable sensors and mobile health applications, offer precise tracking of neurological functions and disease progression. By providing real-time data and insights, these biomarkers enable early intervention and personalized treatment strategies, addressing the critical need for timely and targeted management of neurological conditions. For instance, in the U.S., close to 1 million individuals are impacted by multiple sclerosis (MS). Globally, it is estimated that over 2.8 million people are living with MS, according to the National Multiple Sclerosis Society. While most MS diagnoses occur between the ages of 20 and 50, the condition can affect individuals at any age. In addition, MS is more commonly diagnosed in women compared to men.
There is a growing emphasis on early detection and prevention of neurological diseases. Digital neuro biomarkers offer the advantage of detecting disease markers at an earlier stage than traditional methods, allowing for timely intervention and management. Integration of AI and machine learning is also driving the market growth, for instance, in September 2022, Nutromics secured USD 14 million in funding from Dexcom Ventures to advance its 'lab-in-a-patch' platform. This innovative technology utilizes DNA sensors to monitor a range of targets, including disease biomarkers and challenging-to-dose medications. Moreover, the integration of digital neuro biomarkers with broader digital health platforms, including electronic health records (EHRs) and telemedicine, enhances their utility and accessibility. This integration facilitates continuous monitoring and real-time data analysis, improving patient care and outcomes. For instance, In October 2021, Altoida, Inc., an AI company at developing advanced neurological disease diagnostics, launched a five-year multicenter observational study. This extensive study will involve thousands of patients across all stages of Alzheimer's disease, aiming to enhance the understanding and diagnostic capabilities of the disease continuum.
Key players are adopting various strategies to maintain a competitive edge such as mergers, acquisition, product launches, etc. Some of the key strategic initiatives by the major market players include: