The Psychiatric Digital Biomarkers Market Size is valued at USD 513.3 Mn in 2023 and is predicted to reach USD 2,879.7 Mn by the year 2031 at an 24.7% CAGR during the forecast period for 2024-2031.
The global market for psychiatric digital biomarkers focuses on the creation, application, and utilization of digital technologies designed to measure and analyze physiological and behavioral data for diagnosing, tracking, and treating mental illnesses. These technologies aim to identify potential mental health issues before they become severe, providing a quantitative approach to mental health assessment compared to traditional subjective methods. By tracking mental health changes over time, these biomarkers enable timely interventions and facilitate the tailoring of treatment plans based on individual biomarker patterns.
Large-scale user-generated data gathering and utilization as "digital biomarkers" are made possible by the ubiquity of digital devices like wearables and smartphones. These resources might also encourage more mental health patients to take part in research, which would lead to the creation of findings that have personal significance for the patients. In 2022, Frontiers published digital biomarkers in psychiatric research of data protection qualifications in a complex ecosystem, showing the rapid advancement of psychiatric digital biomarkers has brought with it a complex landscape of legal and regulatory considerations. Given the sensitive nature of mental health data, and the potential implications of these technologies, robust frameworks are essential.
Competitive Landscape
Some of the Major Key Players in the Psychiatric Digital Biomarkers Market are
- Koneksa
- Biogen Inc.
- BioSensics
- Empatica Inc.
- Vivo Sense
- IXICO plc
- Huma
- kintsugi health
- Sonde Health, Inc.
- Clario
- iMediSync
- BEATS Medical
- Other Prominent Players
Market Segmentation:
The Psychiatric Digital Biomarkers Market is segmented based on the type, clinical practice, and end-use. Based on the type, the market is segmented into wearable, mobile-based applications, sensors, and others. Based on the clinical practice, the market is segmented into diagnostic psychiatric digital biomarkers, monitoring psychiatric digital biomarkers, predictive and prognostic psychiatric digital biomarkers, others. Based on the end use, the market is segmented into healthcare companies, healthcare providers, payers, and others.
The Wearable Devices Segment is Expected to have the highest growth rate during the forecast period
Based on the type, the market is segmented into wearable, mobile-based applications, sensors, and others. Among these, the wearable devices segment is expected to have the highest growth rate during the forecast period. These devices are widely used due to their ability to continuously collect physiological data, such as heart rate, sleep patterns, and activity levels, which are crucial for monitoring mental health conditions. This ongoing data collection offers insightful information on a patient's mental health condition, including changes in mood, sleep habits, and degree of physical activity. Wearables are dominating the market because of their attractiveness as a tracking and management tool for psychiatric illnesses due to these characteristics.
The Monitoring Psychiatric Digital Biomarkers Segment Dominates the Market
Based on the clinical practice, the market is segmented into diagnostic psychiatric digital biomarkers, monitoring psychiatric digital biomarkers, predictive and prognostic psychiatric digital biomarkers, others. Among these, the monitoring psychiatric digital biomarkers segment dominates the market. This segment leads the market due to the growing demand for continuous, real-time monitoring of mental health conditions. Monitoring biomarkers, such as physiological data from wearables or behavioral data from mobile applications, helps track the progression of mental health conditions and assess treatment effectiveness.
North America Have the Largest Market Share During Forecast Period
Mental health issues are prevalent in North America, driving demand for innovative solutions for diagnosis, monitoring, and treatment. This high prevalence encourages investment in and development of psychiatric digital biomarkers. North America is a hub for technological innovation, with numerous tech companies and startups focusing on digital health solutions. This innovation drives the development and commercialization of new psychiatric digital biomarkers.
Recent Developments:
- In March 2024, Biogen announced the initial results from a trial named RESPOND, which assessed SPINRAZA in babies and toddlers with specific requirements following gene therapy. The majority of patients showed improved motor performance and a decrease in markers of neurodegeneration.
- In Feb 2024, Empatica, declared the official launch of EpiMonitor, our most recent development in wearable epilepsy monitoring technology, giving families and individuals with epilepsy even more peace of mind. EpiMonitor is the only wearable seizure detection system that is approved by the FDA and may be purchased in the United States. It is approved for usage in adult and pediatric populations aged six and above.
Psychiatric Digital Biomarkers Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 513.3 Mn |
|
Revenue Forecast In 2031 |
USD 2,879.7 Mn |
|
Growth Rate CAGR |
CAGR of 24.7% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Clinical Practice, End use |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
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Competitive Landscape |
Koneksa, Biogen Inc., BioSensics, Empatica Inc., Vivo Sense, IXICO plc, Huma, kintsugi health Sonde Health, Inc., Clario, icometrix, iMediSync, BEATS Medical |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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