DIGITAL SOLUTIONS FOR BIOMARKERS - CURRENT MARKET LANDSCAPE
In the coming years, digital solutions for biomarkers developers are expected to develop products that cater to novel indication(s)
Current and future market landscape trend highlights a significant increase in the number of digital solutions for biomarkers targeting a range of clinical conditions. Notably, in the next three years (till 2023), an increase of over XX% can be expected in the number of digital solutions for biomarkers available for use. Further, a rise of around 500% is anticipated in solutions present in the development pipeline.
Further, in the coming years, therapeutic areas, such as neurological disorders and mental health problems, are assumed to gain a lot of interest of developers of these modern solutions. In 2023, majority of the developed solutions are anticipated to be intended for use in patients suffering with neurological disorders and mental health problems. In fact, maximum solutions in the development pipeline are likely to be designed to target neurological disorder (XX) and infectious (XX) disorders.
Further, developers are expected to shift their focus from the development of digital solutions for physiological biomarkers to those for vocal biomarkers. This can be attributed to the various advantages offered by vocal biomarkers, including the fact that they are easy to capture and their ability to be measured remotely, from user’s voice, by healthcare providers. As per our discussions with stakeholders working in this domain, we are led to believe that players engaged in the development of digital solutions for vocal biomarkers are likely to capture significant market share in next few years.
In order to outshine their solution, developers are keen to integrate Advanced features that can target wider audience
In order to determine the relative competitiveness of digital solutions for biomarkers in the healthcare domain, we focused on the three most popular biomarkers, which include idiosyncratic biomarkers, physiological biomarkers, and vocal biomarkers, along with other biomarkers.
The products considered in this analysis have been divided into relevant peer groups (based on the type of biomarker captured by these modern solutions) and scored on the basis several relevant parameters, such as the supplier power (based on expertise of the manufacturer) and key specifications of products, including current status, content of solution, purpose of solution, therapeutic area, and prescription requirement. The insights on product competitiveness have been plotted on a 2×2 matrix, with supplier power of the developer on the abscissa and product competitiveness on the ordinate axes.
In fact, according to insights generated by Roots Analysis “Past and prevalent trends indicate the incorporation of ancillary features (that augment the user experience) into have a strong positive impact on adoption. The same is expected for the novel tools that are being developed to detect and analyze digital biomarkers.”
As per our scoring criteria, XX by XX emerged to be the most competent digital solution for vocal biomarkers. The solution is marketed as a combination of software application and a device for monitoring and early screening of patients with Parkinson’s disease (neurological disorder).
Further, XX by XX and XX by XX emerged as other prominent solutions. The former solution is marketed to monitor and provide predictive insights for patients with COPD (respiratory disorder). In addition, an application has been submitted to the USFDA by XX to seek regulatory approval for its digital solution for biomarker, which is a combination of a software application, AI support and a device. The solution can also capture cognitive and neurophysiological biomarkers to diagnose and monitor brain diseases (neurological disorder). It is followed by XX (XX), which is currently under research and development, and intended for monitoring, diagnosis and aid early screening in patients suffering from with heart attacks (cardiovascular disorder).
To discuss the capability of these solutions in overcoming physical confines of clinical environment, several global events have been organized across the globe
In the past few years, various meetings, summits, forums and workshops have been organized in order to discuss the needs of stakeholders within this domain. These platforms created an opportunity for stakeholders to share their ideas / queries and develop a more comprehensive understanding on the methods of generation and utilization of digital solutions for biomarkers for further supporting the healthcare decision-making. Notably, majority of these events have been organized H1 2020 onwards. This can be attributed to the fact that many digital solutions for biomarkers developers are currently engaged in the development of these modern solutions that can be used by healthcare professionals to remotely monitor COVID-19 symptoms in the patients.
It is worth mentioning that since H1 2020, over 20 conferences have been organized, of which majority (61%) were conducted virtually. Examples of such online events include (in reverse chronological order, since October 2020) Scope Virtual Summit for Clinical OPS Executives (March 2021), Digital Biomarkers & Digital Measurements Summit (November 2020), Biomarker and Companion Diagnostics Virtual Conference (October 2020), 19th Annual Bio-IT World Conference & Expo (October 2020), Defining, Designing and Deploying Digital Biomarkers in Clinical Trials (October 2020), and Real Talk: Leveraging Technology to Improve the Remote Patient Experience (October 2020).
As indicated earlier, digital solutions for biomarkers have huge potential to drive digital health development, especially due to the current pandemic, and therefore, such discussions on global platforms are increasingly inspiring numerous stakeholders to further progress within this domain.
In fact, according to insights generated by Roots Analysis “Given the recent COVID-19 pandemic, numerous events focused on digital biomarkers that are believed to be capable of enabling early diagnosis and remote patient monitoring are being conducted in the pharmaceutical industry. These solutions offer various advanced features, through the incorporation of AI-based algorithms and novel sensors.”
More than 50% of the events related to digital solutions for biomarkers have been organized in North America. This can be attributed to the fact that majority of the developers engaged in the development and deployment of these modern solutions are headquartered in North America (primarily US). This is followed by Europe, where XX% events related to digital solutions for biomarkers have been held. Within this region, maximum number of events have been organized in the UK (XX) and Spain (XX). Recent examples of events held in Europe include (in reverse chronological order, since June 2020) World Congress on Bio Markers (October 2020), 46th ISOBM Congress (October 2020), Biomarkers Series UK (June 2020).
Around 40% of the global events that have been / are planned to be organized for stakeholders this domain to exchange and share ideas and experience for digital solutions for biomarkers are conferences, with more than 25 unique organizers. The other popular type of events in this field includes summits (XX%), webinars (XX%) and other type of events (XX%).