InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Psychiatric Digital Biomarkers Market”-, By Type (Wearable, Mobile based Applications, Sensors) Clinical Practice (Diagnostic Psychiatric Digital Biomarkers, Monitoring Psychiatric Digital Biomarkers, Predictive and Prognostic Psychiatric Digital Biomarkers), End Use (Healthcare companies, Healthcare Providers, Payers), Industry Trends, and Global Forecasts, 2024-2031 And Segment Revenue and Forecast To 2031.”
The Psychiatric Digital Biomarkers Market is estimated to reach over USD 2,879.7 Mn by 2031, exhibiting a CAGR of 24.7% during the forecast period.
Psychiatric digital biomarkers are created by measuring physiological and behavioral data gathered through digital devices such as wearables, smartphones, and other digital platforms, which provide objective and quantitative assessments. These biomarkers enable the evaluation, tracking, and prediction of mental health disorders. Advanced algorithms and machine learning techniques analyze the collected data to identify patterns associated with various mental health conditions. For example, machine learning-based voice analysis is used to derive digital biomarkers of cognitive functioning in trauma survivors, while dynamic tracking of changes in biomarkers helps in monitoring Alzheimer’s disease, Parkinson’s disease, frontotemporal dementia, depression, and schizophrenia. Additionally, touch screens, keyboards, and microphones serve as biomarkers for motor control and speech in Alzheimer’s patients, respectively, facilitating a comprehensive approach to understanding and managing mental health conditions.
In March 2022, DTU Health Tech researchers created a technique that uses voice analysis to detect mood swings in patients and diagnose bipolar disorder in individuals, with customized models yielding the most accurate findings.
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List of Prominent Players in the Psychiatric Digital Biomarkers Market:
- Koneksa
- Biogen Inc.
- BioSensics
- Empatica Inc.
- Vivo Sense
- IXICO plc
- Huma
- kintsugi health
- Sonde Health, Inc.
- Clario
- icometrix
- iMediSync
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Market Dynamics:
Drivers
The rising rates of mental health conditions, such as depression, anxiety, and bipolar disorder, drive the demand for innovative diagnostic and monitoring solutions to manage these disorders effectively. Innovations in wearable technology, mobile applications, sensors, and data analytics have expanded the capabilities of digital biomarkers, making them more accessible and effective for mental health monitoring and management. Increased awareness of mental health issues and the benefits of digital health technologies has led to greater acceptance among patients and healthcare providers, boosting the adoption of digital biomarkers.
Challenges:
Ensuring the protection of sensitive mental health data is crucial. Compliance with data protection regulations, such as GDPR and HIPAA, is required to maintain patient trust and safeguard information from breaches is a significant challenge.
Regional Trends:
North America has the largest market share during the forecast period. The region benefits from well-established regulatory pathways, which facilitate the approval and adoption of new digital health technologies. The widespread use of telehealth and digital health solutions supports the growth of psychiatric digital biomarkers. However, The Asia-Pacific region is an emerging market for psychiatric digital biomarkers, with rapid technological advancements and increasing healthcare expenditure.
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Recent Developments:
- In July 2024, have decided to work together on a cutting-edge mental health treatment program. Sonde Health will evaluate users’ mental health daily using its clinically recognized Mental Fitness vocal biomarker technology. In the meantime, the biggest telecom provider in South Korea, KT Corporation, will provide the necessary services and infrastructure to support users in enhancing their mental well-being.
- In May 2023, iMediSync, Mila announced a collaboration with iMediSync, a company whose goal is to transform mental health with the application of artificial intelligence (AI) and a data-driven methodology. iMediSync is a global digital mental health firm with headquarters in Korea that specializes on near-infrared light emitting diodes (NIR-LED)-based precision digital treatments and brainwave-centered diagnostics for early screening and prediction of various brain illnesses.
Segmentation of Psychiatric Digital Biomarkers Market.
Global Psychiatric Digital Biomarkers Market – By Type
- Wearable
- Mobile based Applications
- Sensors
- Others
Global Psychiatric Digital Biomarkers Market – Clinical Practice
- Diagnostic Psychiatric Digital Biomarkers
- Monitoring Psychiatric Digital Biomarkers
- Predictive and Prognostic Psychiatric Digital Biomarkers
- Other’s
Global Psychiatric Digital Biomarkers Market – End Use
- Healthcare companies
- Healthcare Providers
- Payers
- Others
Global Psychiatric Digital Biomarkers Market – By Region
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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