Singapore Digital Biomarkers Market Analysis

Singapore Digital Biomarkers Market Executive Summary

Singapore Digital Biomarkers Market was valued at $3.48 Mn in 2023 and is predicted to grow at a CAGR of 22.9% from 2023 to 2030, to $14.74 Mn by 2030. 

Digital biomarkers are quantifiable physiological and behavioral data collected by digital devices like wearables and smartphones. They provide insights into health, including disease progression and treatment response, enabling continuous monitoring and real-time data collection. These biomarkers are used for various health conditions, such as diabetes, cardiovascular disorders, mental health issues, and neurodegenerative diseases. By tracking metrics like physical activity, heart rate, and sleep patterns, digital biomarkers help clinicians make informed decisions and support research with real-world evidence. As technology advances, their potential to transform healthcare and improve patient outcomes grows.

In Singapore, 39.1% of adults aged 18-69 have high cholesterol, 37.0% have high blood pressure, and 8.5% are diagnosed with diabetes as of 2020. Additionally, 11.6% of Singapore residents are classified as obese according to the National Population Health Survey 2020. The market therefore is driven by significant factors like high disease burden, tech-savvy population, government support, and focus on preventative care. However, limited reimbursement, data privacy concerns, regulatory landscape, and integration with healthcare systems restrict the growth and potential of the market.

Prominent players in this field are ActiGraph LLC which specializes in wearable devices and data analytics for physical activity and sleep monitoring, contributing to clinical research through reliable digital biomarkers. AliveCor Inc. excels in portable ECG monitoring and AI-driven cardiac analysis, enhancing early diagnosis and intervention with FDA-cleared devices like KardiaMobile. Other contributors include Koneksa, and Altoida Inc. among others.

Market Dynamics

Market Growth Drivers

High Disease Burden: Singapore, despite its advanced healthcare system, faces a growing burden of chronic diseases, with hypertension affecting 37.0% of adults aged 18 to 69, hyperlipidaemia at 39.1%, diabetes at 8.5%, and obesity at 11.6%, all showing significant increases. Digital biomarkers offer valuable tools for early detection, monitoring, and management of these conditions, driving market growth and addressing the rising prevalence of chronic diseases like diabetes, heart disease, and cancer.

Tech-Savvy Population: Singapore boasts a highly tech-savvy population with high smartphone and internet penetration. This creates a large user base readily accepting app-based and wearable digital biomarker solutions.

Government Support: The Singaporean government actively promotes innovation in healthcare through initiatives like the Singapore Innovation Partnership (SIP) and the National Research Foundation (NRF). This fosters a supportive environment for digital biomarker development and adoption.

Focus on Preventative Care: There's a growing emphasis on preventative healthcare in Singapore. Digital biomarkers can empower individuals to take a more proactive approach to their health by tracking health indicators and identifying potential risks early on.

Market Restraints

Limited Reimbursement: Reimbursement for digital biomarkers in Singapore is currently limited. This can be a barrier for wider adoption, especially for cost-conscious patients.

Data Privacy Concerns: Data security and privacy are major concerns in Singapore. Building trust with users regarding data collection, storage, and usage practices is crucial for market growth.

Regulatory Landscape: While Singapore has a well-established regulatory framework for medical devices, the specific regulations for digital biomarkers are still evolving. This can create uncertainty for companies entering the market.

Integration with Healthcare Systems: Effective integration of digital biomarker data with existing healthcare systems is crucial for broader adoption. Interoperability challenges might hinder seamless data flow.

Regulatory Landscape and Reimbursement Scenario

In Singapore, the Health Sciences Authority (HSA) is the key regulatory body overseeing the approval and classification of medical devices, including digital biomarkers. The HSA offers different regulatory pathways based on the risk classification of these devices, which could be categorized as Class A (low risk), Class B (moderate risk), or Class C (high risk). Understanding the classification is crucial for determining the appropriate regulatory pathway and associated requirements. Clinical trial requirements vary accordingly, with lower-risk devices facing less stringent trials compared to high-risk ones. Additionally, compliance with Singapore's Personal Data Protection Act (PDPA) is essential to ensure the legal handling of data collection, storage, and usage.

The reimbursement landscape for digital biomarkers in Singapore is currently evolving. The government healthcare financing system includes MediSave, a compulsory national savings scheme, and MediShield Life, a catastrophic health insurance scheme. While reimbursement for digital biomarkers through MediSave is limited, this might change with future evaluations. MediShield Life is less likely to cover digital biomarkers at present, but inclusion could occur based on demonstrated clinical value. Meanwhile, private health insurance is popular in Singapore, and some insurers may offer coverage for digital health solutions incorporating digital biomarkers, depending on the plan and technology.

Competitive Landscape

Key Players

Here are some of the major key players in the Singapore Digital Biomarkers Market

• ActiGraph LLC
• AliveCor Inc.
• Koneksa
• Altoida Inc.
• Amgen Inc.
• Biogen Inc.
• Empatica Inc.
• Vivo Sense
• IXICO plc
• Adherium Limited