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Press Release: Vocal Biomarkers Market to Surpass US$ 4.2 Billion by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Vocal Biomarkers Market – Insights
Sound vibrations are used in therapeutic healing for mental health conditions such as depression and anxiety. Recent research has broadened its application for diagnosis of cardiovascular and other diseases. Biomarkers in the voice of a person have been linked to disorders such as depression, coronary artery disease, and anxiety. Moreover, HIPAA compliant vocal biomarker systems are expected to serve as an effective alternative to current diagnostic techniques such as MRI, X-Ray, and CT scan, owing to successful completion of clinical trials. Research is also underway for identifying vocal biomarkers in the diagnosis of Parkinson’s disease, traumatic brain injury, cognitive impairment, and respiratory disorders, which is expected to offer growth opportunities for market players. Companies operating in the field of voice technology are sampling voice data to provide accurate results. For instance, Beyond Verbal, Inc. has been researching on vocal biomarkers since 1996, and has collected over 2.5 million voice samples in over 40 different languages.
The global vocal biomarkers market size is expected to be valued at US$ 1,357.7 million in 2019, and is expected to exhibit a CAGR of 15.5% over the forecast period (2019 – 2027).
Figure 1. Global Vocal Biomarkers Market Value (US$ Mn), by Region, 2019
Source: Coherent Market Insights Analysis (2019)
Increasing prevalence of psychological and cardiovascular disease is expected to propel growth of the vocal biomarkers market
Increasing prevalence of psychological and cardiovascular diseases is expected to drive growth of the vocal biomarkers market over the forecast period. For instance, according to the American Stroke Association 2015, cardiovascular disorders was the main cause of death worldwide, accounting for 17.3 Mn deaths per year, which is expected to reach 23.6 Mn by 2030. Moreover, according to the Alzheimer’s Association, in 2017, about 5.5 million people in the U.S suffered from Alzheimer's and dementia, which demands rapid research on biomarkers for early detection of Alzheimer Disease.
Furthermore, vocal biomarker technology systems would act as an ideal cost-effective primary diagnostic tools that could help discern if the patient needs to further opt for expensive X-Ray/MRI/CT/EEG/ECG scans. Thus, many people suffering from these chronic ailments explicates large potential for vocal biomarkers technology in the commercial space in the long run.
Moreover, conventional diagnostic systems need to adhere to stringent regulations concerning to radiation, whereas, the voice-based systems are based on technology that does not use any form of radiation and thus, is expected to gain significant traction over the forecast period.
Figure 2. Global Vocal Biomarkers Market Share (%), by Therapeutic Applications, 2019 and 2027
Source: Coherent Market Insights Analysis (2019)
Rising demand for minimally invasive techniques is expected to drive growth of the vocal biomarkers market
MRI, CT, X-ray, and ECG, are minimally invasive technologies and are out of reach in the emerging economies. Moreover, minimally invasive procedures are preferred by patients due to advantages such as speedy recovery. However, high costs of these techniques results in substantial healthcare burden on the economy.
Key Players
Major players operating in the global vocal biomarkers market include Beyond Verbal, Inc., Sonde Health Inc., Sharecare, Inc., IBM Coporation, and Cogito Corporation
Voice can serve as a useful tool in identifying the presence or risk of conditions such as depression, Parkinson’s disease, and coronary artery disease. Moreover, Research institutes and companies engaged in voice and speech technology are partnering to identify vocal biomarkers that can aid in accurate disease diagnosis. Vocal biomarkers technology could be an advanced innovation in the field of medical diagnostics, allowing for minimally-invasive diagnostic procedures to detect chronic conditions. For instance, Beyond Verbal, Inc., Cogito Corporation, and Sonde Health are developing a voice-based platform to diagnose mental and physical health.
Market Dynamics
The vocal biomarkers technology would transform the way mental and physical health is diagnosed and would transform the healthcare industry. This voice-based technology would allow early diagnosis and preventive treatments. This is expected to benefit hospitals, health clinics, and individuals to monitor health condition and take appropriate medical action.
Key players are focused on collaborations, in order to gain strong foothold in the market and enhance their product portfolio which is expected to drive the market growth. For instance, in June 2016, Sonde Health Inc., obtained technology license from the Massachusetts Institute of Technology Lincoln Laboratory for the latter’s voice-based technology platform intended for monitoring and diagnosing various mental and physical conditions. Moreover, Beyond Verbal, Inc. collaborated with Mayo Clinic in 2016 to conduct studies and identify vocal biomarkers that could help in diagnosing mental and physical health.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 27 market data tables and 22 figures on "Vocal Biomarkers Market - Global forecast to 2027”.
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