The vocal biomarker market is predicted to rise at 23.3% CAGR by the end of 2027. As per a study by Fact MR, identification and implementation of vocal biomarkers in the therapeutic diagnosis of mental health conditions, cardiovascular diseases, brain injury, and cognitive impairment is predicted to create favorable growth conditions among the market players. Psychiatric disorder is expected to be the key indicator, needing the applications of vocal biomarkers.
Successful clinical trials of Health Insurance Portability and Accountability Act (HIPAA) compliant vocal biomarkers will become a diagnostic alternative to expensive diagnostic techniques such as magnetic resonance imaging (MRI), computed tomography (CT) scan and X-ray.
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“The arrival of HIPAA compliant vocal biomarkers and collaboration of government agencies with voice based companies are predicted to globally expand vocal biomarkers market. Rising cases of stress and depression along with prevalence of diseases such as Parkinson’s diseases has fuelled the development of vocal biomarkers”, said a lead analyst at Fact.MR.
Vocal biomarkers market: Key Findings
- Extensive research on vocal biomarkers by Beyond Verbal led to compilation of 2.5 Million voice samples in 40 different languages.
- Demand from psychiatric disorder for vocal biomarkers will generate increasing sales
- Worldwide sales of vocal biomarkers are envisioned to exceed around US $390 Mn.
- Demand from hospitals & clinics poised to surge as the continue witnessing increasing footfall of patients
- Increasing cases of respiratory disorders will continue fuelling demand for vocal biomarkers, emerging as a key segment in terms of indication
Vocal biomarkers market – Key Driving Factors
- Need for early detection of psychiatric and neurological disorders in developing countries and cost effective substitute for minimal invasive technologies have emerged as chief drivers
- Integration of vocal biomarkers in defense and security agencies for lie detection and war trauma treatment will boost the demand in vocal biomarkers market
- Increasing Prevalence of cardiovascular and respiratory diseases in developed countries industry is contributing towards increase in sales.
Vocal biomarkers market – Key Restraints
- Lack of stability for Alzheimer’s and other chronic neurological diseases for long clinical trials restricts the sales.
- Expensive vocal biomarker application techniques are stressing the healthcare economy, thus limiting the market expansion.
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Vocal biomarkers market – Covid-19 Impact
COVID-19 pandemic disrupted the world healthcare economy. This positively affected the vocal biomarkers market. According to CDC, 30.9% people suffered from anxiety disorder. The use of verbal biomarkers in cloud based API engine integrated with virtual private assistant helped in treatment of psychological disorders remotely, thus enabling rapid the verbal biomarkers market growth. This growth is expected to increase due to increasing trend of self-diagnosis and requirement of social distancing assisting the verbal biomarkers market.
Some of the leading verbal biomarker manufacturers are Beyond Verbal, Cogito Corporation, Audio Profiling, IBM Corporation and Sonde Health. Health-related applications, life sciences and healthcare organizations are collaborating with voice based technological companies for rapid development of reliable and accurate verbal biomarkers.
For instance, Sonde Health Inc., collaborated with Massachusetts Institute of Technology (MIT) for licensing the technology that enables diagnosing and monitoring various conditions and diseases using voice based platform.
Beyond Verbal developed a cloud based API engine to enhance the sensitivity of virtual private assistants and eliminating its blind spots enabling remote health monitoring. These collaborative strategies will boost the development of accurate verbal biomarkers and remote health monitoring using personalized technologies.
More Insights on the Vocal biomarkers market
In its latest report, Fact.MR offers unbiased analysis of the global verbal biomarkers market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of Technique (Frequency, Amplitude, Error rate, phonation time, vocal rise, voice tremor, pitch) and end user (CROs, hospitals and clinics, Academic and research centers) across six regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, and Middle East & Africa).
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