Vocal Biomarkers Market Scope
The vocal biomarkers market 2020 can touch USD 2.5 billion by 2023-end,
says Market Research Future (MRFR). MRFR also projects the global market to
attain a decent CAGR of 14.5% between 2017 and 2023 (evaluation period). We
will provide COVID-19 impact analysis with the report, along with all the
extensive key developments in the market post the coronavirus disease outbreak.
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Primary Drivers and Main
Deterrents
SARS-CoV-2 can be characterized by certain dysfunction within the respiratory
system, which includes the diaphragm along with lower respiratory tract.
COVID-19 is therefore known to induce breathing issues and have a negative
impact on lungs. Considering the fact that the COVID-19 impact is largely on
the breathing functions, along with a few cases of neurological issues induced
by the pandemic, it is expected that vocal biomarkers obtained from the speech subsystem
can be a significant indicator of the virus. In a nutshell, vocal biomarkers’ use
for detection of the novel coronavirus has increased incredibly in the past few
months, and can have a positive impact on the global market, despite the
lockdown imposed worldwide.
Many companies are introducing new apps and services following the
pandemic, with the aim to capture a higher share in the global market. To illustrate, in July 2020, Sonde Health
launched an app that is based on vocal biomarker. The app helps detect any respiratory
symptoms with only the use of the person’s voice. The app is mainly targeted
for the company’s workforce who can use it to decide whether to enter the office,
since it will inform the employee based on their voice if they should enter the
office or remain at home.
Vocal biomarkers technology is highly cost-efficient that
accurately detects diseases, and following the COVID-19 outbreak, it has
emerged as an extremely useful tool for the healthcare industry. Pharmaceutical
vendors are leveraging the benefits of vocal biomarkers as these also help
detect neurological and psychiatric disorders. A few conditions such as Alzheimer’s,
Schizophrenia and Parkinson’s can also be detected at an early stage, which
helps doctors come up with effective treatment plans without losing time. Apart
from the healthcare industry, vocal biomarkers are also used to detect a lie, a
highly valuable factor in security agencies and defense organizations, where
apprehending a criminal is of utmost priority.
Vocal Biomarkers Market Segmental
Insight
The vocal biomarkers industry has been considered depending on type, indications and end users.
The key types of vocal biomarkers are amplitude, frequency, pitch,
vocal rise or fall time, error rate, voice tremor, phonation time, and others.
With respect to the indications segment, the market caters to psychiatric
disorders (attention deficit, disruptive behavior disorders, depression, and others),
neurological disorders (Huntington's disease, Alzheimer's disease, Parkinson’s
disease (PD), others), traumatic brain injury (TBI), cardiovascular disorders, respiratory
disorders and more.
The main industry end users are academic and research, hospitals
and clinics, to name a few.
Vocal Biomarkers Market Regional
Outlook
North America along with Middle East & Africa/MEA, APAC/ Asia
Pacific and Europe are the main markets for vocal biomarkers.
The market in the US is currently the most lucrative, given the
positive reimbursement conditions and the high spending on healthcare. The quick
uptake rate of the latest technologies in the country also adds to the vocal
biomarkers market’s strength. Thanks to the expanding scope of health-related and
voice-assistant applications, healthcare and life sciences organizations are
increasingly focusing on using voice assistant technology in various clinical
trial settings.
Europe comes in second in the global market, as a result of the
favorable financial status of various countries and the growing awareness with
regard to vocal biomarkers. The well-developed healthcare infrastructure along
with the high number of financially stable research institutes that make
extensive use of superior technologies can also be cited as significant growth
inducers in the European market.
APAC seems to hold the highest growth potential out of all the
regions, and is spearheaded by the fast developing countries of India and China.
Vocal biomarkers’ extensive deployment in respiratory problems, neurological
disorders, traumatic brain injury, and more in the region has led to an
incredible growth spike in recent years. APAC is majorly focused on research
and development with the prime objective to extend the application scope of
vocal biomarkers, encouraged by the strong support of the government and
related companies in the form of substantial investments.
Vocal Biomarkers Market Eminent
Companies
Cogito Corporation, Beyond Verbal, IBM Corporation, Sonde Health,
Audio Profiling and more are the eminent companies mentioned in the extensive
market study by MRFR.
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