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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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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