Vocal Biomarkers Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, Qatar, Kuwait, Egypt, UAE), Application Development Potential, Competitive Market Share & Forecast, 2017 – 2024
Report ID: GMI1852
Vocal Biomarkers Market size is projected to experience significant growth from 2017 to 2024.
Vocal biomarkers market size witness significant growth due to increased prevalence of cardiovascular and psychological diseases over the last few years. Growing demand for minimally invasive procedures from patients coupled with fast recovery should fuel the global vocal biomarkers market size during the forecast period.
Sound vibrations are used as therapeutic healing for mental health conditions which includes depression, nervousness, and coronary artery disease. Ongoing research has significantly widened its application in disease diagnosis. Health Insurance Portability and Accountability Act (HIPAA) compliant vocal biomarker system may serve as effective technique due to the successful completion of clinical trials. It serves as an alternative to existing diagnostic technique such as CT scan, MRI and X-Ray. High cost associated with these tests may result into burden for governments and insurance companies eventually leading to hamper the business growth.
Continuous research to identify vocal biomarkers in diagnosis of Parkinson’s disease, cognitive impairment, respiratory diseases, and traumatic brain injury will provide highly lucrative growth opportunities for industry players. The technology is user-friendly and offers self-diagnosis and medication. As per the WHO 2016 data, nearly 350 million individuals were suffering from depression. According to the Parkinson’s disease Foundation 2016, around 10 million individuals were suffering with Parkinson’s disease across the world. Growing global disease prevalence will drive vocal biomarkers market size in the coming years.
Growing prevalence of respiratory diseases such as asthma should drive industry growth. As per European Respiratory Society, over 235 million people suffer from asthma across the world in 2016. Psychiatric and medical diagnosis can be more precise when access to huge amount of biological and psychological data and speech feature is recorded. Mayo Clinic in Minnesota is tracking vocal biomarkers to enhance remote health monitoring of patients with heart disease. Clinic is working with Israeli company Beyond Verbal to test the voice of patients with coronary artery disease. Health insurers will contribute for lucrative growth. Humana, Blue Cross Blue Shield Association, and Aetna are using vocal biomarkers to identify stress and depression among callers.
U.S. vocal biomarker market size should experience significant growth over the forecast period. The growth is attributed due to the robust healthcare infrastructure and home for several well-funded research based organizations with leading technology. U.S. government agencies are associated with voice-based analysis researchers and firms for the product application in various fields such as trauma, geriatrics, and the country is also engaged in research related to innovative voice-analysis products particularly for self-diagnosis. These factors should provide lucrative growth opportunities for vocal biomarkers market growth over the forecast period.
In May 2016, the U.S. Army entered into collaboration with MIT researchers to develop voice-based detection technology for diagnosis of brain injury. American Heart Association in collaboration with Beyond Verbal and Mayo Clinic has developed artificial intelligence (AI) algorithms by using machine-learning to perceive voice patterns imperceptible to human ear for initial identification of coronary heart disease.
Companies operating in vocal biomarkers market include Beyond Verbal, Sonde Health, IBM, Cogito and Sharecare. Companies are majorly focusing on collaboration with university and industry players. For instance, Beyond Verbal is working with Scripps, Mayo Clinic, Tel Aviv University and Hadassah Medical Center in Jerusalem for the expansion of vocal biomarker research in healthcare sector.
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