Global Vocal Biomarker Market revenues to Reach USD 4.2 Billion in 2026 at a significant CAGR of 13.7 %
Published | August 2020
According to Blueweave Consulting, the Global Vocal Biomarker Market is anticipated to reach USD 4.2 Billion in 2026 from USD 1.73 Billion in 2019, at CAGR of 13.7% during the projected period 2020-2026. Global Vocal Biomarker is a medical device used for early detection of diseases, and its market is driven by the prevalence of neurological and psychological diseases and the urgency of diseases detection. Besides, its cost-efficiency and technological advancements induce market growth. The market has been growing at a steady rate during the past few years. At present, the Pharma companies and the healthcare sector are exploring its applications and potential in the medical field. The security agencies and defence organizations are increasingly using Vocal Biomarker for the lie-detecting test of the suspects. The market holds tremendous growth potential due to technological advancements, including AI and is expected to register growth during the forthcoming period.
Vocal Biomarker is a device which detects ailments based on the voice pattern of the patient. It is a minimally invasive technique deployed for the diagnosis of diseases in the initial stage. It serves as a substitute for MRI, X-Ray and CT Scan in medical urgencies. The advance uses of this technique facilitate diagnosis and treatment of diseases besides lie-detection tests. The vocal Biomarker serves as a remote sensor for patients with fatal diseases and helps to recognize a medical emergency. In COVID times, its application is more relevant and is being deployed in different countries for different medical purposes.
However, the accuracy of vocal bio-markers may vary depending on the complexity of spoken words and surroundings of the speech recording. Besides, the inability to extract the desired vocal features, significant errors in the vocal features and inaccuracies of boundaries of words also restrict the use of vocal Biomarker, hampering its market growth.
The vocal biomarker market is segregated into four categories viz., four categories viz., Type, Indications, Neurological Disorders and End-user. In the first category, different features of speech are analyzed, and voice tremor is the most explored segment in this category. The Indication category is subdivided into Depression, Attention Deficit and Disruptive Behavior Disorders and Others. Among subdivisions based on diseases, Parkinson's disease division dominates the vocal biomarker market. While in the end-user category, the healthcare sector is the prominent user of the vocal biomarkers and holds a significant share.
"The Dominating segments in the Global Vocal Biomarkers Market are Voice Tremor recognition and Parkinson's disease."
In the first category based on type, the voice tremor segment is expected to register significant growth due to rising neurological disorders and growing application of vocal Biomarker in it. As per a study of Parkinson's Foundation, more than 10 million across the globe suffer from Parkinson's disease. The prevalence, risk, early detection requirement and increasing cases of this disease lead to the more demand for vocal Biomarker, assuring strong growth potential for the market.
"The key drivers of Global Vocal Biometric Markets are Growing applications in expanding healthcare sector and prevalence of Parkinson's Disease."
The vocal biomarkers are finding their application in remote health monitoring of the heart-patient, in the testing voice of the patient with coronary artery disease and recognizing depression and stress among callers besides early detection of diseases in healthcare. The healthcare facilities are widening its use in diagnosis and treatment, which drives the Global Vocal Biomarker Market. The widespread Parkinson's disease also drives the market for risk detection, monitoring and prevention.
"North America Dominates the Market Due to Advanced Healthcare Facilities."
North America has a robust healthcare infrastructure consisting of well-established healthcare facilities and advanced technologies for diagnosis and treatment, so it is expected to dominate the Global Vocal Biomarker Market during the projection period. Besides, easy medical reimbursement policies and increasing healthcare expenditure in the region contribute to the growth of the market. Europe is the second most promising market driven by increasing healthcare outlay and rising income & awareness. Asia Pacific region is anticipated to register growth driven by the markets in China, India, Japan and South Korea.
"The leading players" in this market are Sonde Health(US), Beyond Verbal (Israel), IBM Corporation (US), Cogito Corporation (US), Boston Technology Corporation, Microtest Health and others.
The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the Global Vocal Biomarker Market size & forecast. The report provides insights about the state-of-the-art technology of Global Vocal Biomarker Market and industry, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive scenario of the market.