PUBLISHER: Orion Market Research | PRODUCT CODE: 1123291
PUBLISHER: Orion Market Research | PRODUCT CODE: 1123291
Global Vocal Biomarkers Market Size, Share & Trends Analysis Report By Application (Psychological Disorders, Neurological Disorders, Respiratory Disorders, and Cardiovascular Disease), By End-User (Hospitals, Diagnostic Centre, and Academics Research Institute), By Type (Frequency, Amplitude, Error Rate, Vocal Rise or Fall Time, Phonation Time, Voice Tremor, Pitch, and Others) Forecast, 2021-2027 The global vocal biomarkers market is growing at a CAGR of 14.5% during the forecast period (2021-2027).
Vocal biomarkers utilize voice input for the detection of diseases such as depression, coronary artery disease, and anxiety. These are developed to analyze the mental and physical well-being of the person. The major factors that are augmenting the growth of the market innovation are technology advancement and the need for minimally invasive procedures across the globe. Furthermore, it provides a safe and effective method of diagnosis so that there is no pain associated with the procedure coupled with no risk. Voice biomarkers are now also used for the diagnoses of COVID-19. However, initial high-cost investments, technical issues such as accuracy, and low healthcare infrastructure in the undeveloped economies are some of the constraints that can hinder the growth of the market in the forecast period.
The global vocal biomarkers market is being driven by factors such as the rising prevalence of psychological, neurological, and other speech-related diseases, such as depression, attention deficit and behavior disorders, Parkinson's disease (PD), Alzheimer's disease, Huntington's disease, respiratory, cardiovascular, and brain injury (TBI), among others. For instance, According to the American Stroke Association, cardiovascular diseases were the top cause of death globally in 2015, with 17.3 million deaths annually, a figure that is expected to reach 23.6 million by 2030. Due to the increased need for less invasive diagnostics, rising incidence of psychiatric and cardiovascular disorders, and an ageing population, the vocal biomarkers market is predicted to grow during the forecast period. Additionally, rising research into voice biomarkers is expected to give significant market development opportunities throughout the forecast period
Impact of COVID-19 on Global Vocal Biomarkers Market
The global vocal biomarkers market was negatively affected by the COVID-19 pandemic since December 2019. The outbreak of COVID-19 in these major economies has disrupted the manufacturing and supply of vocal biomarkers across the globe for several diseases. However, voice biomarkers are now also used for the treatment of COVID-19. For instance, in December 2020, Vocalis Health created a software solution VocalisCheck which works by just assessing a person's voice whose COVID-19 status is unknown. Such types of innovations create opportunities for the market players and are estimated to boost market growth at a very high rate due to the ongoing global pandemic.
Segmental Outlook
The market is segmented based on application and end-user. Based on the application segment, the market is segmented into psychological disorders, neurological disorders, respiratory disorders, and cardiovascular disease. Further, based on the end-user segment, the market is bifurcated into hospitals, diagnostic centers, and academics research institute. Based on the type segment, the market is segmented into frequency, amplitude, error rate, vocal rise or fall time, phonation time, voice tremor, pitch, and others.
Global Vocal Biomarkers Market Share by Application, 2020 (%)
Global Vocal Biomarkers Market Share by Application
Cardiovascular disease Segment to Hold a Lucrative Share in the Global Vocal Biomarkers market
Amongst the application segment of the global vocal biomarkers market, the cardiovascular disease segment is projected to grow at a substantial rate over the forecast period. Cardiovascular disease is the major cause of death across the globe. According to the Centers for Disease Control and Prevention, one person dies every 36 seconds in the US from cardiovascular disease. The government's focus on the prevention of such diseases is expected to increase the demand for the vocal biomarker market in this segment. In December 2019, Healthymize and Beyond Verbal merged to form Vocalis Health which was primarily associated with various voice-indicating ailments including chronic respiratory and cardiac conditions. The company raised $9 million with the help of Amoon, which is a Life Sciences investment fund based in Israel that finances the entrepreneurs.
Regional Outlooks
The global vocal biomarkers market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is bifurcated into North America (the US and Canada), Europe (Germany, Spain, Italy, France, the UK, and the Rest of Europe), Asia-Pacific (India, China, Japan South Korea, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East and Africa, and Latin America). North America is estimated to have the major shares in the voice Biomarkers market. An increase in the prevalence of cardiovascular and psychological disorders and huge spending in advanced technologies are some of the factors that contribute to the growth of the market in this region.
Global Vocal Biomarkers Market Growth, by region 2021-2027
Global Vocal Biomarkers Market Growth, by region
Asia-Pacific is projected to highest Contributor to the growth of the Global Vocal Biomarkers market
The Asia-Pacific is estimated to be one of the fastest-growing regions in this market owing to the rise in awareness among people and government spending on healthcare infrastructure in the emerging economies. Europe is also estimated to have a significant contribution in the market due to large disposable income and developed healthcare infrastructure leading to innovations of new technologies in the region.
Market Players Outlook
Key players of the voice biomarkers market include Vocalis Health, Inc., IBM Corp., Sonde Health, Inc., Boston Technology Corp, Medical Information Technology, Inc, and Orbita Inc., among others. These key manufacturers are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships and collaborations, and many others to thrive in a competitive environment. For instance, in August 2020, Sonde Health acquired NeuroLex Laboratories to cement its vocal biomarker health platform which also includes enabling voice-enabled heath detection and monitoring over any platform. Moreover, in December 2019, Vocalis Health acquired Beyond Verbal Communication, Ltd.
The Report Covers
Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global voice biomarkers market based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying who-stands-where in the market.