New Analysis From Global Industry Analysts Reveals Steady Growth for Vocal Biomarkers Market, Expected to Be Valued at Us$ 1,357.7 Million in 2021 Worldwide by 2027

Sound vibrations act as therapeutics for treating various mental health issues such as depression and anxiety. Recent research studies have greatly broadened its application across the diagnosis of various diseases. Biomarkers in the voice of a person have been linked to disorders such as depression, coronary artery disease, and anxiety. With the successful completion of clinical trials, HIPAA compliant vocal biomarker system would serve as a more effective alternative to current diagnostic techniques such as MRI, X-Ray, and CT scan. Various research is also in progress for identifying vocal biomarkers in the diagnosis of Parkinson’s disease, traumatic brain injury, cognitive impairment, and respiratory disorders, which would open up a highly lucrative avenue for growth for players in this industry. Companies dealing with voice technology are sampling data to provide accurate results. For instance, Beyond Verbal, Inc. has been researching vocal biomarkers since 1996 and has collected over 2.5 million voice samples in over 40 different languages.

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While currently in its very nascent stage with an estimated value of US$ 6.4 million in 2017, the global vocal biomarkers market is expected to expand at a CAGR of 65.7% during the forecast period (2017 – 2028).

Rising prevalence of the psychological and cardiovascular disease is expected to offer highly conducive growth environment

Around 350 million people across the globe suffered from depression (WHO, 2016) and approximately 10 million people suffered from Parkinson’s disease globally (Parkinson’s disease Foundation, 2016). Over 235 million people suffered from asthma globally (2016), according to the European Respiratory Society. Diagnosis of this disease is costly and thus most people in emerging economies cannot afford it. This results in increasing mortality rates in this region. Vocal biomarker technology systems would act as an ideal cost-effective primary diagnostic tool that could help discern if the patient needs to further opt for expensive X-Ray/MRI/CT/EEG/ECG scans. Thus, millions of people are suffering from this disease which is expected to offer a high potential growth for vocal biomarker technology in the commercial space in the long run. Moreover, alterative conventionally used diagnostic systems need to adhere to stringent regulations pertaining to radiation. On the other hand, voice-based systems are based on technology that does not subject the user to any form of radiation and thus, is expected to obtain significant traction in the near future.

Growing demand for minimally invasive techniques to support the growth of vocal biomarkers market

There are various minimally invasive techniques available in the market such as MRI, CT, X-Ray, and ECG, however, they are out of reach for the remotely located populations. Moreover, the high cost associated with such tests results in a substantial healthcare burden for governments and insurance companies alike. Vocal biomarkers is a non-invasive technology and offer excellent simplicity to an individual. This is therefore analyzed to provide a competitive edge over existing diagnostic technologies that lack the capability to carry the preventive diagnosis. Furthermore, this extremely user-friendly system falls perfectly in line with rising self-diagnosis and self-medication trend, which would significantly boost demand for vocal biomarkers.

Rising strategic Collaborations to reduce the Turnaround Time for Commercialization of Products

Mr. Charles Marmar (Chairman, Department of Psychiatry, New York University’s Langone Medical Center), is conducting a five-year study to identify vocal biomarkers for diagnosis of traumatic brain injury (TBI), post-traumatic stress disorder (PTSB), and depression. Initial studies have identified 30 vocal characteristics that seem to be associated with TBI and PTSB. Mr. Marmar has collaborated with SRI International (a non-profit research institute based in California), to identify vocal biomarkers. Beyond Verbal, Inc. is working with Mayo Clinic, Haddassah Medical Center in Jerusalem, Scripps, and Tel Aviv University to expand its vocal biomarker’s research into the healthcare sector.

Top Key Players Include In Vocal Biomarkers Market: Beyond Verbal, Inc., Sonde Health Inc., Sharecare, Inc., IBM Coporation, and Cogito Corporation

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