Increase in Prevalence of Psychiatric Disorders to Boost Vocal Biomarkers Market
Vocal Biomarkers Market information: by type (frequency, amplitude, error rate, vocal rise or fall time, phonation time, voice tremor, pitch, others) by indications (psychiatric disorders (depression, Attention Deficit and Disruptive Behavior Disorders, others), neurological disorders (Parkinson's disease (PD), Alzheimer's disease, Huntington's disease, others), Respiratory Disorders, Cardiovascular Disorders, traumatic brain injury (TBI), others), others) by end users (hospitals and clinics, academic and research, others) - Global Forecast till 2027
Market Synopsis
As per the assessment by Market Research Future (MRFR), the global vocal biomarkers market is anticipated to acquire the market value of USD 2.5 billion, thriving at a CAGR of 14.5% during the review period from 2017 to 2023.
An increase in the prevalence of cardiovascular diseases, such as; congenital heart disease, heart attack, and others, are expected to drive the growth of vocal biomarkers market 2020 during the forecast period. The rise in demand for minimally invasive techniques is likely to be profitable for the market during the review period. The surging demand for the product among pharmaceutical companies to detect neurological and psychiatric disorders is projected to play a salient role in augmenting the market. Apart from the healthcare sector, the vocal biomarkers are likely to gain prominence in the defense sector as a lie detector, which is expected to grow the market notably.
On the flip side, the expenses associated with the product are likely to hinder the market growth in the coming period. However, its benefits, such as; speedy recovery and on-going technical development, can counter the hampering causes and aid in market expansion.
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Market Segmentation
The segmental analysis of the global vocal biomarkers market is done by indications, type, and end-users.
The indications-based segments of the global vocal biomarkers market are academic, hospitals and clinics, and research and others.
The type-based segments of the global vocal biomarkers market are amplitude, frequency, error rate, phonation time, vocal rise or fall time, voice tremor, pitch and others.
The end-users-based segments of the global vocal biomarkers market are psychiatric disorders (attention deficit, disruptive behavior disorders, depression, and others), neurological disorders (Alzheimer's disease, Parkinson’s disease (PD), Huntington's disease, others), respiratory disorders, traumatic brain injury (TBI), cardiovascular disorders, others) and others.
Regional Analysis
Based on the region, the global market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
As per the analysis, the global market is projected to dominate the market during the forecast period owing to the growing technological development and rising R&D initiatives. The developed economies like the US and Canada are anticipated to make significant market value during the review period. US is expected to account for the maximum market share due to the favorable reimbursement scenario and higher expenditure on healthcare. Besides, the presence of established players can further augment the regional market during the review period.
Europe market is expected to acquire second largest market share during the projection period owing to the rising incidence of psychiatry disorders. Countries like the UK and Germany are predicted to play a significant role in developing the regional market owing to a high disposable income and growing awareness.
The APAC region is expected to be the most lucrative regional market during the forecast period owing to the developing healthcare infrastructure. Besides, the presence of developing countries like India, Japan, and China are predicted to play a significant role by incorporating latest-technologies in healthcare sector. In addition, the growing incidence of such disorders is further likely to drive the regional market.
The MEA region is expected to acquire significant market value during the review period owing to the notable participation by gulf nations like Saudi Arabia and UAE. The African region is anticipated to witness moderate growth owing to the presence of under-developed nations and poor political conditions.
Key Players
Some of the renowned players of the global vocal biomarkers market are Beyond Verbal, Sonde Health, Audio Profiling, IBM Corporation, Cogito Corporation and others.
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