VOCAL BIOMARKERS MARKET ANALYSIS

Market Challenges And Opportunities

Increasing prevalence of psychological and cardiovascular disease is expected to propel growth of the vocal biomarkers market

Increasing prevalence of psychological and cardiovascular diseases is expected to drive growth of the vocal biomarkers market over the forecast period. For instance, according to the American Stroke Association 2015, cardiovascular disorders was the main cause of death worldwide, accounting for 17.3 Mn deaths per year, which is expected to reach 23.6 Mn by 2030. Moreover, according to the Alzheimer’s Association, in 2017, about 5.5 million people in the U.S suffered from Alzheimer's and dementia, which demands rapid research on biomarkers for early detection of Alzheimer Disease.

Furthermore, vocal biomarker technology systems would act as an ideal cost-effective primary diagnostic tools that could help discern if the patient needs to further opt for expensive X-Ray/MRI/CT/EEG/ECG scans. Thus, many people suffering from these chronic ailments explicates large potential for vocal biomarkers technology in the commercial space in the long run.

Moreover, conventional diagnostic systems need to adhere to stringent regulations concerning to radiation, whereas, the voice-based systems are based on technology that does not use any form of radiation and thus, is expected to gain significant traction over the forecast period.

Rising demand for minimally invasive techniques is expected to drive growth of the vocal biomarkers market

MRI, CT, X-ray, and ECG, are minimally invasive technologies and are out of reach in the emerging economies. Moreover, minimally invasive procedures are preferred by patients due to advantages such as speedy recovery. However, high costs of these techniques results in substantial healthcare burden on the economy.

Figure 2. Global Vocal Biomarkers Market Share (%), by Therapeutic Applications, 2019 and 2027

Source: Coherent Market Insights Analysis (2019)