Overview

Healthcare Virtual Assistant Market is estimated to value over USD 1.7 billion by 2027 end with a CAGR of over 24.3% during the forecast period 2020 to 2027.

Increase in the usage of healthcare applications with a rise in the number of smartphone users, increased occurrence of chronic diseases, rising insistence for quality delivery of healthcare are some of the key market players contributing to the healthcare virtual assistant market growth. Moreover, the increased emphasis for developing advanced virtual assistant tools with support for multiple languages is anticipated to boost the growth of the market.
The developing countries, along with the developed ones, are emphasizing on promoting and incorporating the acceptance of virtual assistants in healthcare systems. Furthermore, multiple developing nations are looking out for technologies that can address the rising need for quality healthcare services whilst containing the delivery care cost. This has helped the healthcare providers of these countries to explore and expand the services of virtual assistants. Additionally, the rising adoption of artificial intelligence for implementing smart clinics which eases the patient interaction, in conducting online training for medical professionals and provision of medicinal advice. Furthermore, with advancements in Natural Language Processing with its implementation in developing healthcare virtual assistants has boosted the market growth substantially. For instance, as per the data provided by CB insights in 2016, over 80% of healthcare providers, technology vendors and life science companies are currently implementing AI in their systems. The AI systems have resulted in cutting down the costs of treatment and improving the outcomes and with the integration of virtual assistants in healthcare settings, the probability of obtaining an accurate outcome has improved, reminding patients about their dosages and offering medical advice. Such wide range of applications of AI shall augment the proliferation of the market.

Healthcare Virtual Assistant Market

Market Segmentation:

By Product
•   Chatbots
•   Smart Speakers
By Technology
•   Automatic Speech Recognition
•   Text to Speech Technology
By End User
•   Payers
•   Providers
•   Others
By Region
•   North America
•   Europe
•   Asia-Pacific
•   Latin America
•   Middle East and Africa

The market is fragmented into product, technology, end user and region. The product segment is divided into chatbot and smart speakers. The chatbots segment is predicted to hold the largest healthcare virtual assistant market share owing to an increased demand of virtual assistants in the healthcare sector as they can assist nurses, patients and physicians at different levels through speech or text. However, the smart speaker segment is poised to grow at a faster growing rate during the forecast period. With advancements like automatic speech recognition garnering demand in recent times, companies like Google have developed ASR techniques for establishing medical chats in multiple speaker configuration.
Furthermore, smart speakers can be used as therapists for patients who suffer from mental illness. They can establish conversations as per the patient’s mental state which shall help alleviate anxiety and depression. The technology segment is bifurcated into automatic speech recognition and text to speech technology. The automatic speech recognition technology is predicted to dominate the market during the forecast period. The ASR technology can identify alphabets or words for validating the identity of a person. With the increase in the adoption of chatbots and smart speakers by therapists for medical counselling, the segment is predicted to obtain a substantial revenue during the forecast period. The end user segment is fragmented into payers, providers and others. The payers provide services for enhancing interoperability by maintaining patient records and securing them. They can perform various functions like collections and billings, plan selection, enrolment guidance and wellness assessments which is why this segment is anticipated to record a remarkable growth during the forecasted timeframe.

Regional Analysis:

The North America region is expected to dominate the market owing to the rise in the acceptance of AI and IoT with the increased usage of smartphones across the world. The lack of healthcare professionals and the need of providing a high-quality healthcare service, the healthcare virtual assistants are garnering massive popularity in the region.

Competitive Landscape:

Some of the major players of the market are Nuance Communications Inc., CodeBaby Corporation, eGain Corporation, Kognito, Microsoft Corporation, MedRespond, CSS Corporation, Next IT Corporation, True Image Interactive Inc., Welltok Inc.

FutureWise Key Takeaways:

• Growth prospects
• SWOT analysis
• Key market trends
• Key data-points affecting market growth

Objectives of the Study:

• To provide with an exhaustive analysis on the global healthcare virtual assistant market by product, by technology, by end user and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East and Africa
• To record, evaluate and analyze competitive landscape mapping- product launches, technological advancements, mergers and expansions

Flexible Delivery Model:

•   We have a flexible delivery model and you can suggest changes in the scope/table of content as per your requirement
•   The customization Mobility Care offered are free of charge with purchase of any license of the report
•   You can directly share your requirements/changes to the current table of content to: sales@futurewiseresearch.com