Health Intelligent Virtual Assistant Market Forecasted to Value Over US$ 3 Billion by 2026 End

  • 17 May 2019

The global health intelligent virtual assistants market is forecasted to value over US$ 3 billion by the end of 2026 and record a CAGR of 36.3% during the forecast period of 2019-2026. 

Intelligent virtual assistants leverage voice recognition, natural language processing and big data to provide robust decision support by seamlessly integrating artificial intelligence. The ability of such virtual assistants to respond to text and voice commands fed to mobile healthcare applications ensures greater patient engagement resulting in effective self-care skills in case of chronic conditions. The lifestyle disorders and raising awareness on self-monitoring common health parameters like heart rate, blood pressure, weight etc. are augmenting the adoption of health intelligent virtual assistants. Increased adoption of Internet of Medical Things (IoMT) by healthcare providers in order to enhance the patient care by remote monitoring, timely reminders, fixing appointments, reducing training costs and overall user experience for both patients and caretakers. Focus on modified patient service functions to reduce the healthcare expenses is another aspect fuelling the implementation of health intelligent virtual assistants.
Rapid digital transformation and advancement in technologies enabling patient-friendly healthcare apps, wide use of smartphones and demand for superior ailments and epidemics management is estimated to further promote the growth of global health intelligent virtual assistant market.

Global Health Intelligent Virtual Assistant Market Restraints 

•    Complexity in understanding the user objectives
•    Integration challenges related to the vast knowledge base and available health intelligent virtual assistant products
•    Numerous new entrants in the market aiming for quick launch of products with compromised quality

Global Health Intelligent Virtual Assistant Market, By Product:

+ Smart Speakers 
+Chatbots
Chatbots demonstrated leading position during the last two years as they were largely implemented by worldwide hospitals to assist healthcare professionals and patients with audio/text support. However, medical counselling and depression therapies are widely showing an inclination towards smart speakers to assist patients with mental health issues and insomnia. Smart speakers segment relies on automatic speech recognition and is estimated to be the fastest growing as compared to chatbots in future. 


Global Health Intelligent Virtual Assistant Market, By Technology 

+ Text to Speech
+ Text Based
+ Automatic Speech Recognition
Text to speech technology is highly penetrated due to complex terminologies involved in medical communication. The segment has shown considerable growth over the last few years and currently dominates the global market. However, Automated Speech Recognition(ASR) is highly capable of streamlining the communication intense aspects of the overall healthcare industry using an interactive voice response system. Hence the ASR segment is extremely probable of demonstrating huge adoption over coming years resulting in a massive CAGR.

Global Health Intelligent Virtual Assistant Market, By End-User
+ Providers
+ Payers
+ Others 

Global Health Intelligent Virtual Assistant Market, By Region:
+ Europe 
+ North America 
+ APAC 
+ Latin America
+ Rest of World
North America is estimated to be the largest market share holder followed by Europe, in terms of revenue due to advanced telecommunication facilities and government healthcare support penetrating into grass root level. A rise in cardiac patients, ageing population, increased usage of healthcare apps and improved healthcare infrastructure in the emerging nations like India, Japan and China is aiding a wider proliferation of health intelligent virtual assistant market. The APAC region is forecasted to grow at rapid CAGR during 2019-2026. Middle-East region is to follow the footprints showing significant growth opportunities in the rest of the world segment.

Competitive Landscape: 
+ Tier 1 players- established companies in the market with a major market share 
+ Tier 2 players
+ Emerging players which are growing rapidly
+ New Entrants  

FutureWise Takeaways 
+ Growth prospects 
+ SWOT analysis
+ Key trends
+ Key data points affecting market growth 

Objectives of the Study:
+ To provide an exhaustive analysis on the global health intelligent 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 the Middle East.
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies 

 

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