The global healthcare virtual assistant market was valued at US$ 291.5 Mn the year 2018 and is expected to reach US$ 1311.9 Mn in the year 2023, growing at a CAGR of 35.1%.
A healthcare virtual assistant is an AI-powered tool that can be used by patients for answering their health-related queries by using web- and mobile-based interactive applications. Healthcare Virtual Assistants help physicians in updating electronic health records and enable them to get access to schedules, patients’ history, etc. All these functions will help increase productivity and help physicians to focus more on patients rather than administrative tasks.
Company Profiles and Competitive Intelligence:
The major players operating in the healthcare virtual assistant market are Amazon (US), Babylon Healthcare Services Limited (UK), CSS Corporation (US), Egain Corporation (US), Healthtap, Inc. (US), Infermedica (Poland), Kognito Solutions, LLC (US), Microsoft Corporation (US), Nuance Communications, Inc. (US), and Verint Systems Inc. (US) amongst others.
Nuance Communications Inc. is one of the leaders in the healthcare virtual assistants market. The company has a wide geographical presence and a strong product portfolio, and caters to various industry verticals. In the healthcare sector, the company’s clinical documentation solution is used by more than 10,000 healthcare facilities and 50,000 clinicians. Most of the companies are focusing on new product launches and mergers and acquisitions as major strategies for growth.
Healthcare virtual assistants can be used by payers to collect key biometric data of chronically ill patients, and ensure proactive engagement of patients. Also virtual assistants will help patients choose the right insurance plan. All these, in turn, will help in maximizing efficiency, outcome, and satisfaction.
The rising prevalence of chronic diseases, coupled with the increasing demand for quality healthcare delivery, is one of the major factors to drive the healthcare virtual assistant market. Increasing number of smartphone users across the globe and the increasing use of healthcare apps by patients are also contributing to the growth of the healthcare virtual assistant market.
Apart from these, the implementation of IoT in healthcare is expected to positively impact the healthcare virtual assistants market. Technological advancements in Natural Language Processing, Artificial Intelligence, and deep learning and machine learning, are expected to further drive the market. The integration of healthcare virtual assistants in the healthcare ecosystem will help reduce the overall health cost, which will be one of the major factors for the adoption of healthcare virtual assistants by healthcare providers.
However, looming concerns over the security of patient data and the lack of structured data in healthcare are expected to restrain the growth of the market.
The healthcare virtual assistant market report covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market. An exclusive coverage has been provided for market drivers and challenges & opportunities for a country-level market in the respective regional segments. The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to the competitive landscape of the market and the recent strategies & products that will assist or affect the market in the near future.
Based on the user interface, the automatic speech recognition segment is expected to grow at the highest CAGR during the forecast period due to its increasing use in smart speakers.
Based on the product type, the smart speakers segment is expected to exhibit the highest CAGR. Major factors that are driving the use of smart speakers is the increasing preference for technologically advanced products. Also, smart speakers save time of users and also offer greater convenience.
On the basis of end-user, the healthcare providers sub-segment is expected to hold the largest share in the market. The integration of virtual assistants in healthcare helps healthcare providers to improve clinical workflow and thereby, increase work efficiency. Healthcare providers use virtual assistants for functions like billing, coding, answering calls, and managing physicians’ schedules, amongst others.
Geographically, North America accounted for the largest share in the market in the base year. Increasing healthcare expenditure in this region, coupled with the rising adoption of technology by healthcare providers and patients alike, is one of the major factors for the dominance of this region. Furthermore, most of the healthcare virtual assistant vendors are present in this region.
However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The rising use of smartphones and remote patient monitoring devices, coupled with a rising aging population and growing prevalence of chronic diseases, is expected to drive the growth of the healthcare virtual assistants market in this region. Apart from these, the growing need to reduce healthcare costs is further expected to drive the market. Moreover, countries like China and South Korea are investing in AI in Healthcare.
Table of Content
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
Chapter 4 Global Healthcare Virtual Assistants Market, by Product Type
Chapter 5 Global Healthcare Virtual Assistants Market, by User Interface
Chapter 6 Global Healthcare Virtual Assistants Market, by End-user
Chapter 7 Global Healthcare Virtual Assistants Market, by Region
Chapter 8 Competitive Intelligence
Chapter 9 Company Profiles
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