Healthcare Virtual Assistants Market

Healthcare Virtual Assistants Market is projected to reach USD 3,109 million by 2026, exhibiting a CAGR of 34.1% during forecast period.

Virtual assistants also referred as digital assistant or AI assistant is an application program which understand the natural language voice commands by the user and completes the task or it is a type of software agent which has the ability to perform tasks based on questions or commands for an individual. Those virtual assistants which are used in the healthcare industry are referred to as healthcare virtual assistants who help to rise the engagement of the patients to a high standard. These assistants help in enhancing the healthcare processes and also assist the organizations in gathering a history of patient’s health, demographic information, details regarding the insurance, and the other analysis of records.

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The factors which are responsible for driving the growth of global healthcare virtual assistants include the increasing penetration of internet and smartphone devices, rise in the incidences of chronic disorders and growing use in healthcare applications along with the necessity to decrease the number of medical errors and costs of healthcare. Rising demand for healthcare services, shortage of the healthcare professionals and increasing technological advancements coupled with the focus towards manufacturing of multi-language support in the tools of virtual assistants are bolstering the growth of virtual assistants market during the forecast period. The factors hindering the growth of the global virtual assistant’s market include the lack of awareness among the professionals in healthcare and concerns for the privacy of data.

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On the basis of product, smart speakers segment are anticipated to grow at the highest compound annual growth rate during the forecast period owing to the increased demand from the end-users. The advantages associated with healthcare virtual assistants such as easy to use, time effectiveness and presence of advanced features has further propelled the growth of the market. The smart speakers provide an enhanced level of comfort, are reliable, fast, and can offer companionship and reduce the real human cost driving the growth of smart speakers in the market.

Based on user interface, automatic speech recognition segment is expected to capture a significant market share during the forecast period due to its ability to enhance the workflow in healthcare industry and rising integration in the smart speakers. The speech recognition helps in reducing costs, increasing productivity, and improving security. This technology also reduces the paperwork and hence provides more time to focus on patients along with an increase in accuracy, leading to a rise in the adoption of speech recognition driving the market growth.

On the basis of end-user, the healthcare providers segment is expected to increase at a significant rate during the forecast period due to increase in the adoption of virtual assistants among the healthcare providers owing to the rise in the need to increase the work efficiency and high adoption of advanced technological solutions by the providers. The virtual assistants provide assistance to the providers in various functions, which includes billing, answering calls, coding along with the management of schedules of the physicians, among others.

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Based on region, Asia-Pacific is anticipated to increase at the highest compound annual growth rate in the upcoming years due to increase in the geriatric population, expanding healthcare sector, rising adoption of technological advancements along with increasing penetration of smartphones. In addition, rising healthcare spending and costs and growing awareness regarding the virtual assistant solution among the consumers are also driving the market growth in this region.

Various notable players operating in the global healthcare virtual assistants market include Verint Systems Inc., Microsoft Corporation, Nuance Communications, Inc., Sensely, Inc., Amazon, Egain Corporation, Infermedica, Healthtap, Inc., CSS Corporation, Kognito Solutions, LLC, ADA Digital Health and Babylon Healthcare Service Limited among others.

Key Market Developments:

• • In 2019, Microsoft Corporation and Nuance Communications, Inc. entered into a partnership to transform the healthcare delivery. Through this partnership, both the companies are aiming to provide advanced technologies to decline the clinical tension between the doctors and patients as it enables the doctors to focus more on the patients.
  • In 2018, Nuance Communications, Inc. launched Nuance CDE One, along with the new solutions for clinical documentation. This is a cloud-based and artificial intelligence-powered solution and helps in a smart workflow, improve efficiency and collaboration among the care team. The influential analytics of the CDE One provides the performance insights of a physician, staff, along with the performance of the program to the health system executives.

The global healthcare virtual assistants market has been segmented on the basis of product, user interface, end-user, and key regions. The product segment is categorized into Smart Speakers and Chatbots. Based on the user interface, the market is segmented into Text-To-Speech, Automatic Speech Recognition, Text-Based, and Others. The end-user segment in categorized into Healthcare Payers, Patients, Healthcare Providers, and Others.

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Key questions answered in this research report:

• • At what pace is the global healthcare virtual assistants market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global healthcare virtual assistants market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global healthcare virtual assistants market?
  • What are the various application areas of global healthcare virtual assistants market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation:

Global Healthcare Virtual Assistants Market by Product

• • Smart Speakers
  • Chatbots

Global Healthcare Virtual Assistants Market by User Interface

• • Text-To-Speech
  • Automatic Speech Recognition
  • Text-Based
  • Others

Global Healthcare Virtual Assistants Market by End-User

• • Healthcare Payers
  • Patients
  • Healthcare Providers
  • Others

Global Healthcare Virtual Assistants Market by Region

• • North America Healthcare Virtual Assistants Market
    Option 1: As a part of the free 25% Customization
    • By Product
    • By User Interface
    • By End-User
    • US All-Up Healthcare Virtual Assistants Market
    • Canada All-Up Healthcare Virtual Assistants Market
  • Europe Healthcare Virtual Assistants Market
    Option 2: As a part of the free 25% Customization
    • By Product
    • By User Interface
    • By End-User
    • UK All-Up Healthcare Virtual Assistants Market
    • Germany All-Up Healthcare Virtual Assistants Market
    • Spain All-Up Healthcare Virtual Assistants Market
    • Rest of Europe All-Up Healthcare Virtual Assistants Market
  • Asia-Pacific Healthcare Virtual Assistants Market
    Option 3: As a part of the free 25% Customization
    • By Product
    • By User Interface
    • By End-User
    • China All-Up Healthcare Virtual Assistants Market
    • Australia All-Up Healthcare Virtual Assistants Market
    • India All-Up Healthcare Virtual Assistants Market
    • Rest of APAC All-Up Healthcare Virtual Assistants Market
  • ROW Healthcare Virtual Assistants Market
    Option 4: As a part of the free 25% Customization
    • By Product
    • By User Interface
    • By End-User
    • Brazil All-Up Healthcare Virtual Assistants Market
    • South Africa All-Up Healthcare Virtual Assistants Market
    • GCC countries All-Up Healthcare Virtual Assistants Market
    • Rest of world (remaining countries of the LAMEA region) All-Up Healthcare Virtual Assistants Market

Leading market players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Verint Systems Inc.
  • Microsoft Corporation
  • Nuance Communications, Inc.
  • Sensely, Inc.
  • Amazon
  • Egain Corporation
  • Infermedica
  • Healthtap, Inc.
  • CSS Corporation
  • Kognito Solutions, LLC
  • ADA Digital Health
  • Babylon Healthcare Service Limited