Meticulous Research®– leading global market research company published a research report titled “Healthcare Virtual Assistants Market by Product (Chatbot and Smart Speaker), Technology (Speech Recognition, Text-to-Speech, and Text Based), End User (Providers, Payers, and Other End User), and Geography–Global Forecast to 2025”.
According to this latest publication from Meticulous Research®, the global healthcare virtual assistants market is expected to grow at a CAGR of 24.7% from 2018 to reach $1.76 billion by 2025. The growth of this market will be driven by factors such as increasing adoption of IoT, growing internet connectivity and smart phone devices, increasing focus on patient engagement, shortage of healthcare professionals, and increasing burden of lifestyle diseases and need of reducing healthcare costs. However, lack of awareness among healthcare professionals and data privacy and security awareness may hamper the growth of this market to a certain extent.
The global healthcare virtual assistants market study presents historical market data in terms of values (2016 and 2017), estimated current data (2018), and forecasts for 2025-by product (chatbot and smart speaker), technology (speech recognition, text-to-speech, and text based), end user (providers, payers, and other end users). The study also evaluates industry competitors and analyzes the market at regional and country level.
On the basis of product, chatbot market commanded the largest share of the global healthcare virtual assistants market in 2018. This segment is also expected to grow at a fastest CAGR during the forecast period, mainly due to increasing advancement in natural language processing & machine learning models; rising demand for self-service; increasing availability; low-cost; and high demand in healthcare industry by physicians, nurses, and patients at various levels. Chatbots are primarily a computer program designed for replicating conversation via auditory or textual methods by using artificial intelligence and natural language processing. Currently, chatbots are used in the healthcare industry mainly for basic applications, including symptom checking, medical assistance, appointment scheduling, medical guidance, and patient engagement.
On the basis of technology, speech recognition market commanded the largest share of the global market in 2018. This is primarily attributed to certain factors such as less paperwork, reduced time consumption, and improved workflow. In the healthcare industry, speech recognition-based virtual assistants form one of the most promising technologies currently being explored by various technology providers for variety of applications. In medical transcription, the focus of virtual assistants is towards minimizing the administrative burden for physicians and other healthcare professionals. Automation in workflow management and improving administrative outcomes and profitability are some of the key benefits propelling the demand for speech-enabled virtual assistants for medical transcription application among healthcare professionals.
On the basis of end user, providers market dominated the global healthcare virtual assistant market in 2018, owing to the increasing adoption of artificial intelligence by the healthcare professionals to improve the clinical workflow and work efficiency in less time. Healthcare providers mainly include hospitals, clinics, and ambulatory surgical centers. The use of virtual assistants in healthcare provider settings mainly include their applications as patient engagement tools and workflow and administrative automation tools. AI-enabled virtual assistants help healthcare providers in improving administrative efficiency by automating various tasks, such as medical transcription, chart search, scheduling, provider communication, billing and claims management, and so on. For instance, in September 2017, Nuance Communications, Inc. (US), launched an AI-powered virtual assistant solution primarily designed for the healthcare providers. This helped the company to enhance and strengthen the clinical workflow of the healthcare providers and thereby increasing the experience of the clinicians and patients.
This research report analyzes major geographies and provides comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, and U.K.,), Asia-Pacific (China, India, and Japan), Latin America (Brazil and Mexico), and Middle East & Africa (UAE, Saudi Arabia, and South Africa). North America commanded the largest share of the global healthcare virtual assistants market in 2017, followed by Europe and Asia Pacific. The highest share of North American region in the virtual assistant market is primarily attributed to the growing healthcare sector, increasing need to reduce healthcare cost, rising demand of the technological advancements by the healthcare facilities, and growing demand of the healthcare industry to maintain a balance between the patient engagement and clinical workflow.
Asia Pacific is expected to be the fastest growing region with countries such as India and China being the largest contributors to the growth of the market due to the factors such as cheap labor, low production cost, and increasing awareness of virtual assistant solution among the consumers. Additionally, growing R&D investments and rising healthcare infrastructure are expected to equally influence the overall growth of the healthcare virtual assistants market during the forecast period.
The major players operating in the global healthcare virtual assistants market are Microsoft Corporation (U.S.), Nuance Communications, Inc. (Ireland), Next IT Corp. (U.S.), Medrespond (U.S.), Welltok, Inc. (U.S.), CSS Corp (U.S.), Egain (U.S.), Kognito (U.S.), idAvatars (U.S.), and True Image Interactive, Inc. (U.S.) among many others.
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