Healthcare Virtual Assistant 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

  • Report ID:MRHC - 104141
  • Pages: 103
  • Jan 2019
  • Formats*: PDF
  • Category: Healthcare
1 Introduction

1.1. Market Definition

1.2. Currency and Limitations

1.2.1. Currency

1.2.2. Limitations

1.3. Key Stakeholders

2 Research Methodology

2.1. Research Process

2.1.1. Secondary Research

2.1.2. Primary Research

2.1.3. Market Size Estimation

3 Executive Summary

3.1. Introduction

3.2. Market Dynamics

3.3. Product Segment Analysis

3.4. Technology Segment Analysis

3.5. End User Segment Analysis

3.6. Regional Analysis

3.7. Competitive Analysis

4 Market Insights

4.1. Market Overview

4.2. Market Dynamics

4.3. Drivers

4.3.1. Increasing Focus on Patient-Centric Care Delivery

4.3.2. Growing Adoption of IOT

4.3.3. Growing Internet Connectivity and Smartphone Devices

4.3.4. Increasing Focus on Patient Engagement

4.3.5. Shortage of Healthcare Professionals

4.3.6. Increasing Burden of Lifestyle Diseases and Need of Reducing Healthcare Costs

4.4. Challenges

4.4.1. Lack of Awareness Among Healthcare Professionals

4.4.2. Data Privacy and Security Concerns

4.5. Opportunities

4.5.1. Significant Growth Opportunities in Emerging Countries

4.6. Trend

4.6.1. Rising Integration of Artificial Intelligence in Healthcare

5 Global Healthcare Virtual Assistants Market Size, by Product

5.1. Overview

5.2. Chatbots

5.3. Smart Speakers

6 Global Healthcare Virtual Assistants Market Size, by Technology

6.1. Overview

6.2. Speech Recognition

6.3. Text Based

6.4. Text To Speech

7 Global Healthcare Virtual Assistants Market Size, by End User

7.1. Overview

7.2. Providers

7.3. Payers

7.4. Other End Users

8 Geographic Analysis

8.1. Overview

8.2. North America

8.2.1. U.S.

8.2.2. Canada

8.3. Europe

8.3.1. Germany

8.3.2. U.K.

8.3.3. France

8.3.4. Rest of Europe (RoE)

8.4. Asia Pacific

8.4.1. China

8.4.2. Japan

8.4.3. Rest of Asia Pacific (RoAPAC)

8.5. Latin America

8.6. Middle East and Africa

9 Competitive Landscape

9.1. Overview

9.2. Inorganic Growth Strategies

9.2.1. Agreements, Collaborations, Partnerships, and Joint Ventures

9.2.2. Acquisitions

9.3. Organic Growth Strategies

9.3.1. Product and Service Launches

9.3.2. Expansions

9.4. Market Positioning/Ranking

9.5. Performance of the Key Players

9.5.1. Nuance Communications

9.5.2. Microsoft Corporation

9.5.3. Egain

9.5.4. Welltok, Inc.

10 Company Profiles

10.1. Microsoft Corporation

10.2. Nuance Communications, Inc.

10.3. Next IT Corp.

10.4. MedRespond

10.5. Welltok, Inc.

10.6. CSS Corp

10.7. eGain

10.8. Kognito

10.9. idAvatars

10.10. True Image Interactive, Inc.

11 Appendix

11.1. Questionnaire

11.2. Available Customization

 


List of Tables


Table 1 Obese People Worldwide, 2017
Table 1 Global Healthcare Virtual Assistant Market Size, by Product, 2016–2025 ($Million)
Table 2 Chatbots Market Size, by Region, 2016–2025 ($Million)
Table 3 Smart Speakers Market Size, by Region, 2016–2025 ($Million)
Table 4 Global Healthcare Virtual Assistant Market Size, by Technology, 2016–2025 ($Million)
Table 5 Speech Recognition-Based Virtual Assistant Market Size, by Region, 2016–2025 ($Million)
Table 6 Text Based Virtual Assistant Market Size, by Region, 2016–2025 ($Million)
Table 7 Text-To-Speech-Based Virtual Assistant Market Size, by Region, 2016–2025 ($Million)
Table 8 Global Healthcare Virtual Assistant Market Size, by End User, 2018–2025 ($Million)
Table 9 Healthcare Virtual Assistant Market Size for Providers, by Region, 2016–2025 ($Million)
Table 10 Healthcare Virtual Assistant Market Size for Payers, by Region, 2016–2025 ($Million)
Table 11 Healthcare Virtual Assistant Market Size for other End Users, by Region, 2016–2025 ($Million)
Table 12 North America: Healthcare Virtual Assistant Market Size, by Country, 2016–2025 ($Million)
Table 13 North America: Market Size, by Product, 2016–2025 ($Million)
Table 14 North America: Market Size, by Technology, 2016–2025 ($Million)
Table 15 North America: Market Size, by End User, 2016–2025 ($Million)
Table 16 U.S.: Healthcare Virtual Assistant Market Size, by Product, 2016–2025 ($Million)
Table 17 U.S.: Market Size, by Technology, 2016–2025 ($Million)
Table 18 U.S.: Market Size, by End User, 2016–2025 ($Million)
Table 19 Canada: Healthcare Virtual Assistant Market Size, by Product, 2016–2025 ($Million)
Table 20 Canada: Market Size, by Technology, 2016–2025 ($Million)
Table 21 Canada: Market Size, by End User, 2016–2025 ($Million)
Table 22 Europe: Market Size, by Country, 2016–2025 ($Million)
Table 23 Europe: Market Size, by Product, 2016–2025 ($Million)
Table 24 Europe: Market Size, by Technology, 2016–2025 ($Million)
Table 25 Europe: Market Size, by End User, 2016–2025 ($Million)
Table 26 Germany: Healthcare Virtual Assistant Market Size, by Product, 2016–2025 ($Million)
Table 27 Germany: Market Size, by Technology, 2016–2025 ($Million)
Table 28 Germany: Market Size, by End User, 2016–2025 ($Million)
Table 29 U.K.: Healthcare Virtual Assistant Market Size, by Product, 2016–2025 ($Million)
Table 30 U.K.: Market Size, by Technology, 2016–2025 ($Million)
Table 31 U.K.: Market Size, by End User, 2016–2025 ($Million)
Table 32 France: Healthcare Virtual Assistant Market Size, by Product, 2016–2025 ($Million)
Table 33 France: Market Size, by Technology, 2016–2025 ($Million)
Table 34 France: Market Size, by End User, 2016–2025 ($Million)
Table 35 Rest of Europe: Healthcare Virtual Assistant Market Size, by Product, 2016–2025 ($Million)
Table 36 Rest of Europe: Market Size, by Technology, 2016–2025 ($Million)
Table 37 Rest of Europe: Market Size, by End User, 2016–2025 ($Million)
Table 38 Asia Pacific: Healthcare Virtual Assistant Market Size, by Country, 2016–2025 ($Million)
Table 39 Asia Pacific: Market Size, by Product, 2016–2025 ($Million)
Table 40 Asia Pacific: Market Size, by Technology, 2016–2025 ($Million)
Table 41 Asia Pacific: Market Size, by End User, 2016–2025 ($Million)
Table 42 China: Healthcare Virtual Assistant Market Size, by Product, 2016–2025 ($Million)
Table 43 China: Market Size, by Technology, 2016–2025 ($Million)
Table 44 China: Market Size, by End User, 2016–2025 ($Million)
Table 45 Japan: Market Size, by Product, 2016–2025 ($Million)
Table 46 Japan: Healthcare Virtual Assistant Market Size, by Technology, 2016–2025 ($Million)
Table 47 Japan: Market Size, by End User, 2016–2025 ($Million)
Table 48 RoAPAC: Healthcare Virtual Assistant Market Size, by Product, 2016–2025 ($Million)
Table 49 RoAPAC: Market Size, by Technology, 2016–2025 ($Million)
Table 50 RoAPAC: Market Size, by End User, 2016–2025 ($Million)
Table 51 Latin America: Healthcare Virtual Assistant Market Size, by Country, 2016–2025 ($Million)
Table 52 Latin America: Market Size, by Product, 2016–2025 ($Million)
Table 53 Latin America: Market Size, by Technology, 2016–2025 ($Million)
Table 54 Latin America: Market Size, by End User, 2016–2025 ($Million)
Table 55 Middle East & Africa: Healthcare Virtual Assistant Market Size, by Country, 2016–2025 ($Million)
Table 56 Middle East & Africa: Market Size, by Product, 2016–2025 ($Million)
Table 57 Middle East & Africa: Market Size, by Technology, 2016–2025 ($Million)
Table 58 Middle East & Africa: Market Size, by End User, 2016–2025 ($Million)
Table 59 Agreements, Collaborations, Partnerships, and Joint Ventures
Table 60 Acquisitions
Table 61 Product and Service Launches
Table 62 Expansions
Table 63 Key Companies: Market Positioning/Ranking

List of Figures


Figure 1 Market Segmentation
Figure 2 Key Stakeholders of Healthcare Virtual Assistant Market
Figure 3 Research Process
Figure 4 Key Executives Interviewed
Figure 5 Primary Research Techniques
Figure 6 Market Size Estimation
Figure 7 Global Healthcare Virtual Assistant Market, 2016–2025 ($Million)
Figure 8 Healthcare Virtual Assistant Market Outlook, by Product, 2018 Vs. 2025
Figure 9 Healthcare Virtual Assistant Market Outlook, by Technology, 2018 Vs. 2025
Figure 10 Healthcare Virtual Assistant Market Outlook, by End User, 2018 Vs. 2025
Figure 11 Healthcare Virtual Assistant Market Outlook, by Region, 2018 Vs. 2025
Figure 12 Market Dynamics:
Figure 13 Global Healthcare Virtual Assistant Market Size, by Product, 2018–2025 ($Million)
Figure 14 Global Healthcare Virtual Assistant Market Size, by Technology, 2018–2025 ($Million)
Figure 15 Global Healthcare Virtual Assistant Market Size, by End User, 2018–2025 ($Million)
Figure 16 Growth Strategies of the Prominent Players
Figure 17 Microsoft Corporation: Financial Overview, 2015-2017
Figure 18 Nuance Communications Inc.: Financial Overview, 2015-2017
Figure 19 eGain: Financial Overview, 2015-2017

The global healthcare virtual assistant market is expected to grow at a CAGR of 24.7% from 2018 to 2025 to reach USD 1.7 billion by 2025. Virtual assistants provided significant solutions to the healthcare industry to fulfill the need of the customers. 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 are the major factors driving the growth of the healthcare Virtual assistant market .

Growing internet connectivity and smart phone devices fuel the growth of the global healthcare virtual assistant market

Rising internet connectivity and the growing adoption of smartphones and mobile platforms play a key role in ensuring the adoption and use of chatbots. This has ensured growing number of consumers to access healthcare services, and also greatly broadened the reach of said services. According to data published by Anthem Insurance Companies, Inc., in May 2017, around 52% of the smartphone users gather health information using mobile apps; 26% of doctors say apps are the most effective ways to engage with patients, and nearly 93% of doctors believe mobile apps can improve outcomes of care delivery. Smart devices equipped with advanced technologies such as virtual assistants can enable critical communications among different stakeholders in the healthcare industry, including doctor-patient interactions. Thus, an increasing use of smartphones among patients and among medical professionals is expected to assist the growth of the Virtual assistant market in the healthcare industry.

Significant growth opportunities in emerging countries support the future market growth

Virtual assistants with the incorporation of various advanced technologies have significantly increased their demand in the healthcare industry across the globe. The Virtual assistant market  for the healthcare applications is poised for a significant growth over the years, primarily owing to its capability of taking patient engagement to the next level. It will also facilitate healthcare organizations to reallocate their information technology and human resources to overcome the soaring cost of care. Other than the developed countries, emerging countries are also focusing on incorporating and promoting adoption of virtual assistants in respective healthcare systems. Many of these developing economies are increasingly looking for technologies to address the increasing demand for healthcare services and at the same time contain the cost of care delivery. This has led to increasing focus of healthcare providers in such economies to explore and exploit potential of healthcare virtual assistants. With this, a number of virtual assistant technology providers are also increasingly focusing on increasing their presence in the developing economies. Several large technology companies are also investing in the development of AI-driven smart clinics such as AI-powered chatbots to interact with the patients, provide medical advice, and conduct online training for health workers in the hospitals. For instance, in May 2018, Carevoice (China), an insurTech company, launched a virtual health assistant coupled with AI and based on voice. This product would help the insurers and the employers to improve the workflow.

Rising integration of artificial intelligence in healthcare is influencing the market growth

Artificial intelligence (AI) in healthcare is primarily the use of algorithms and software to provide the analysis for the complex medical data without direct human input. Recent advancement in the AI technologies accelerated the progress in an extensive range of Natural Language Processing (NLP) applications for healthcare, including digital assistants for healthcare professionals, services for patients, and digital scribes to streamline the documentation process. With this, healthcare professionals are increasingly exploring the potential of AI technology for various applications to accelerate and improve operational and clinical workflows in the healthcare systems. According to a report from CB Insights (2016), almost 86% of healthcare providers, life science companies, and technology vendors to healthcare are currently using the AI technology.

AI technology has the potential to improve health care outcomes by cutting the treatment cost. The applications of AI in virtual assistants not only help in clinical settings, but also in facilitating medical diagnostics, improving pharmaceutical marketing, and reducing medication non-adherence. AI has helped the healthcare industry to raise the patient engagement to the next level. The health monitors and virtual assistants incorporated with AI help in reminding patients to take their medicines and doctor appointments, providing medical suggestions, and allowing virtual interaction with the doctors. Chatbots help in advising the caregivers to provide timely and appropriate primary healthcare to patients who need help during medical emergency. Voice or text-based virtual assistant also play an important role to increase patient engagement.

Key findings in the global healthcare virtual assistant market  study:

Chatbot dominates the global healthcare Virtual assistant market

The chatbot segment held the major market share in 2018. The highest share of the segment is primarily attributed 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.

Speech recognition to witness largest demand through 2025

The speech recognition segment is expected to grow with a highest CAGR in the global healthcare Virtual assistant market . This is owing to certain factors such as less paperwork, reduced time consumption, and improved workflow.

Providers segment dominates the market in 2018

The providers segment is expected to grow at a significant CAGR during the forecast period. The growth of this segment is owing to the increasing adoption of artificial intelligence by the healthcare professionals to improve the clinical workflow and work efficiency in less time.

North America is the largest and Asia Pacific the fastest growing regional market

North America commanded the highest share in the global healthcare Virtual assistant market  in 2018, 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 assistant market  during the forecast period.

Key Players

The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2015-2018). The key players profiled in the global healthcare virtual assistant market research report 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. (US) among others.

Scope of the Report:

Healthcare Virtual Assistant Market, by Product

  • Chatbots
  • Smart Speakers

Healthcare Virtual Assistant Market, by Technology

  • ASR/Speech Recognition
  • Text Based
  • Text-to-Speech

Healthcare Virtual Assistant Market, by End User

  • Providers
  • Payers
  • Others

Healthcare Virtual Assistant Market, by Geography

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • Rest of Asia Pacific
  • Middle East & Africa
  • Latin America
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