Health Intelligent Virtual Assistant Market, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

  • TBI608125
  • August 01, 2019
  • Global
  • 132 pages
  • HCCResearch
                                          

Abstract, Snapshot, Market Analysis & Market Definition: Global Health Intelligent Virtual Assistant Market

The global Health Intelligent Virtual Assistant market size is projected to reach US$ 3632.09 million by 2026, from US$ 501.41 million in 2020, at a CAGR of 39.1% during 2021-2026. Medical virtual assistants (MVAs) help in patient engagement and provide virtual coaching to help patients in the most critical moments. Increasing adoption of AI in healthcare applications and growing emphasis on patient engagement activities are anticipated to propel the market. Several organizations are reconsidering their user experience strategy and are implementing patient engagement solutions to increase revenue and improve patient satisfaction. This will boost the growth of the global market. In addition, healthcare organizations are improving patient service functions, such as medication reminders and other personalized services, by leveraging virtual assistant solutions. Artificial intelligence in virtual assistants helps in minimizing the number of people getting affected due to rapid outbreaks of diseases, such as Ebola and Swine Flu. These medical assistants can also suggest preventive measures for common infections, such as malaria, HIV, and tuberculosis. Thus, with technological advancements, the significance of AI-driven MVAs has increased. Modern technologies, specifically automation and Automatic Speech Recognition (ASR), are increasingly being adopted in the healthcare sector. Moreover, advancements, in terms of products and services, are poised to gain momentum owing to expansion of digital transformation work. With increasing proof of concept study taken within various areas in the healthcare sector and higher adoption of virtual assistant, the demand for ASR technology is likely to grow over the forecast period. For instance, in November 2017, in a proof of concept study, Google researchers developed ASR practices for multiple-speaker medical chats. The researchers concluded that the models can modernize practitioners workflow and become a transcription mechanism for documenting patient-doctor discussions. On the other hand, companies in this market face several challenges caused due to intense competition and emergence of new technologies. However, increasing adoption of intelligent virtual assistants in the healthcare industry is encouraging market participants operating across the value chain to invest in development of advanced solutions that result in market growth. For instance, in September 2017, Nuance Communications, Inc. launched an AI-powered Dragon Medical Virtual Assistant to streamline a variety of clinical workflows. The new solution helps improve patient experience by enhancing interactions between clinicians and patients.

Market Segmentation, Outlook & Viewpoint: Global Health Intelligent Virtual Assistant Market

Products Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  • Chatbots
  • Smart Speakers

Technology Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  • Automatic Speech Recognition (ASR)
  • Text to Speech
  • Text based

End-user Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  • Payers
  • Providers
  • Others

Key Players, Recent Developments & Regional Insights: Global Health Intelligent Virtual Assistant Market

The chatbots segment represented the leading share in the market in 2017. Chatbots have a high demand in the healthcare industry as they assist physicians, nurses, and patients at various levels with help of text/speech/audio. Safedrugbot, Izzy, Babylon Health, Florence, Sensely, and Buoy Health are some of the popular bots being used in various hospitals across the globe. Smart speakers are estimated to emerge as the fastest growing segment over the forecast period. They use the automatic speech recognition technology, which is most widely used for medical counselling or as therapis for patients who are suffering from loneliness and depression. These speakers automatically recognize speech and perform a set of action accordingly.

Technology Insights

Automatic Speech Recognition (ASR) is expected to exhibit the most promising CAGR during the forecast period. It is used to identify words or alphabets and to validate persons identity. High adoption of smart speakers and chatbots for medical counselling by various therapist for patient engagement is contributing to the growth of the segment. The text to speech technology segment held the largest share in the health intelligent virtual assistant market in 2017. It allows computers to interpret human speech or convert audio or voice and transcribe it to written text for quick understanding of the content. Technological developments in the field of neuro linguistic programming, conversation interface, automation, AI, and deep and machine learning processes have made virtual assistants a useful tool. The application of these technologies is made available in the form of virtual assistants by leading firms, such as Amazon, Apple, and Google. Products offered by these companies operate as intermediaries between customers, enterprise, and their services.

End-user Insights

Payers offer services and enhance interoperability by keeping patient records and protecting them. They perform several functions such as plan selection, billing and collections, wellness assessments, and enrollment guidance. As a result, the payers segment is poised to post a noteworthy CAGR over the forecast period. The providers segment held the largest share in the market in 2017. They help in various services such as scheduling and confirming appointments, providing appointment reminders, following up with patients, and provide a medical diagnosis with physicians.

Regional Insights

North America accounted for the largest share in the market in 2017 owing to high adoption of IoT and wide usage of smartphones. Shortfall of clinicians/physicians and requirement of an aggressive healthcare facility due to rising population in countries such as the U.S. is anticipated to drive the regional market. Countries such as China and India are actively taking measures to implement MVAs in the healthcare industry. Increasing population and dearth of skilled physicians and therapists is fueling the demand for virtual assistants in the region. Owing to these factors, APAC is projected to register the highest growth during the forecast period. Health Intelligent Virtual Assistant Market Share Insights Some of the key companies in the market are Nuance Communications, Inc.; CodeBaby Corporation; eGain Corporation; Kognito; Microsoft Corporation; MedRespond; CSS Corporation; Next IT Corporation; True Image Interactive, Inc.; and Welltok, Inc. Development of AI-powered IVAs for professional conversation has shown that they are highly effective in providing services and other business functions across the healthcare industry. Major companies are launching products that enable an app or equipment to act as an AI agent. These virtual assistants provide humanistic conversation to consumers and they help hospitals, pharmacies, and other related areas in handling more customers while delivering enhanced user experience. M&A and strategic alliances are the key strategies adopted by most of these companies. For instance, in September 2018, Epic Systems Corporation and Nuance Communications, Inc. partnered on voice assistance technology.

Key Insights Covered: Global Health Intelligent Virtual Assistant Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Health Intelligent Virtual Assistant industry. 2. Global major manufacturers" operating situation (sales, revenue, growth rate and gross margin) of Health Intelligent Virtual Assistant industry. 3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Health Intelligent Virtual Assistant industry. 4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Health Intelligent Virtual Assistant industry. 5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Health Intelligent Virtual Assistant industry.

Research Methodology: Global Health Intelligent Virtual Assistant Market

  • Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  • Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  • Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other

Table of Contents 
Chapter 1 Methodology and Scope
  1.1 Research Methodology
  1.2 Research Scope and Assumptions
  1.3 List of Secondary Sources
  1.4 List of Primary Sources
  1.5 List of Abbreviations
  1.6 Estimates and Forecasts TimelineChapter 2 Executive SummaryChapter 3 Market Summary
  3.1 Health intelligent virtual assistants Market Snapshot
  3.2 Market Segmentation & Scope
  3.3 Health intelligent Virtual Assistants Market
  3.4 Regional Segment Trends
  3.5 Products Segment Trends
  3.6 Technology Segment Trends
  3.7 End-user Segment TrendsChapter 4 Industry Outlook
  4.1 Health
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