According to the report, global demand for healthcare virtual assistants market was valued at approximately USD 292.5 Million in 2018, and is expected to generate revenue of around USD 2,300.5 Million by end of 2025, growing at a CAGR of around 34.4% between 2018 and 2025.
The report covers forecast and analysis for the healthcare virtual assistants market on a global and regional level. The study provides historic data from 2016 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the healthcare virtual assistants market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the healthcare virtual assistants market on a global as well as regional level.
In order to give the users of this report a comprehensive view on the healthcare virtual assistants market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein product and services segment is benchmarked based on their market size, growth rate and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the healthcare virtual assistants market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, regional expansion of major participants involved in the healthcare virtual assistants market on global and regional basis.
Virtual assistants are artificial intelligence (AI) based systems that work with humans to carry out various tasks. Virtual assistants employ cognitive technologies like natural language processing, machine learning, and neural networks in order to facilitate communications with the users. In healthcare industry, virtual assistants are employed to increase patient engagement. Healthcare virtual assistants enable organizations to collect insurance details, demographic information, patient health history, data mining, procurement details, and finance/costing.
Factors such as rise in number of smartphone users globally, growing use of healthcare and medical applications, growing focus on creating conversational tools for virtual assistants, increasing demand for quality healthcare infrastructure, and growing incidence of chronic disorders will act as major driving factors in the growth of global healthcare virtual assistants market. Development of multi-language supported virtual assistant tools and technological advancements in healthcare sector will act as an opportunity for the market players in the healthcare virtual assistants market. Nonetheless, dearth of organized data in medical and healthcare sector will restrict the growth of global healthcare virtual assistants market.
The global healthcare virtual assistants market has been split into product, user interface, end user, and region. Based on product, healthcare virtual assistants market has been segmented into chatbots and smart speakers. The smart speakers segment accounted for the highest market share in 2018 due to growing preference for high tech products and convenience offered by smart speakers. The user interface segment has been segmented into text-to-speech, text-based, automatic speech recognition, others. The automatic speech recognition segment is expected to grow at topmost CAGR during the estimated time frame. The end user segment has been segmented into healthcare payers, patients, healthcare providers, and others.
North America will be the leading region during the forecast period. Rapid uptake of new technologies, adoption of multiple patient engagement technologies, and high awareness regarding virtual assistants will boost the market growth in this region. Europe will be the second largest market. The major reasons are growing demand for reducing healthcare costs, support from government, and high awareness regarding use of technology in healthcare. Asia Pacific will grow at speedy rate over the estimate period due to high number of smartphone users, growing internet connectivity, advancements in medical technology, and increasing use of remote observing devices. Latin America market will develop at a significant rate during the forecast period. The Africa and Middle Eastern countries are expected to experience noticeable growth in the projected time-frame.
The report also includes detailed profiles of key players such as Microsoft, Nuance Communications Inc., Amazon, Sensly, HealthTap Inc., Infermedica, eGain Corporation, Babylon Healthcare Services Ltd, Verint Systems Inc., and Kognito Solutions LLC among others.
This report segments the Global Healthcare Virtual Assistants Market as follows:
Global Healthcare Virtual Assistants Market: By Product
Global Healthcare Virtual Assistants Market: By User Interface
Global Healthcare Virtual Assistants Market: By End User
Global Healthcare Virtual Assistants Market: By Region