The global Healthcare Virtual Assistant Market was valued at USD 397.2 million in 2019 and is expected to reach USD 2830.1 million by year 2030, at a CAGR of 27.2%. Virtual assistant also called as VAs are integrating into the healthcare service at a high rate. This technology can be useful in healthcare in various ways such as taking care of numerous staffing issues as they are always available in the healthcare organization, provide constant patient monitoring services, useful in operating rooms while major surgical interventions and many others. Voice technology is significantly used in various digital assistants. It exploits embedded analytics aa well as designed smart workflows which produces dynamic responses The application of virtual assistance for multiple management tasks such as organizing huge data avoiding paperwork, provide online billing services, provide continuous patient monitoring and various other applications would increase the traction of Vas in early adopter markets of technology driven products and services. Virtual assistants could be termed exactly as extra working hands, only virtually.
The increasing conditions of chronic diseases, across the world, such as diabetes, cardiac diseases and others is expected to anticipate the industry growth in the future. The rising number of smartphone users across the globe is expected to be a primary industry driver. Furthermore, the growing need to improve the healthcare expenditure and rising technological advancements in various regions may propel the market widely in the forecast period. Also, the growing use of mobile applications may contribute to the growth of the industry extensively.
Various technological tools such as voice technology and multi-language support may produce growth opportunities for new entrants in the market. The high cost of virtual assistants could be a major factor hampering the growth of the market.
Product Outlook:
The segment of Smart Speakers dominated the global market and accounted for a CAGR of 27.1% share during the forecast period. The progress of this technologically advanced device is attributed to the snowballing patient preference for hi-tech products. Smart speakers are speedy, multifunctional, diverse, and dependable solutions. It can save the time of the user and can significantly improve the convenience and comfort level of the patient.
End Use Outlook:
The healthcare payers type segment is anticipated to grow at a significant CAGR between 2019 to 2030 due to the increased patient pool and adoption rate of virtual assistant. The rising need for improved work proficiency and elevated implementation of advance technology solutions by the providers would be the driving factor for the growth of this segment.
User Interface Outlook:
Automatic Speech Recognition type interface is expected to dominate the market during the forecast period accounting for USD 128.1 million in 2019. The critical technology is utilized for identification of words and for recognizing the identity of people. The swelling adoption rate of chatbots and smart speakers by medical practitioners such as therapists and psychologists for patient engagement would significantly impact the market growth.
Regional Outlook:
North America dominated the market with a revenue of USD 134.1 million in 2019 due to increased demand in the region. The region leads the market due to the technology driven nations such as U.S. who are early adopter of technologically advanced products in healthcare industry. The lack of healthcare professionals and the need for an active healthcare facility owing to the increased ageing populace in countries such as the U.S. is projected to drive the market of North America.
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Asia Pacific is projected to grow at the highest rate in the forecast period with a CAGR of 28.2% with developing countries such China and India contributing significantly. Start-ups companies are observed to be growing exceptionally in this region. For instance, Mfine, a Bengluru based start-up is witnessing remarkable growth in India and Asia bagging investors across the Asia for its symptom checker virtual assistants.
The computerized reasoning and clever virtual aids has transformed the market globally. The market in Europe and the rest of the world has a potential future opportunity for expansion of the virtual assistants owing to the increasing number of smart phone users and adoption of healthcare applications in countries including Brazil, South Africa, the UAE, Italy, the United Kingdom, and France.
Market-O-Nomics
- The North American regional segment held the largest share in the Healthcare Virtual Assistant industry of 34.1% in the year 2019. The industry is dominated due to presence of chief players in the region.
- The automatic speech recognition type segment is anticipated to reach USD 954.3 million by the year 2030, showing significant growth during the forecast period.
- In 2030, text-based segment is expected to be valued at USD 756.5 million and is expected to grow at a high CAGR of 26.8%.
- The smart speakers segment is expected to grow with a CAGR of 27.1% during the forecast period owing to its useful features and reliability.
- The European region has occupied 31.1% of the industry share and is expected to grow significantly in the forecast period.
Companies considered and profiled in this market study
Virtual Assistant Market includes companies such as Nuance Communications Inc., Microsoft, Amazon, Infermedica, Sensly, eGain Corporation, Kognito Solutions LLC, Verint Systems Inc, HealthTap Inc., and Babylon Healthcare Services Ltd. has been profiled in the report. They are significant market players.
The players’ operative in the market have undertaken several strategies associated to the market in the period 2019-2020. The key highlight is:
- In May 2020, Infermedica, a Polish start-up company collaborated with the global leader Microsoft thus enabling medical organizations to form and deploy virtual healthcare assistants at a larger scale with the Microsoft Healthcare Bot. The tool powered by Infermedica’s technology aids in reducing the access load on healthcare systems used by several leading health organizations including Premera Blue Cross and Aurora Health Care.
- In January 2019, Nuance Communication Inc., entered a collaboration agreement with MEDITECH, a leading provider of Electronic Health Record (HER) solutions for integration of Nuance’s Dragon Medical Virtual Assistant with MEDITECH’s EHR solution Expanse. The integrated virtual assistant-enabled workflows will allow physicians to work efficiently and focus more the patient experience.
Start-up Traction
The artificial intelligence industry is all set to revolutionize the healthcare sector with numerous growth opportunities. AI in healthcare is looked upon as that arm of technology which can improve efficiency and productivity of care delivery and can potentially lead to better care outcomes. In the previous decade, there has been several start-up companies which has proven to be a game changing move for the healthcare AI market.
- Babylon Health, a London-based startup valued at USD 2 billion, has raised more than USD 635 million since it was founded in 2013. The company offers several AI based products and solutions for healthcare industry. Its flagship product is an AI chatbot used as a symptom checker. The company has gained tremendous success, recently bagging a deal with National Health Service in UK.
- Other start-up firms performing extraordinary in the global and local markets includes Seattle-based Saykara, K Health, Buoy Health, Mfine, Curai, Notable and Pillo Health among others.
Deals Landscape
Mergers and Acquisitions are an essential part of the Healthcare Virtual Assistant Market. Other key market players have also been entering the industry along with the key companies operating in this industry.
- In August 2019, UCHealth launched a virtual assistant tool in collaboration with Amazon-Alexa. The virtual assistant deploys Amazon Alexa smart speaker for voice-enabled patient engagement. Voice-activated technology allows patients to connect with the health care system through their smart devices such as speakers, allowing them to take guidance for wellbeing, receive prescriptions or obtain emergency services.
Expert Insights:
Reports and Data forecast promising developments for snowballing adoption of virtual assistants in healthcare industry by providers and patients both. The key market players in AI industry are designing new product concepts according to the current customer expectations coupled with best clinical outcome. According to industry experts, with the increasing ageing population, the healthcare systems are going to be burdened with more patients and complex health needs in the future, leading to dynamic adoption of AI enabled devices including virtual assistant in the future.
Segments Covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2019 to 2030. The scope of the report can be defined as:
For the purpose of this report, Reports and Data have segmented into the global Healthcare Virtual Assistant Market on the basis of product, user interface, end use, and region:
By Product Outlook (Revenue in Million USD; 2019–2030)
- Smart Speakers
- Chatbots
By User Interface Outlook (Revenue in Million USD; 2019–2030)
- Automatic Speech Recognition
- Text-based
- Text-to-speech
- Others
By End Use Outlook (Revenue in Million USD; 2019–2030)
- Healthcare Providers
- Patients
- Healthcare Payers
- Others
Regional Outlook (Revenue in Million USD; 2019–2030)
- North America
- U.S
- Canada
- Europe
- Germany
- France
- U.K
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
TABLE OF CONTENT
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2030
Chapter 3. Indicative Metrics
3.1. Macro-Economic Indicators
3.1.1. Increasing healthcare setups across various regions
3.1.2. Favorable government initiatives
Chapter 4. COVID 19 impact assessment
4.1. Healthcare Virtual Assistant Industry Outlook
4.1.1. Q1 2020
4.1.2. Q2 2020
4.1.3. Q3 2020
4.2. Rising Demand for Healthcare Virtual Assistant market due to COVID-19 pandemic
4.3. Supply chain stabilization
4.3.1.1. Supply scenario
4.3.1.2. Demand scenario
4.4. Upcoming strategies required to combat the current situation
Chapter 5. Global Healthcare Virtual Assistant Segmentation & Impact Analysis
……
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