Global Health Intelligent Virtual Assistant Market by Technology (Text to Speech, ASR), by Product (Smart Speakers, Chatbots) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2017, the global market for health intelligent virtual assistants was valued at USD 186.3 millions. The market is expected to grow at a 39.1% CAGR over the forecast period. Virtual assistants for medical care (MVA) aid in patient engagement and offer virtual coaching to patients during their most difficult times. The market is expected to grow with the increasing adoption of AI in healthcare and an increased emphasis on patient engagement activities.

Many organizations are reviewing their user experience strategies and are now implementing patient engagement solutions to improve revenue and patient satisfaction. This will increase the market's growth.

Healthcare organizations can also use virtual assistants to improve patient services functions such as medication reminders or other personalized services. Virtual assistants use artificial intelligence to reduce the likelihood of being affected by rapid epidemics of disease, such as Ebola or Swine Flu.

These medical assistants are able to suggest preventive measures for common diseases such as HIV/AIDS, malaria, and tuberculosis. With technological advances, the importance of AI-driven MVAs has grown. Healthcare is increasingly using modern technologies such as automation and automatic speech recognition (ASR)

The expansion of digital transformation work is expected to drive further product and service development. The demand for ASR technology will increase over the forecast period due to increasing proof-of-concept studies in various healthcare areas and greater adoption of virtual assistants.

In November 2017, Google researchers created ASR practices to facilitate multi-speaker medical chats. Researchers concluded that these models could modernize the workflow of practitioners and serve as a transcription tool for documenting patient-doctor conversations. However, this market is subject to fierce competition and the emergence new technologies.

But, the increasing adoption of intelligent virtual assistants within the healthcare industry is encouraging market players to work across the value chain and invest in advanced solutions that will result in market growth. In September 2017, Nuance Communications, Inc. introduced the AI-powered Dragon Medical Virtual Assistant in order to simplify a number of clinical workflows. This new solution improves patient experience through enhanced interactions between patients and clinicians.

Product Insights

In 2017, the largest market share was held by the chatbots segment. Chatbots are in high demand because they can assist doctors, nurses, patients and others at different levels using text/speech/audio. Some of the most popular bots are Safedrugbot and Izzy. They also help in hospitals around the world with Sensely and Florence.

The fastest-growing segment in the forecast period is expected to be smart speakers. They use automatic speech recognition technology. This technology is used most commonly for medical counseling and as a therapist to patients suffering from depression or loneliness. These speakers recognize speech automatically and take the appropriate actions.

Technology Insights

Automatic Speech Recognition (ASR), is expected to show the highest CAGR over the forecast period. It can be used to identify letters and words, as well as to verify a person's identity. The segment is seeing a rise in the use of chatbots and smart speakers for medical counseling by various therapists to improve patient engagement. In 2017, the market share for health intelligent virtual assistants was led by the text-to-speech segment.

It allows computers to understand human speech, convert audio or voice into written text and translate it into written text. Virtual assistants are useful because of technological developments in the fields of neuro-linguistic programming and conversation interface. Virtual assistants are made possible by top companies like Amazon, Apple, Google. These companies offer products that act as intermediaries between customers and enterprises.

End-user insights

Payers provide services and improve interoperability through the preservation and protection of patient records. They provide enrollment guidance, billing and collection, wellness assessments, billing, collections, plan selection and billing. The segment of the payer is expected to see a notable CAGR during the forecast period.

In 2017, the provider segment held the largest market share. They assist in many services, including scheduling and confirming appointments, reminding patients of their appointments, following up with patients and sharing a medical diagnosis with them.

Regional Insights

North America held the largest market share in 2017, due to its high adoption of IoT technology and wide use of smartphones. The shortfall of clinicians/physicians and the requirement of an aggressive healthcare facility due to the rising population in countries such as the U.S. is anticipated to drive the regional market.

China and India are taking active measures to implement MVAs in the healthcare sector. The region is experiencing an increase in population and a shortage of qualified physicians and therapists, which has fueled the demand for virtual assistants. These factors will drive APAC to experience the greatest growth over the forecast period.

Market Share Insights & Key Companies

There are several key players in the market: Nuance Communications, Inc., CodeBaby Corporation, eGain Corporation, Kognito, Microsoft Corporation, MedRespond, CSS Corporation, Next IT Corporation, True Image Interactive, Inc. The development of AI-powered IVAs has proven that they can provide services across all sectors of healthcare.

Companies are creating products that allow an app or device to act as an AI agent. These virtual assistants can provide a humanistic conversation to customers and help hospitals, pharmacies and other related areas handle more customers and deliver a better user experience. Most of these companies have adopted strategic alliances and M&A as their key strategies. In September 2018, Epic Systems Corporation and Nuance Communications, Inc. collaborated on voice assistant technology.

Health Intelligent Virtual Assistant Market Report Scope

The Report Covers Certain Segments

This report predicts revenue growth at the global, regional, or country level and analyzes the industry trends for each sub-segment from 2015 to 2025. Grand View Research segmented this report on the global health intelligent assistant market based on product, technology, region, and end-user.

• Products Outlook (Revenue USD Million, 2015-2025)

  • Chatbots

  • Smart Speakers

• Technology Outlook (Revenue USD Million, 2015-2025)

  • Automatic Speech Recognition (ASR).

  • Text to Speech

  • Text-based

• End-user Outlook (Revenue USD Million, 2015-2025)

  • Payers

  • Providers

  • Other

• Regional Outlook (Revenue USD Million, 2015-2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

These are the most frequently asked questions about this report

b. Global market for health intelligent virtual assistants was valued at USD 461.5 Million in 2019, and is forecast to grow to USD 709.3 Million in 2020.

b. Global health intelligent virtual assistant market will grow at a compound annual rate of 39.1% between 2018 and 2025, to reach USD 2,957.6 millions by 2025.

b. With a 74% share in 2017, the chatbots segment dominated health intelligent virtual assistant markets. This can be attributed to the high demand for chatbots in the healthcare sector, where they assist doctors, nurses and patients at different levels using text/speech/audio.

b. Nuance Communications, Inc., CodeBaby Corporation, eGain Corporation, Kognito, Microsoft Corporation, MedRespond, CSS Corporation, Next IT Corporation, True Image Interactive, Inc., and Welltok, Inc. are some of the key players in the market for health intelligent virtual assistants.

b. Market growth is being driven by two key factors: increasing use of AI in healthcare applications, and an increased emphasis on patient engagement.

Up Market Research published a new report titled “Health Intelligent Virtual Assistant Market research report which is segmented by Technology (Text to Speech, ASR), by Product (Smart Speakers, Chatbots), By Players/Companies Inc; CodeBaby Corporation; eGain Corporation; Kognito; Microsoft Corporation; MedRespond; CSS Corporation; Next IT Corporation; True Image Interactive, Nuance Communications, Inc, Inc; and Welltok”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Health Intelligent Virtual Assistant Market Report Segments:

The market is segmented by Technology (Text to Speech, ASR), by Product (Smart Speakers, Chatbots).

Health Intelligent Virtual Assistant Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Health Intelligent Virtual Assistant Market

Overview of the regional outlook of the Health Intelligent Virtual Assistant Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Health Intelligent Virtual Assistant Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Health Intelligent Virtual Assistant Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Text to Speech

                2. ASR

                1. Smart Speakers

                2. Chatbots

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Health Intelligent Virtual Assistant Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Health Intelligent Virtual Assistant Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.