The rising integration of artificial intelligence in healthcare, growing demand to improve healthcare facilities and increasing funding for improvement in operating rooms by the government and other organizations are expected to be some major drivers for the market.

New York, NY -- (SBWire) -- 04/29/2021 --Healthcare Virtual Assistant Market Size – USD 397.2 Million in 2019, Market Growth – CAGR of 27.2%, Market Trends– The growing healthcare setups across developing countries is anticipated to fuel the market in the forecast period.

According to the current analysis of Reports and Data, the Healthcare Virtual Assistant market was valued at USD 397.2 million in 2019 and is expected to reach USD 2830.1 million by the year 2027, at a CAGR of 27.2%. Virtual assistant devices take care of patients needs and keep as well as record the health condition of the patient; and therefore are widely used in surgical interventions and assist the doctors in the operating rooms. Voice technology is significantly used in various digital assistants. It exploits embedded analytics aa well as designed smart workflows which produces dynamic responses. A virtual assistant can be of a multiple use such as organizing huge data avoiding paperwork, provide online billing services, provide continuous patient monitoring and various other applications.

The rising number of smartphone users across the globe is expected to be a major industry driver. Also, the growing use of mobile applications may contribute to the growth of the industry in the forecast period. The growing need to improve the healthcare expenditure and rising technological advancements in various regions may propel the market widely in the future. Furthermore, the increasing conditions of chronic diseases such as diabetes, cardiac diseases and others may trigger the industry in the future.

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.

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Leading Players Profiled in the Report Include:

Amazon, eGain Corporation, Nuance Communications Inc., Infermedica, Sensly, Kognito Solutions LLC, Verint Systems Inc, HealthTap Inc., Microsoft, and Babylon Healthcare Services Ltd.             

Covid-19 Impact

To work efficiently together with following the social distancing norms sectors such as Healthcare information systems, telemedicine, and artificial intelligence solutions such as Healthcare Virtual assistant are predicted to considerably contribute while responding to the COVID-19 pandemic and address constantly evolving challenges. Usage of artificial intelligence is a cost saving measure that can significantly reduce the disease burden on healthcare professionals and hospitals, while simultaneously providing optimum solutions to the patient's queries, and health guidelines especially to covid-19 patients. Thus, Healthcare Virtual Assistant market can grow potentially in the forecast period owing to its efficient characteristics of bridging the gap between the health systems, patients and healthcare professionals.

Further key findings from the report suggest

Various innovative systems are being launched into the industry that may propel the market in the future. For instance, in November 2019, Orbita which is a leading provider of healthcare artificial intelligence platform announced the launch of its product called OrbitaASSIST. The product is an award winning, AI-driven virtual assistant which is capable of directing the basic needs of the patient to the nurse of caretakers.

Virtual healthcare assistant deployment at a larger scale is focus area for the existing market players. 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.

Several inorganic growth strategies are prevalent in the industry, aimed to enhance the market position. In line with this, in January 2019, MEDITECH, a leading provider of Electronic Health Record (HER) solutions collaborated with Nuance Communication Inc., 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 on the patient experience.

Product launches remains a key strategy to expand the Healthcare Virtual Assistant capabilities and features. In 2018, Nuance launched a product Dragon Medical One, which is a cloud-based speech recognition platform which capture the patient's entire condition at the point of care efficiently and quickly.

Startups and emerging companies are engaged in product innovations. For instance, in 2018, UCB, a biopharmaceutical company in collaboration with Verint system introduced a UCB's PD Coach App which was patented and conversational virtual health.

Based on geography, North American segment occupied the largest share followed by Europe. The North American industry is primarily driven by the growing technological advancements in the region and increased government funding. The Asia Pacific region is expected to be the fastest growing segment owing to the rising healthcare setups in the region.

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For the purpose of this report, Reports and Data has segmented the Healthcare Virtual Assistant market on the basis of product, user interface, end use and region:

By Product Outlook (Revenue in Million USD; 2017–2027)

Smart Speakers
Chatbots

By User Interface Outlook (Revenue in Million USD; 2017–2027)

Automatic Speech Recognition
Text-based
Text-to-speech
Others

By End Use Outlook (Revenue in Million USD; 2017–2027)

Healthcare Providers
Patients
Healthcare Payers
Others

Regional Outlook (Revenue in Million USD; 2017–2027)

North America
U.S
Canada
Europe
Germany
France
UK
Spain
Italy
Rest of the Europe
Asia Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Middle East & Africa
Latin America

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Table of contents

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, 2017-2027

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

    5.1. Global Healthcare Virtual Assistant Segmentation Analysis

    5.2. Industrial Outlook

    5.3. Market Indicators Analysis

          5.3.1. Market Drivers Analysis

                    5.3.1.1. Increasing integration of artificial intelligence in healthcare

                    5.3.1.2. Growing demand to improve healthcare facilities

                    5.3.1.3. Rising funding by private and government organizations

          5.3.2. Market Restraints Analysis

                    5.3.2.1. High cost of virtual assistance

    5.4. Regulatory Framework

    5.5. Porter's Five Forces Analysis

Continued……  

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