Healthcare Virtual Assistant Market To Reach USD 2.83 Billion By 2027 | Reports and Data
Reports and Data
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The increasing 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 market growth.
New York, Aug. 10, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, 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 the year 2027, at a CAGR of 27.2%. Virtual assistant devices take care of patients' needs as well as record the health condition of the patient, and therefore, are widely used in surgical interventions and assist doctors in the operating rooms. Voice technology is significantly used in various digital assistants. It exploits embedded analytics aa well as designed smart workflows that produce dynamic responses. A virtual assistant can have multiple uses, 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.
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, the Healthcare Virtual Assistant Market might 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, 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 a focus area for the existing market players. In May 2020, Infermedica, a Polish startup, 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 the 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 Healthcare Virtual Assistant capabilities and features. In 2018, Nuance launched a product Dragon Medical One, which is a cloud-based speech recognition platform that captures 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 Systems, introduced a UCB's PD Coach App, which was patented and conversational virtual health.
Geographically, the North American segment occupied the largest share, followed by Europe. The North American market is primarily driven by 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.
Key participants in the market include Amazon, eGain Corporation, Nuance Communications Inc., Infermedica, Sensly, Kognito Solutions LLC, Verint Systems Inc, HealthTap Inc., Microsoft, and Babylon Healthcare Services Ltd.
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)
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