The global health intelligent virtual assistant market size was valued at USD 708.5 million in 2020 and is expected to expand at a robust CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increased use of Artificial Intelligence (AI) in healthcare applications as well as a greater focus on patient engagement activities.
Health intelligent virtual assistance, or simply known as medical virtual assistants (MVAs) offer virtual instruction to patients during critical situations including medication reminders and other tailored services. These medical assistants offer several guidelines and instruction regarding the prevention of illnesses including malaria, HIV, and TB. The importance of AI-driven MVAs has grown as these platforms provide effective means of healthcare assistance to patients. The virtual assistants were very helpful in terms of reducing the number of individuals impacted during the outbreak of diseases such as Ebola and Swine Flu. Modern technologies, particularly automation and Automatic Speech Recognition (ASR), are becoming more widely used in the healthcare industry.
The COVID-19 outbreak has wreaked havoc on global markets. Despite the crisis, the health intelligent virtual assistant market has grown positively due to rising adoption of the virtual platforms for healthcare advice. As a result, the adoption of health intelligent virtual assistant technologies has exploded as interactive virtual aid in alleviating the burden of the healthcare system globally.
Market Trends, Drivers, Restraints, and Opportunities
- Wide prevalence of chronic diseases and acute illness along with the rising number of the ageing population who are at high risk of exposing to several disease present key drivers of the market.
- Rising awareness of various advanced healthcare solutions and increasing healthcare expenses are key factors fueling the market growth.
- Introduction of user-friendly platforms due to integrating patient engagement solutions is another key driving factor of the market.
- Issues concerning about the safety of patients’ data and high cost of using the platforms are key challenges that can hamper the market growth during the forecast period.
- Massive R&D programs and wide adoption of AI in the healthcare industry are major factors, which are anticipated to provide lucrative growth opportunities of the market.
Scope of the Report
The report on the global health intelligent virtual assistant market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Health Intelligent Virtual Assistant Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Technology (Text to Speech, Text-based, and Automatic Speech Recognition), Products (Smart Speakers and Chatbots), and End-Users (Providers, Payers, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Microsoft Corporation; MedRespond; CSS Corporation; Next IT Corporation; True Image Interactive, Inc.; and Welltok, Inc.; Nuance Communications, Inc.; CodeBaby Corporation; eGain Corporation; and Kognito
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Market Segment Insights
Automatic speech recognition segment to expand at a considerable CAGR
On the basis of technology, the global health intelligent virtual assistant market is separated into the text to speech, text-based, and automatic speech recognition. The automatic speech recognition segment is projected to expand at a considerable CAGR during the forecast period due to high usage of smart speakers and chatbots by various therapists for medical counseling of patients. On the other hand, the text to speech segment is anticipated to account for a significant market share during the forecast period. It enables computers to decipher human speech or convert audio or voice to written text for easy comprehension of the material.
Chatbots segment to hold significant share of the market
In terms of products, the market is bifurcated into smart speakers and chatbots. The chatbots segment is expected to hold significant share of the market in the coming years as they use text, speech, and audio to aid physicians, nurses, and patients at various levels. However, the smart speaker segment is projected to account for large market share during the targeted period owing to wide deployment of automated voice recognition technology, which is commonly utilized in medical counseling or as a therapist for patients who are lonely or depressed.
Payers segment to grow at a significant rate
Based on end-users, the global health intelligent virtual assistant market is segregated into providers, payers, and others. The payers segment is anticipated to grow at a significant rate during the projected period as they provide offers and improve interoperability by storing and preserving patient records. Moreover, the providers segment is expected to be a fast-growing segment during the forecast period as they schedule and confirm appointments, send appointment reminders, follow up with patients, and consult with physicians on medical diagnoses.
North America to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period due to the widespread use of smartphones and the widespread acceptance of Internet of Things (IoT) among a large number of the population in the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to the rising population and a scarcity of trained physicians and therapists in the region.
Segments
The global health intelligent virtual assistant market has been segmented on the basis of
Technology
- Text to Speech
- Text-based
- Automatic Speech Recognition
Products
End-users
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Microsoft Corporation
- MedRespond
- CSS Corporation
- Next IT Corporation
- True Image Interactive, Inc.
- Welltok, Inc.
- Nuance Communications, Inc.
- CodeBaby Corporation
- eGain Corporation
- Kognito
Competitive Landscape
Key players competing in the global health intelligent virtual assistant market are Microsoft Corporation; MedRespond; CSS Corporation; Next IT Corporation; True Image Interactive, Inc.; and Welltok, Inc.; Nuance Communications, Inc.; CodeBaby Corporation; eGain Corporation; and Kognito.
AI-powered IVAs for professional discussion have been highly successful in providing services and performing various business operations within the healthcare industry. Major corporations are releasing devices that allow an app or equipment to operate as an AI agent. These virtual assistants humanely converse with clients, allowing hospitals, pharmacies, and similar businesses to handle more customers while providing a series of better user experience.
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