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Health Intelligent Virtual Assistant Market Size, Share 2030
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Health Intelligent Virtual Assistant Market Size, Share 2030

Segments - Health Intelligent Virtual Assistant Market by Technology (Text to Speech, Text-based, and Automatic Speech Recognition), Products (Smart Speakers and Chatbots), End-users (Providers, Payers, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

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Author : Raksha Sharma
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Upcoming | Report ID :HC-3159 | 4.7 Rating | 67 Reviews | 160 Pages | Format : PDF Excel PPT

Report Description


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 Assistant Market Key Takeaways

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.

  • 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.

Attributes

Details

Report Title

Health Intelligent Virtual Assistant Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Technology (Text to Speech, Text-based, and Automatic Speech Recognition), Products (Smart Speakers and Chatbots), and End-Users (Providers, Payers, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Microsoft Corporation; MedRespond; CSS Corporation; Next IT Corporation; True Image Interactive, Inc.; and Welltok, Inc.; Nuance Communications, Inc.; CodeBaby Corporation; eGain Corporation; and Kognito

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.

Health Intelligent Virtual Assistant Market By Technology

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.

Health Intelligent Virtual Assistant Market By Regions

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

  • Smart Speakers
  • Chatbots

End-users

  • Providers
  • Payers
  • Others

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.

Health Intelligent Virtual Assistant Market By Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Health Intelligent Virtual Assistant Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Health Intelligent Virtual Assistant Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Health Intelligent Virtual Assistant Market - Supply Chain
  4.5. Global Health Intelligent Virtual Assistant Market Forecast
     4.5.1. Health Intelligent Virtual Assistant Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Health Intelligent Virtual Assistant Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Health Intelligent Virtual Assistant Market Absolute $ Opportunity
5. Global Health Intelligent Virtual Assistant Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Health Intelligent Virtual Assistant Market Size and Volume Forecast by End Users
     5.3.1. Providers Payers Others
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Health Intelligent Virtual Assistant Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Health Intelligent Virtual Assistant Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Health Intelligent Virtual Assistant Demand Share Forecast, 2019-2026
7. North America Health Intelligent Virtual Assistant Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Health Intelligent Virtual Assistant Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Health Intelligent Virtual Assistant Market Size and Volume Forecast by End Users
     7.4.1. Providers Payers Others
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Health Intelligent Virtual Assistant Demand Share Forecast, 2019-2026
8. Latin America Health Intelligent Virtual Assistant Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Health Intelligent Virtual Assistant Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Health Intelligent Virtual Assistant Market Size and Volume Forecast by End Users
     8.4.1. Providers Payers Others
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Health Intelligent Virtual Assistant Demand Share Forecast, 2019-2026
9. Europe Health Intelligent Virtual Assistant Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Health Intelligent Virtual Assistant Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Health Intelligent Virtual Assistant Market Size and Volume Forecast by End Users
     9.4.1. Providers Payers Others
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Health Intelligent Virtual Assistant Demand Share Forecast, 2019-2026
10. Asia Pacific Health Intelligent Virtual Assistant Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Health Intelligent Virtual Assistant Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Health Intelligent Virtual Assistant Market Size and Volume Forecast by End Users
     10.4.1. Providers Payers Others
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Health Intelligent Virtual Assistant Demand Share Forecast, 2019-2026
11. Middle East & Africa Health Intelligent Virtual Assistant Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Health Intelligent Virtual Assistant Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Health Intelligent Virtual Assistant Market Size and Volume Forecast by End Users
     11.4.1. Providers Payers Others
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Health Intelligent Virtual Assistant Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Health Intelligent Virtual Assistant Market: Market Share Analysis
  12.2. Health Intelligent Virtual Assistant Distributors and Customers
  12.3. Health Intelligent Virtual Assistant Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Microsoft Corporation MedRespond CSS Corporation Next IT Corporation True Image Interactive, Inc. Welltok, Inc.  

Methodology

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