New Jersey, NJ, July 31, 2019 (GLOBE NEWSWIRE) -- Fior Markets launched a study titled, "Global Health Intelligent Virtual Assistant Market by Products (Chatbots, Smart Speakers), Technology, End-User, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025". As per the report, the global health intelligent virtual assistant market is expected to grow from USD 189.78 Million in 2017 to USD 3,463.09 Million by 2025 at a CAGR of 41.30% during the forecast period from 2018-2025. High demand from healthcare industry, increasing adoption of AI to provide patient engagement solutions and demand for ASR technology are major driving factors propelling the growth of the market.
Market Outlook of the Health Intelligent Virtual Assistant
- Intelligent virtual assistants are used to respond to consumers inquiries. They have many applications and do daily tasks more conveniently. Virtual assistants provide assistance to users to purchase a product or services and reduce wait times. Moreover, capabilities of a virtual assistant can be personalized according to industries. Hence, improving customer experience for people in particular industry. For instance, in the healthcare and insurance sector virtual assistants can help customers find out a doctor’s office, fill and refill a prescription, and receive payment reminders. Furthermore, customers can ask also inquire about a new or different insurance program or an update on their coverage.
- Increasing demand for better minimally invasive therapies for cancer treatment and increasing government funding to set up these equipment in hospitals in developing countries are positively impacting the market. In addition, rising awareness regarding particle therapy and increasing investments by major players are expected to strengthen the market. High cost of the treatment and lack of skilled professionals may restrict the growth of the market. However, increasing number of medical professionals and patients opting for particle therapy are expected to drive the market. In addition, expansion of digital transformation has increased the development of the advance product and services and this is expected to drive the global health intelligent virtual assistant market in upcoming years.
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Type Segment Analysis of the Health Intelligent Virtual Assistant Market
- Chatbots
- Smart Speakers
The chatbots segment is dominating the market and is expected to grow with the highest CAGR of 43.11% in the forecast period. They are used in providing assistance to physicians, nurses, and patients at various levels with the help of text/speech/audio. They have high demand from healthcare industry. Smart speaker segment is anticipated to be the fastest growing segment over the forecast period due to their increasing use with the automatic speech recognition technology that is currently widely used in medical counselling and by the therapis for treating their patients who are suffering from dipression and loneliness.
Technology Segment Analysis of the Health Intelligent Virtual Assistant Market
- Automatic Speech Recognition
- Text to Speech
- Text based
Automatic Speech Recognition (ASR) is dominating the segment and held the largest market share of 52.70% in 2017. This technology is used in identifying words and alphabets to validate person’s identity. These technologies in the form of virtual assistants are used by leading firms, such as Amazon, Apple, and Google. However, the text to speech is still an impacting segment for the market as it leverages neural network techniques to deliver a human‑like, engaging, and personalized user experience.
End User Segment Analysis of the Health Intelligent Virtual Assistant Market
- Payers
- Providers
- Others
The providers segment is dominating and was valued around USD 77.49 million in 2017. They help in scheduling and confirming appointments, providing appointment reminders, following up with patients, and provide a medical diagnosis with physicians. The payer consumes the services in order to enhance their interoperability by keeping patient records and protecting them. These records includes plan selection, billing and collections, and enrolment guidance.
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Region Segment Analysis of the Health Intelligent Virtual Assistant Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region is dominating the global health intelligent virtual assistant market with USD 90.72 Million in 2017 where as Asia pacific is expected to register the highest growth in forecast period. North America held the largest market share due to high adoption of IoT in the region. Increasing usage of smartphones and lack of clinician’s are favouring the requirement of an aggressive healthcare facility. Asia pacific region is expected to witness highest growth. Developing countries such as China and India are implementing these technologies in the healthcare industry. Increasing population and to meet demand of healthcare professionals is fuelling the demand of virtual assistants in the region.
Competitive landscape and key vendors
- Key players operating in the market include CodeBaby Corporation, Nuance Communications, Inc., eGain Corporation, Microsoft Corporation, Kognito, CSS Corporation, MedRespond, True Image Interactive, Inc., Welltok, Inc., and among others.
- Increasing usage of intelligent virtual assistants in the healthcare industry is encouraging market participants. For instance, in 2017, Nuance Communications, a key player in the IVA market introduced AI-powered virtual assistant solution specifically designed for healthcare providers. The company’s new Dragon Medical Virtual Assistant is expected to deliver sophisticated conversational dialogues and pre-built capabilities. They are used to automate high-value clinical workflows for clinicians for their clinical documentation.
- Many competitions are launching products that enable an app or equipment to act as an AI agent. For instance, in September 2017, Nuance Communications, Inc. introduced an AI-powered Dragon Medical Virtual Assistant. It is used in streamlining various clinical workflows. The new solution is used in improving patient experience by enhancing interactions between clinicians and patients.
About the report:
The global health intelligent virtual assistant market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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