Health Intelligent Virtual Assistant Market Size By Technology (Speech Recognition, Text –to-Speech, Voice Recognition) By End-User (Payers, Providers, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, Australia, Brazil, Mexico, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: July 2017 | 105 Pages | Report ID: GMI1823 | Report Format: PDF
Health Intelligent Virtual Assistant Market size was over USD 180 million in 2016, with expectations to witness more than 31% CAGR from 2017 to 2024.
Germany health intelligent virtual assistant market size, by technology, 2013-2024 (USD Million)
Introduction of intelligent virtual assistant technology in healthcare has transformed various health processes and improved healthcare delivery worldwide. Intelligent virtual assistants allow doctors to consult electronically by providing access to required test reports, practice procedures, and patient records resulting into improved healthcare efficiency.
Increasing usage of smartphones by medical community should also drive the health intelligent virtual assistant market size. Growing awareness regarding use of health apps and other mobile platforms has improved their penetration in healthcare systems. For instance, smartphone user penetration will grow at over 30% CAGR over the forecast years.
Rising potential of internet of things (IoT) in healthcare industry will to revolutionize the health intelligent virtual assistants market growth. Internet of things has its applications from smart sensors to remote monitoring & medical device integration to improve physicians’ delivery care. Healthcare practitioners can monitor patients more effectively by embedding IoT enabled devices in medical equipment.
Mounting burden of lifestyle diseases coupled with increasing need to reduce healthcare costs should boost industry growth. U.S. health care spending has increased by 5.8 percent to reach $3.2 trillion in 2015. The use of health IVA devices should reduce operational costs, training cost and help improve overall patient health outcomes.
Technological advances facilitating information sharing and improved compliance to HIPAA confidentiality standards for protection of patient data will accelerate business growth.
Lack of IT infrastructure in developing countries should hamper the adoption of health intelligent virtual assistant technology. Moreover, fear of large scale unemployment owing to adoption of this technology and huge initial capital and maintenance costs should also restrain business growth.
Health Intelligent Virtual Assistant Market, By Technology
Speech recognition grabbed over 60% of health intelligent virtual assistant market share in 2015, with expectations to witness more than 32% CAGR over the forecast years. Speech recognition technology is becoming increasing popular due to rising penetration of smartphones. Enhanced speech recognition application in EHR allows physicians to be more productive and efficient.
Text-to-Speech technology is anticipated to exceed USD 460 million by 2024, witnessing more than 30% CAGR over the coming years. High quality speech output at optimal cost enables quick, efficient and effective medical communication.
Health Intelligent Virtual Assistant Market, By End-use
Providers held the largest industry revenue share with its value slated to reach USD 820 million by 2024. The use of intelligent virtual assistant devices in the hospitals is driven by improved physician efficiency and patient care.
In majority of large hospitals, where there are a number of emergency transfers to large ICU settings, the physicians face huge challenge of rapid accurate order entries and medication, which is taken care of by use of intelligent virtual assistants. The provider market is set to exceed USD 810 million by 2024.
Payers segment should witness over 30% CAGR during forecast period. Increasing usage of text to speech technology aids the payers to offer effective customer service, its business growth.
Health Intelligent Virtual Assistant Market, By Region
U.S. health intelligent virtual assistant market contributed more than 90% of North America revenue share in 2016. The U.S. witnesses’ high penetration of smart phones and tablets as well as rapid uptake of new technology making it the largest market for health intelligent virtual assistants
Moreover, the region is facing major challenge of reducing healthcare expenditures. Due to the rising prevalence of lifestyle, the U.S. population is facing shortage in terms of physician community, regardless of the most promising physician-focused technologies. Hence patient-centered virtual health assistants are being used to give 24/7 physician access to patients by responding to voice or texts via mobile devices.
Japan health intelligent virtual assistant market is anticipated to witness rapid growth throughout the forecast years, and slated to exceed USD 110 million by 2024. Rising aging population, increasing prevalence of hypertension and high risk of stroke, coupled with increase in usage of home care such as mobile health and telehealth should generate significant demand for health intelligent virtual assistant market.
Competitive Market Share
Some of the notable players in the health intelligent virtual assistant market include Next IT Corporation, Google, Inc., Nuance Communications, Microsoft Corporation, eGain Corporation, True Image Interactive, and CodeBaby Corporation, among others.
The major strategies adopted by the market players include agreements, partnerships, joint ventures, and acquisitions. For instance, in September, 2016 Next IT Healthcare and Apptentive announced the partnership to mobile patient engagement solution with a built in virtual health coach. The solution was powered by artificial intelligence platform with natural language understanding.
Health Intelligent Virtual Assistant Industry Background
Health intelligent virtual assistant technology is set to revolutionize the healthcare industry by completely transforming patient and physician experience. The technology has been rapidly being adopted by large hospitals, physician groups as well as payers, and is gradually penetrating the pharmaceutical industry as well improving clinical trials and research and development effectiveness. However, the adoption of these intelligent virtual assistants in healthcare is likely to replace technicians with machines leading to large scale unemployment. The rampant use of this technology is likely to make humans unnecessarily dependent on machines leading to high unemployment rate and diminishing of mental capabilities.
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