Health Intelligent Virtual Assistant Market size is set to surpass USD 3.6 billion by 2027, according to a new research report by Global Market Insights Inc.
The health intelligent virtual assistant market growth is attributed to the organizations that are reconsidering their user experience strategy and are implementing patient engagement solutions to increase revenue and improve patient satisfaction. In addition, healthcare organizations are improving patient service functions such as medication reminders and other personalized services by leveraging virtual assistant solutions. This has enabled patient to opt for various health intelligent virtual assistant solutions, thereby fostering the market expansion. Furthermore, artificial intelligence in virtual assistants helps in minimizing the number of people getting affected due to rapid outbreaks of diseases such as COVID-19, Ebola and Swine Flu among others.
Rising smartphone use for healthcare needs will spur the market progression
There has been a tremendous rise in the use of smartphones in the U.S. leading to increased practice of various mobile applications. The penetration of smartphones, tablets and other mobile platforms is one-third among all U.S. adults, with physicians adopting them twice as compared to the general population. For instance, currently, it is estimated that more than 5 billion people globally own a mobile device, out of which over half of them are smartphones. This has led to enormous growth of mobile applications for healthcare needs, thereby fueling the industry growth of health intelligent virtual assistant. Moreover, rising demand for remote patient monitoring services and growing venture capitalist’s investments are expected to positively impact the industry expansion.
Lack of infrastructure in developing economies may slow down the health intelligent virtual assistant market value
Infrastructure investment is widely recognized as a crucial driver of economic development, while the quality, quantity and accessibility of economic infrastructure in developing countries lag considerably behind those in advanced economies. The lack of digital innovation platforms in many developing countries has significant development implications. One possible outcome is that the dominance of global innovation platforms will further fortify technological innovation pathways that may be poorly aligned with local market needs in the developing countries. Additionally, digital enterprises in developing countries may find themselves at a competitive disadvantage, thus hindering their ability to scale.
Use of text-to-speech technology in home healthcare will boost the segment growth
The text-to-speech segment accounted for 29.8% of the health intelligent virtual assistant market share in 2020 led by the growing adoption rate and various technological advancements. It enables healthcare professionals such as doctors and surgeons record important physiological parameters such as heart rate monitoring and BP monitoring among others. Also, the use of text-to-speech technology in health intelligent virtual assistants offers various benefits for home healthcare as well ranging from reading prescription labels to providing instructions regarding use of medical devices, thereby driving the industry progression.
Browse key industry insights spread across 100 pages with 111 market data tables & 13 figures & charts from the report, “Health Intelligent Virtual Assistant Market Size By Technology (Speech Recognition, Text-to-Speech, Voice Recognition), By End-user (Payers, Providers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Payers offer various functions with the help of intelligent virtual assistant that will favor the segment expansion
The payers segment in the health intelligent virtual assistant market was valued at USD 230.1 million in 2020. Payers offer services and enhance interoperability by keeping patient records and protecting them. The perform several functions such as plan selection, billing and collections, wellness assessments, and enrollment guidance.
High acceptance of IoT, use of IVA in digital technologies and widespread use of smartphones in Europe will propel the regional growth
Europe health intelligent virtual assistant market size will reach over USD 1.2 billion by 2027 on account of the increasing usage of Internet of Things (IoT), use of intelligent virtual assistant (IVA) in digital technologies and the wide usage of smartphones. For instance, with the help of PACS technology, various companies in Europe are developing intelligent virtual assistant (IVA) designed to be interfaced with digital technologies. The technologies include electronic health records and for computerized physician order entry/clinical decision support software for ordering diagnostic imaging exams, laboratory information systems, and e-prescribing systems.
Industry players are focusing on various organic and inorganic strategies to stimulate the market demand
Prominent companies operating in the global market are 7.ai, CSS Corporation, eGain Corporation, idAvatars, Kognito, MedRespond, Microsoft Corporation, Nuance Communications, True Image Interactive, Inc., Verint systems and Welltok, Inc. The market leaders undertake various strategic initiatives to gain a competitive edge in the industry.
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