The Healthcare Virtual Assistants Market is Projected to Grow at a CAGR of 34.6% from 2019 to 2024 to Reach $1.73 Billion

DUBLIN, March 28, 2019 /PRNewswire/ -- The "Healthcare Virtual Assistants Market by Product (Chatbots, Smart Speakers), User Interface (Automatic Speech Recognition, Text Based, Text-to-Speech Based), End User (Healthcare Providers, Patients, Healthcare Payers) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The healthcare virtual assistants market is projected to reach USD 1,729 million by 2024 from USD 391 million in 2019, at a CAGR of 34.6%.

Growth in this market is driven by the growing number of smartphone users and the increasing use of healthcare applications, the growing demand for quality healthcare delivery, and the rising prevalence of chronic disorders. However, the lack of structured data in the healthcare industry and concerns regarding data privacy are expected to restrain the growth of this market to a certain extent during the forecast period.

Prominent players in the global healthcare virtual assistants market are Nuance Communications Inc. (US), Microsoft (US), Amazon (US), Infermedica (Poland), Sensly (US), eGain Corporation (US), Kognito Solutions LLC (US), Verint Systems Inc. (US), HealthTap Inc. (US), and Babylon Healthcare Services Ltd (UK).

The smart speakers segment to witness the highest growth in the healthcare virtual assistant products market during the forecast period

On the basis of product, the healthcare virtual assistants market is segmented into smart speakers and chatbots. The smart speakers segment is expected to register the highest CAGR during the forecast period. The growth of the smart speakers segment can be attributed to the increasing consumer preference for technologically advanced products. Smart speakers are multifunctional, fast, varied, and reliable solutions. This not only saves time but also offers increased comfort and greater convenience.

The automatic speech recognition segment is expected to grow at the highest CAGR in the healthcare virtual assistants market, by user interface, during the forecast period

On the basis of user interface, the healthcare virtual assistants market is segmented into automatic speech recognition, text-based, text-to-speech, and others. The automatic speech recognition segment is expected to witness the highest CAGR owing to its increasing use in smart speakers.

The APAC market is projected to witness the highest growth between 2019 and 2024

The APAC market is expected to witness the highest CAGR in the healthcare virtual assistants market during the forecast period. Growth in the Asia Pacific market is primarily driven by the rising aging population, high penetration of smartphones, technological advancements, the growing use of remote monitoring devices, and increasing healthcare costs.

Topics Covered

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Limitations
1.5 Currency
1.6 Stakeholders

2 Research Methodology
2.1 Research Approach
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study

3 Executive Summary

4 Market Overview
4.1 Introduction
4.2 Market Dynamics
4.2.1 Market Drivers
4.2.1.1 Growing Smartphone Users and Increasing Use of Healthcare Applications
4.2.1.2 Need to Curtail Growing Healthcare Costs and Medical Errors
4.2.1.3 Growing Demand for Quality Healthcare Delivery
4.2.1.4 Rising Prevalence of Chronic Disorders
4.2.2 Market Restraints
4.2.2.1 Lack of Structured Data in the Healthcare Industry
4.2.2.2 Concerns Regarding Data Privacy
4.2.3 Market Opportunities
4.2.3.1 Increasing Focus on Developing Conversational Virtual Assistant Tools
4.2.3.2 Multi-Language Support in Healthcare Virtual Assistant Tools
4.2.4 Market Challenges
4.2.4.1 Issues Related to Connectivity Range and Compatibility
4.2.4.2 Dearth of Skilled Personnel and Uncertain Regulatory Framework for Medical Software

5 Industry Insights
5.1 Introduction
5.2 Start-Up Scenario
5.3 Use Cases
5.3.1 Nuance Communications
5.3.2 True Image Interactive
5.3.3 Cincinnati Children's Hospital Medical Center
5.3.4 Boston Children's Hospital
5.3.5 Public Health England

6 Healthcare Virtual Assistants Market, By Product
6.1 Introduction
6.2 Smart Speakers
6.2.1 Smart Speakers to Witness the Highest Growth in the Healthcare Virtual Assistants Market During the Forecast Period
6.3 Chatbots
6.3.1 Healthcare Chatbots Act as A Connecting Link Between Patients and Clinicians, Helping Them to Communicate and Share Information for Diagnosis and Treatment Purposes

7 Healthcare Virtual Assistants Market, By User Interface
7.1 Introduction
7.2 Automatic Speech Recognition
7.2.1 Speech Recognition Software Can Enhance Workflow, Reduce Record Errors, and Improve Communication
7.3 Text-Based
7.3.1 Text-Based Messaging Services are Cost-Effective, Quick, Independent, and Popular Among End Users
7.4 Text-To-Speech
7.4.1 Text-To-Speech User Interfaces are Commonly Used to Receive Instructions While Performing A Task
7.5 Others

8 Healthcare Virtual Assistants Market, By End User
8.1 Introduction
8.2 Healthcare Providers
8.2.1 Virtual Assistant Tools are Used to Predict and Prevent Readmissions and Improve Operations Among Healthcare Providers
8.3 Healthcare Payers
8.3.1 Virtual Assistant Tools are A Secure Way for Payers to Automate Many Necessary Yet Time-Consuming Processes
8.4 Patients
8.4.1 Smartphone Applications to Drive the Adoption of Virtual Assistant Tools Among Patients
8.5 Other End Users

9 Healthcare Virtual Assistants Market, By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 The US is the Largest Market for Healthcare Virtual Assistants Globally
9.2.2 Canada
9.2.2.1 Drive to Promote Remote Patient Monitoring and Homecare Have Supported the Adoption of HCIT Technologies
9.3 Europe
9.3.1 Germany
9.3.1.1 Germany Holds the Largest Share in the European Market for Healthcare Virtual Assistants
9.3.2 UK
9.3.2.1 Mobile Apps and Wearable Devices Have Been Widely Adopted in the UK
9.3.3 France
9.3.3.1 France's Healthcare System is Largely Government-Financed
9.3.4 Italy
9.3.4.1 An Aging Population and Rising Healthcare Costs Have Driven the Adoption of Virtual Assistants in Italy
9.3.5 Spain
9.3.5.1 Approximately 90% of Spain's Population Can Access the Internet
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.1.1 Utilization of Advanced HCIT Solutions has Risen to Improve Care Quality in Japan
9.4.2 China
9.4.2.1 Rising Geriatric Population and A Spike in Internet and Smartphone Use Indicate High Growth Opportunities
9.4.3 India
9.4.3.1 The Indian Market is Among the Fastest Growing in APAC
9.4.4 Rest of Asia Pacific
9.5 Latin America
9.5.1 The Growing Number of Smartphone Users and Increasing Reliance on Telemedicine has Helped Support Market Growth
9.6 Middle East & Africa
9.6.1 A Number of Middle Eastern Countries are Investing in the Modernization of Their Healthcare Systems

10 Competitive Landscape
10.1 Overview
10.2 Healthcare Virtual Assistants Market, Competitive Leadership Mapping, 2018
10.2.1 Visionary Leaders
10.2.2 Innovators
10.2.3 Dynamic Differentiators
10.2.4 Emerging Companies
10.3 Market Ranking Analysis
10.4 Competitive Situation and Trends
10.4.1 New Product Launches
10.4.2 Agreements, Partnerships and Collaborations
10.4.3 Expansions
10.4.4 Acquisitions
10.4.5 Other Developments

11 Company Profiles
11.1 Nuance Communications Inc.
11.2 Amazon
11.3 Verint Systems Inc.
11.4 Infermedica
11.5 Sensely Inc.
11.6 Microsoft Corporation
11.7 CSS Corporation
11.8 Egain Corporation
11.9 Kognito Solutions LLC
11.10 Healthtap Inc.
11.11 Babylon Healthcare Services Limited
11.12 ADA Digital Health
11.13 Other Company Profiles
11.13.1 Medrespond LLC
11.13.2 Floatbot.In
11.13.3 Kore.ai Inc.
11.13.4 Datalog.ai
11.13.5 True Image Interactive Inc.

For more information about this report visit https://www.researchandmarkets.com/research/r8zgtn/the_healthcare?w=5

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