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Global health intelligent virtual assistant market is expected to reach USD 189.78 Million in 2017 to USD 3,463.09 Million by 2025 at a CAGR of 41.30% from 2018 to 2025. Increasing adoption of AI in healthcare and applying patient engagement solutions to improve patient satisfaction is expected to boost the demand.

Market Overview:

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, the capabilities of a virtual assistant can be personalized according to industries. Hence, improving customer experience for people in a 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.

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Report Description:

  • The base year for the study has been considered 2017, the historic year 2015 and 2016 and, the forecast period considered is from 2018 to 2025. The health intelligent virtual assistant market is analyzed by value (USD Million).
  • The study delivers a comprehensive analysis of global health intelligent virtual assistant market by products, technology, end user and regions.
  • The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2018 to 2025.
  • Porter’s Five Forces model is used to recognize the competitive scenario in the global health intelligent virtual assistant market. This report incorporates the industry analysis which is focused on providing an extensive view of the health intelligent virtual assistant market.
  • The study also includes attractiveness analysis of products, technology, end user and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
  • The report provides company profile of the key players operating in the health intelligent virtual assistant market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
  • The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.

Market Dynamics: 

Drivers:

  • Increasing adoption of AI in healthcare
  • Growing importance on patient engagement activities
  • Increasing demand from healthcare organizations for improving patient service functions, such as medication reminders and other personalized services
  • Increasing usage of smartphones

Restraints:

  • Increasing competitiveness and changing requirement
  • Lack of awareness among people

Opportunities:

  • High demand for Automatic Speech Recognition (ASR) from the healthcare sector
  • Demand from emerging markets

Challenges:

  • The high cost of an intelligent virtual assistant

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Regional Segmentation Analysis:

The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America region is dominating the global health intelligent virtual assistant market with USD 90.72 Million in 2017.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.

Competitive Analysis:

Some of the prominent industry 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.among others.Increasingusage 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.

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