Healthcare Virtual Assistant Market Worth $1.76 Billion by 2025, Says Meticulous Research®

LONDON, April 3, 2019 (Newswire.com) - According to this latest publication from Meticulous Research^®, the global healthcare virtual assistant market is expected to grow at a CAGR of 24.7% from 2018 to reach $1.76 billion by 2025. The growth of this market will be driven by factors such as increasing adoption of IoT, growing internet connectivity and smart phone devices, increasing focus on patient engagement, shortage of healthcare professionals, and increasing burden of lifestyle diseases and need of reducing healthcare costs.

The healthcare virtual assistants market broadly comprises chatbots and smart speakers. In 2018, the chatbots segment accounted for the largest share of the global healthcare virtual assistants market. The large share of this segment is primarily attributed to the increasing advancement in natural language processing & machine learning models, rising demand for self-service, increasing availability, low-cost, and high demand of chatbots in healthcare industry by physicians, nurses, and patients at various levels.

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On the basis of technology, the healthcare virtual assistants market broadly comprises speech recognition, text-to-speech, and text based. The speech recognition segment is expected to grow at a highest CAGR in the global healthcare virtual assistants market.

Based on end user, the healthcare virtual assistants market is broadly categorized into provider, payer, and other end users. The providers segment held the major share in 2018. This was primarily attributed to the increasing adoption of artificial intelligence by the healthcare professionals to improve the clinical workflow and work efficiency in less time.

Geographically, North America commanded the largest share of the global market in 2018, followed by North America and Europe. The large share of this market is mainly attributed to the growing healthcare sector, increasing need to reduce healthcare cost, rising demand of the technological advancements by the healthcare facilities, and increasing need in the healthcare industry to improve operational efficiency within patient engagement and clinical workflow management. While, North America will continue to dominate the global healthcare virtual assistants market, the APAC region is expected to grow at a highest CAGR during the forecast period of 2018 to 2025. The growth in this market is mainly driven by rapid urbanization, increasing investments by healthcare providers towards infrastructure improvement, growing smartphone penetration, widening internet connectivity and high-speed networks, need to manage growing burden of chronic diseases on healthcare providers, and government efforts to improve accessibility of healthcare services to remote locations.

The healthcare virtual assistant market is fragmented with various international players accounting the major share of the market and several small players in the market. Some of the key players in this market include Microsoft Corporation (U.S.), Nuance Communications, Inc. (Ireland), Next IT Corp. (U.S.), Medrespond (U.S.), Welltok, Inc. (U.S.), CSS Corp (U.S.), Egain (U.S.), Kognito (U.S.), idAvatars (U.S.), and True Image Interactive, Inc. (U.S.) among others. 

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Source: Meticulous Market Research Pvt. Ltd.