Market Overview
The
Global Healthcare Virtual Assistants Market is estimated to reach a value of
USD 969.1 million in 2023, and it is further anticipated to reach a market value of
USD 14,419.2 million by 2032 at a
CAGR of 35.0%. The market has seen significant growth over the past few years and is predicted to grow significantly during the forecasted period as well.
Virtual assistants, also known as AI or digital assistants, are software programs that acknowledge & execute tasks based on natural language voice commands. In the
healthcare sector, they are termed virtual healthcare assistants, improving patient engagement by responding to questions or commands. These agents contribute to streamlining interactions & improving the overall patient experience.
Key Takeaways
- By End User, Provider segment takes the lead in 2023
- By Product, Chatbot segment takes the lead in 2023
- In addition, the Smart Speaker segment is expected to have robust growth over the forecasted period.
- By Technology, Text-to-Speech mode take the lead & drive the market in 2023
- North America has a 39.2% share of revenue in the Global Healthcare Virtual Assistants Market in 2023
Market Dynamic
The healthcare sector deals with challenges like rising healthcare costs, a shortage of skilled healthcare workers, and an aging population. Healthcare virtual assistants play a vital role in reducing these issues by providing quick access to healthcare information, facilitating remote monitoring, & delivering personalized care. The integration of virtual assistants is anticipated to improve healthcare efficiency, reduce expenses by lowering the necessity for in-person visits, & allow customized treatments due to advancements in AI & NLP technology. Further, the ability of virtual assistants to comprehend & use natural language improves the precision of diagnoses & treatment recommendations. In addition, the growing use of wearable technology & IoT in healthcare further drives the need for virtual assistants, allowing remote health monitoring and personalized healthcare advice.
However, challenges regarding data security & privacy, limited patient awareness, and a shortage of skilled professionals for virtual assistant development & oversight may restrain the revenue growth of the market.
Research Scope and Analysis
By Product
The global health intelligent virtual assistant market is categorized by product into chatbots & smart speakers, among which the
chatbots secured the largest revenue share in 2023, as they are in high demand within the healthcare industry, providing valuable assistance to physicians, nurses, & patients through various mediums. Their versatility & capability to operate at different levels contribute to their prevalent use.
Further, the smart speakers segment is expected to have rapid growth throughout the forecast period. Using automated speech recognition technology, these speakers are highly used for medical counseling, acting as therapists for patients dealing with issues like loneliness & depression. Smart speakers separately recognize speech and execute a predefined set of actions, highlighting their potential to enhance patient engagement & mental health support, making them a key driver for the projected growth in this segment.
By Technology
In terms of technology, the healthcare virtual assistants market is categorized into text-to-speech, automatic speech recognition, and text-based systems. The text-to-speech segment dominated in 2023, securing the largest revenue share, which allows computers to comprehend human speech, converting audio into written text for quick content understanding. Advancements in conversation interface, neuro-linguistic programming, AI, & deep learning have significantly in the utility of virtual assistants, with major companies like Amazon & Microsoft influencing these technologies to act as intermediaries between customers, enterprises, & their services.
In addition, the automatic speech recognition segment is expected to quickly growth in the forecast period, which identifies spoken words or alphabets and validates a person's identity. The rise of the adoption of smart speakers & chatbots for
medical counseling, mainly by therapists for patient engagement, contributes significantly to the rising growth of this segment.
By End User
The market segmentation based on end-users includes payers, providers, and other categories. In 2023, providers emerged as the leading revenue contributor, holding the largest market share & anticipated to experience the fastest growth. Providers use virtual assistants for different services, including appointment scheduling, confirmation, reminders, patient follow-ups, & even medical diagnosis help for physicians. The rise in the adoption of electronic health records (EHRs) & the imperative for seamless integration in healthcare systems are driving the demand for health intelligent virtual assistants (IVAs) within the provider segment. IVAs seamlessly integrate with current EHR systems, facilitating quick access to patient information & allowing healthcare providers to make informed decisions during consultations.
Further, the payer segment, aiming for services that improve patient record management, interoperability, & protection, is expected to achieve a notable over the forecast period. Payers play an important role in functions like billing, plan selection, wellness assessments, collections, & enrollment guidance, positioning the payer segment for significant growth in the coming years.
The Healthcare Virtual Assistants Market Report is segmented on the basis of the following:
By Product
By Technology
- Automatic Speech Recognition
- Text-to-Speech
- Text-Based
By End User
Regional Analysis
North America emerged as the leading region in the global healthcare virtual assistants market, securing the largest revenue share at
39.2% in 2023, which is attributed to the widespread adoption of Internet of Things (IoT) technology & the large utilization of smartphones in the region. The shortage of clinicians & physicians, along with the imperative for strong healthcare infrastructure due to population growth, acted as key drivers for the market in countries like the US.
Moreover, the Asia Pacific region is expected to have significant growth in the coming future, where China & India, in particular, are constantly supporting health-intelligent virtual assistants within their healthcare sectors. The growth in population incorporation with a scarcity of skilled healthcare professionals has created a significant need for virtual assistants in the region, making it a place for future market expansion.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The healthcare virtual assistant market is experiencing consistent growth driven by the higher adoption of advanced technologies & a rise in preference for patient-centric care, which is characterized by the active participation of various large & medium-sized players, all together dominating a significant portion of the market revenue.
In November 2022, HealthTap introduced Eval360, an innovative product developed for health plans, which empowers its primary care doctors to conduct virtual medical evaluations, offering a comprehensive 360-degree view of a member's health. Further, it also plays a crucial role in helping health plans to address care gaps & improve risk adjustment. Digitally capturing & sharing structured health data, allows targeted actions by member navigation or population health teams, ultimately focusing on reducing costs and improving health outcomes.
Some of the prominent players in the global Healthcare Virtual Assistants Market are:
- Amazon Web Services (AWS)
- Nuance Communications Inc
- Sensely Inc
- Next IT Corp
- eGain Corp
- Verint Systems
- Healthtap Inc
- ADA Digital Health
- CSS Corp
- Virgin Pulse
- Other Key Players
Recent Developments
- In February 2023, ADA Health & Pfizer announced a partnership, which aims to assist individuals in assessing their eligibility for progression to severe COVID-19, leading them to connect with healthcare providers for evaluation of symptoms & exploration of treatment options. Further, this collaboration utilizes digital tools to enhance accessibility & facilitate informed decisions regarding COVID-19 management.
- In November 2022, East & North Hertfordshire Trust introduced Enquire, an intelligent virtual assistant powered by IBM Watson Assistant on IBM Cloud, which is geared towards helping its HR team in handling inquiries from its 6,500 staff members. Enquire is strategically developed to reduce the administrative workload on HR staff, allowing them to dedicate more time to complex & high-value tasks.
- In April 2023, EVA.ai introduced EVA Bot, its AI Virtual Assistant equipped with an advanced Large Language Model boasting an impressive 6 billion parameters, particularly designed for large organizations, such as prestigious institutions like the UN, EVA Bot focuses on revolutionizing the recruitment & talent management sector. With its advanced communication skills, customized options, & adept question-answering capabilities, EVA Bot stands out as a transformative tool in the industry.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 969.1 Mn |
| Forecast Value (2032) |
USD 14,419.2 Mn |
| CAGR (2023-2032) |
35.0% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Product (Smart Speaker and Chatbot), By
Technology (Automatic Speech Recognition, Text-to-
Speech, and Text-Based), By End User (Payers,
Providers, and Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Amazon Web Services (AWS), Nuance
Communications Inc, Sensely Inc, Next IT Corp, eGain
Corp, Verint System, Healthtap Inc, ADA Digital
Health, CSS Corp, Virgin Pulse, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Healthcare Virtual Assistants Market size is estimated to have a value of USD 969.1 million in
2023 and is expected to reach USD 14,419.2 million by the end of 2032.
North America has the largest market share for the Global Healthcare Virtual Assistants Market with a
share of about 39.2% in 2023.
Some of the major key players in the Global Healthcare Virtual Assistants Market are Amazon Web
Services (AWS), Nuance Communications Inc, Sensely Inc, and many others.
The market is growing at a CAGR of 35.0 percent over the forecasted period.