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Health Intelligent Virtual Assistant Market By Product (Chatbot, Smart Speakers) By Technology, By End User - Global Industry Outlook, Key Companies (CSS Corp, eGain Corp, Microsoft Corp and others), Trends and Forecast 2023-2032

Published on : October-2023  Report Code : RC-506  Pages Count : 254  Report Format : PDF
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Market Overview

The Global Health Intelligent Virtual Assistant Market is expected to reach a value of USD 1,242.2 million in 2023, and it is further anticipated to reach a market value of USD 20,901.0 million by 2032 at a CAGR of 36.8%. The market has seen a significant increase in the recent past and is predicted to grow significantly during the forecasted period as well.
 
Health Intelligent Virtual Assistant Market Growth Analysis

An Intelligent Virtual Assistant (IVA) is an advanced software application designed to provide human-like interactions and support. IVAs harness the power of artificial intelligence (AI) & natural language processing (NLP) to skillfully comprehend & respond to user inquiries or directives. Like that the health intelligent virtual assistant works in the field of healthcare providing assistance & support to the healthcare worker and patient.

As per who The 2024 edition assesses over 50 health-related indicators aligned with the Sustainable Development Goals and the WHO’s Thirteenth General Programme of Work. This comprehensive review sheds light on global health trends and progress across various sectors.

It also emphasizes key findings from the Global Health Estimates 2021, particularly the effects of the COVID-19 pandemic on life expectancy and healthy life expectancy.

As consumers seek convenient healthcare support on demand, the use of health-intelligent virtual assistants has skyrocketed. These AI-driven assistants offer patients personalized advice, appointment scheduling, and symptom analysis - making healthcare more accessible. Hospitals, insurance companies, and wellness platforms have adopted such technologies to optimize service delivery.

The Health Intelligent Virtual Assistant Market is set to feature prominently in upcoming industry conferences, such as the AI in Healthcare Summit and the Health Tech Innovation Conference. These events will showcase advancements in AI-driven virtual assistants, focusing on improving patient care, streamlining healthcare services, and enhancing personalized treatment through virtual healthcare support solutions.
 
Opportunities in this market are vast, particularly in terms of telemedicine and chronic disease management. Virtual assistants offer an important solution for remote monitoring and management of conditions like diabetes or hypertension; moreover, the integration of virtual assistants with wearable devices presents exciting growth potential for tech companies and healthcare providers alike.
 
Recent developments in the Health Intelligent Virtual Assistant market show significant expansion, with AI-powered solutions becoming an integral part of patient care. Companies are using these assistants for personalized healthcare, appointment management, and symptom tracking; increasing adoption of telemedicine and remote patient monitoring is driving market expansion while stimulating innovation within this sector

Market Dynamic

Various organizations are looking back at their user experience strategies & implementing patient engagement solutions as a means to increase revenue & enhance patient satisfaction, thereby expected to prompt growth in the global market. Moreover, healthcare institutions are using virtual assistant solutions to enhance patient services, consisting of personalized offerings such as medication reminders. 

Artificial intelligence incorporated in these virtual assistants plays a major role in reducing the impact of fast-spreading diseases like Ebola and swine Flu by suggesting precautionary measures for common infections such as HIV, malaria, & tuberculosis. With ongoing technological development, the importance of AI-driven Medical Virtual Assistants (MVAs) is on the growth, mainly with the growing adoption of automation and automatic Speech Recognition (ASR) technologies within the healthcare sector.

In addition, as digital transformation initiatives grow, advancements in products & services are anticipated to gain momentum. With a growing number of proof-of-concept studies conducted across different healthcare domains & an expanding adoption of virtual assistants, the demand for ASR technology is expected to see significant growth throughout the forecast period.

Research Scope and Analysis

By Product

The global health intelligent virtual assistant market is classified by product into chatbots & smart speakers, with the chatbot segment dominating & accounting for the largest share of revenue in 2023. Chatbots are in high demand within the healthcare industry, helping physicians, nurses, & patients via text, speech, or audio interfaces. Moreover, chatbots such as Florence, Sensely, Safedrugbot, Izzy, Babylon Health, & Buoy Health are broadly deployed in hospitals globally.

In addition, the smart speakers segment is anticipated to show rapid growth during the forecast period. These devices support automated speech recognition technology, which is mainly prevalent in medical counseling & therapy for patients dealing with loneliness & depression. Smart speakers on their own understand spoken language & execute predefined actions, making them valuable tools in addressing healthcare needs.

By Technology

The market is categorized by technology into automatic speech recognition, text-to-speech, and text-based segments. In 2023, the text-to-speech segment holds the biggest share of revenue, as this technology allows computers to understand human speech, convert audio into written text, & quickly understand its content. 

Advancements in automation, deep learning, neuro-linguistic programming, AI, conversational interfaces, & machine learning have substantially enhanced the use of virtual assistants. In addition, industry leaders like Amazon.com, Inc., Apple Inc., & Google LLC integrate these technologies in their virtual assistant products, serving as intermediaries between customers, businesses, & the services they provide.

Also, the automatic speech recognition segment is anticipated to show the fastest growth throughout the forecast period. This technology is incorporated for word & alphabet recognition along with validating an individual's identity. The segment's boosted growth is fueled by the broad adoption of smart speakers & chatbots, mainly in the field of medical counseling, where therapists use them to improve patient engagement.

Health Intelligent Virtual Assistant Market Technology Analysis

By End User

In terms of end-users, the market is categorized into payers, providers, & other end-users. Among these, the providers' segment gained the biggest share of revenue in 2023 & is anticipated to show rapid growth during the forecast period. Providers deliver a range of services, like appointment scheduling, patient follow-up, reminders, & medical diagnosis assistance for physicians. 

The growth in the adoption of electronic health records (EHRs) & the demand for seamless integration within healthcare systems have prompted a strong need for health intelligent virtual assistants (IVAs) in this segment. IVAs seamlessly merge with existing EHR systems, providing quick access to patient information & empowering healthcare providers to make well-informed decisions during patient consultations.

Further, payers play an important role in maintaining & safeguarding patient records, establishing their security, & providing a range of services such as plan selection, billing, wellness assessments, & enrollment guidance. In addition, the payer segment is expected to notice significant growth during the forecast period, indicating major growth opportunities in the coming years.

The Global Health Intelligent Virtual Assistant Market Report is segmented on the basis of the following:

By Product

  • Chatbot
  • Smart Speakers

By Technology

  • Automated Speech Recognition
  • Text-to-Speech
  • Text-based

By End User

  • Provider
  • Payers
  • Others

Regional Analysis

North America emerges as the leading market, capturing a substantial 39.2% share of total revenues in 2023. This dominance can be said owing to the broad adoption of IoT technology & the large use of smartphones in the region. Furthermore, the need for strong healthcare infrastructure is growing due to a shortage of healthcare professionals & the increasing population, mainly in the United States, thereby driving the regional market's growth.

Also, the Asia Pacific region is anticipated to have more significant growth in the coming years, with countries like China & India proactively adopting health intelligent virtual assistants in their healthcare sectors. The growth in demand for virtual assistants in this region is driven by a rising population & a shortage of qualified medical professionals, including physicians & therapists, highlighting the critical role these AI-driven solutions play in addressing healthcare needs.

Health Intelligent Virtual Assistant Market Regional Analysis

By Region

North America
  • The U.S.
  • Canada

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 global health intelligent virtual assistant market experiences intense competition, with companies constantly opting for strategies like launching innovative products, engaging in strategic acquisitions, & forming partnerships to expand their global presence. 

These tactics allow companies to stay at the lead of the fast-evolving market landscape, encouraging innovation, and making sure that the most effective & comprehensive solutions are available to meet the growing demand for intelligent virtual assistants in the healthcare sector. This competitive dynamic inspires a continuous drive for enhancement and a wider reach within the industry to serve distinct healthcare needs more effectively.

For instance, in March 2023, Royal Philips introduced Philips Virtual Care Management, a flexible suite of solutions & services focused on assisting healthcare providers, systems, employers, & payer groups to develop more meaningful patient connections, regardless of their location. This innovative offering organizes healthcare operations by reducing unnecessary emergency department visits & efficiently managing chronic illnesses, leading to significant cost savings.

Some of the prominent players in the Global Health Intelligent Virtual Assistant Market:
  • CSS Corp
  • eGain Corp
  • Microsoft Corp
  • CodeBaby Corp
  • Medrespond LLC
  • Welltok Inc
  • Virgin Pulse
  • Next IT Solutions
  • Kognito
  • Verint Systems
  • Other Key Players

COVID-19 Pandemic & Recession: Impact on the Global Health Intelligent Virtual Assistant Market:

The Global Health Intelligent Virtual Assistant Market noticed a complex response to the COVID-19 pandemic & the following economic recession. At the start, the pandemic increased the adoption of intelligent virtual assistants in healthcare, as they proved crucial in circulating critical information, answering patient queries, & enabling telehealth consultations. However, as the global economy faced recessionary pressures, healthcare budgets were limited, leading to delays in the implementation of new projects & technologies.

In spite of these challenges, the prolonged growth of the market remains promising. The pandemic showed the importance of advanced healthcare technologies, & the healthcare sector is expected to continue to fund intelligent virtual assistants for tasks such as appointment scheduling, medication reminders, & patient monitoring. Additionally, the post-COVID-19 era has seen growing awareness of the efficiency & cost-saving benefits of AI-driven solutions, further driving the growth of this market.

                                   Report Characteristics
Market Size (2023) USD 1,242.2 Mn
Forecast Value (2032) USD 20,901.0 Mn
CAGR (2023-2032) 36.8%
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 (Chatbot and Smart Speaker), By Technology (Automated Speech Recognition, Text-to- Speech, Text-based), By End User (Provider, Payers 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 CSS Corp, eGain Corp, Microsoft Corp, CodeBaby Corp, Medrespond LLC, Welltok Inc., Virgin Pulse, Next IT Solution, Kognito, Verint Systems, 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

  • How big is the Global Health Intelligent Virtual Assistant Market?

    The Global Health Intelligent Virtual Assistant Market is estimated to reach USD 1,242.2 million in 2023, which is further expected to reach USD 20,901.0 million by 2032.

  • Which region accounted for the largest Global Health Intelligent Virtual Assistant Market?

    North America dominates the Global Health Intelligent Virtual Assistant Market with a share of 39.2% in 2023.

  • Who are the key players in the Global Health Intelligent Virtual Assistant Market?

    Some of the major key players in the Global Health Intelligent Virtual Assistant Market are CSS Corp, Microsoft, eGain Corp, and many others.

  • What is the growth rate in the Global Health Intelligent Virtual Assistant Market?

    The market is growing at a CAGR of 36.8 percent over the forecasted period.

  • Contents

      1.Introduction
        1.1.Objectives of the Study
        1.2.Market Scope
        1.3.Market Definition and Scope
      2.Health Intelligent Virtual Assistant Market Overview
        2.1.Global Health Intelligent Virtual Assistant Market Overview by Type
        2.2.Global Health Intelligent Virtual Assistant Market Overview by Application
      3.Health Intelligent Virtual Assistant Market Dynamics, Opportunity, Regulations, and Trends Analysis
        3.1.Market Dynamics
          3.1.1.Health Intelligent Virtual Assistant Market Drivers
          3.1.2.Health Intelligent Virtual Assistant Market Opportunities
          3.1.3.Health Intelligent Virtual Assistant Market Restraints
          3.1.4.Health Intelligent Virtual Assistant Market Challenges
        3.2.Emerging Trend/Technology
        3.3.PESTLE Analysis
        3.4.PORTER'S Five Forces Analysis
        3.5.Technology Roadmap
        3.6.Opportunity Map Analysis
        3.7.Case Studies
        3.8.Opportunity Orbits
        3.9.Pricing Analysis
        3.10.Ecosystem Analysis
        3.11.Supply/Value Chain Analysis
        3.12.Covid-19 & Recession Impact Analysis
        3.13.Product/Brand Comparison
      4.Global Health Intelligent Virtual Assistant Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by By Product, 2017-2032
        4.1.Global Health Intelligent Virtual Assistant Market Analysis by By Product: Introduction
        4.2.Market Size and Forecast by Region
        4.3.Chatbot
        4.4.Smart Speakers
      5.Global Health Intelligent Virtual Assistant Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by By Technology, 2017-2032
        5.1.Global Health Intelligent Virtual Assistant Market Analysis by By Technology: Introduction
        5.2.Market Size and Forecast by Region
        5.3.Automated Speech Recognition
        5.4.Text-to-Speech
        5.5.Text-based
      6.Global Health Intelligent Virtual Assistant Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by By End User, 2017-2032
        6.1.Global Health Intelligent Virtual Assistant Market Analysis by By End User: Introduction
        6.2.Market Size and Forecast by Region
        6.3.Provider
        6.4.Payers
        6.5.Others
      7.Global Health Intelligent Virtual Assistant Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by Region, 2017-2032
        7.1.North America
          7.1.1.North America Health Intelligent Virtual Assistant Market: Regional Trend Analysis
            7.1.1.1.The US
            7.1.1.2.Canada
        7.2.1.Europe
          7.2.1.Europe Health Intelligent Virtual Assistant Market: Regional Trend Analysis
            7.2.1.1.Germany
            7.2.1.2.France
            7.2.1.3.UK
            7.2.1.4.Russia
            7.2.1.5.Italy
            7.2.1.6.Spain
            7.2.1.7.Nordic
            7.2.1.8.Benelux
            7.2.1.9.Rest of Europe
        7.3.Asia-Pacific
          7.3.1.Asia-Pacific Health Intelligent Virtual Assistant Market: Regional Trend Analysis
            7.3.1.1.China
            7.3.1.2.Japan
            7.3.1.3.South Korea
            7.3.1.4.India
            7.3.1.5.ANZ
            7.3.1.6.ASEAN
            7.3.1.7.Rest of Asia-Pacifc
        7.4.Latin America
          7.4.1.Latin America Health Intelligent Virtual Assistant Market: Regional Trend Analysis
            7.4.1.1.Brazil
            7.4.1.2.Mexico
            7.4.1.3.Argentina
            7.4.1.4.Colombia
            7.4.1.5.Rest of Latin America
        7.5.Middle East and Africa
          7.5.1.Middle East and Africa Health Intelligent Virtual Assistant Market: Regional Trend Analysis
            7.5.1.1.Saudi Arabia
            7.5.1.2.UAE
            7.5.1.3.South Africa
            7.5.1.4.Israel
            7.5.1.5.Egypt
            7.5.1.6.Turkey
            7.5.1.7.Rest of MEA
      8.Global Health Intelligent Virtual Assistant Market Company Evaluation Matrix, Competitive Landscape, Market Share Analysis, and Company Profiles
        8.1.Market Share Analysis
        8.2.Company Profiles
        8.3.CSS Corp
          8.3.1.Company Overview
          8.3.2.Financial Highlights
          8.3.3.Product Portfolio
          8.3.4.SWOT Analysis
          8.3.5.Key Strategies and Developments
        8.4.eGain Corp
          8.4.1.Company Overview
          8.4.2.Financial Highlights
          8.4.3.Product Portfolio
          8.4.4.SWOT Analysis
          8.4.5.Key Strategies and Developments
        8.5.Microsoft Corp
          8.5.1.Company Overview
          8.5.2.Financial Highlights
          8.5.3.Product Portfolio
          8.5.4.SWOT Analysis
          8.5.5.Key Strategies and Developments
        8.6.CodeBaby Corp
          8.6.1.Company Overview
          8.6.2.Financial Highlights
          8.6.3.Product Portfolio
          8.6.4.SWOT Analysis
          8.6.5.Key Strategies and Developments
        8.7.Medrespond LLC
          8.7.1.Company Overview
          8.7.2.Financial Highlights
          8.7.3.Product Portfolio
          8.7.4.SWOT Analysis
          8.7.5.Key Strategies and Developments
        8.8.Welltok Inc
          8.8.1.Company Overview
          8.8.2.Financial Highlights
          8.8.3.Product Portfolio
          8.8.4.SWOT Analysis
          8.8.5.Key Strategies and Developments
        8.9.Virgin Pulse
          8.9.1.Company Overview
          8.9.2.Financial Highlights
          8.9.3.Product Portfolio
          8.9.4.SWOT Analysis
          8.9.5.Key Strategies and Developments
        8.10.Next IT Solutions
          8.10.1.Company Overview
          8.10.2.Financial Highlights
          8.10.3.Product Portfolio
          8.10.4.SWOT Analysis
          8.10.5.Key Strategies and Developments
        8.11.Kognito
          8.11.1.Company Overview
          8.11.2.Financial Highlights
          8.11.3.Product Portfolio
          8.11.4.SWOT Analysis
          8.11.5.Key Strategies and Developments
        8.12.Verint Systems
          8.12.1.Company Overview
          8.12.2.Financial Highlights
          8.12.3.Product Portfolio
          8.12.4.SWOT Analysis
          8.12.5.Key Strategies and Developments
        8.13.Other Key Players
          8.13.1.Company Overview
          8.13.2.Financial Highlights
          8.13.3.Product Portfolio
          8.13.4.SWOT Analysis
          8.13.5.Key Strategies and Developments
      9.Assumptions and Acronyms
      10.Research Methodology
      11.Contact
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