$1.76 Billion, Healthcare Virtual Assistant Market Growing At CAGR Of 24.7% From 2018 To 2025

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. However, lack of awareness among healthcare professionals and data privacy and security awareness may hamper the growth of this market to a certain extent.

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On the basis of product, chatbot market commanded the largest share of the global healthcare virtual assistants market in 2018. This segment is also expected to grow at a fastest CAGR during the forecast period, mainly due to increasing advancement in natural language processing & machine learning models; rising demand for self-service; increasing availability; low-cost; and high demand in healthcare industry by physicians, nurses, and patients at various levels. Chatbots are primarily a computer program designed for replicating conversation via auditory or textual methods by using artificial intelligence and natural language processing.

On the basis of technology, speech recognition market commanded the largest share of the global market in 2018. This is primarily attributed to certain factors such as less paperwork, reduced time consumption, and improved workflow.

On the basis of end user, providers market dominated the global healthcare virtual assistant market in 2018, owing to the increasing adoption of artificial intelligence by the healthcare professionals to improve the clinical workflow and work efficiency in less time. Healthcare providers mainly include hospitals, clinics, and ambulatory surgical centers. The use of virtual assistants in healthcare provider settings mainly include their applications as patient engagement tools and workflow and administrative automation tools.

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This research report analyzes major geographies and provides comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, and U.K.,), Asia-Pacific (China, India, and Japan), Latin America (Brazil and Mexico), and Middle East & Africa (UAE, Saudi Arabia, and South Africa). North America commanded the largest share of the global healthcare virtual assistants market in 2017, followed by Europe and Asia Pacific.

The major players operating in the global healthcare virtual assistant market are 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 many others.

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

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