Healthcare Virtual Assistant Market Size To Reach USD 2.83 Billion By 2027 – Top Key Players Amazon, eGain Corporation, Nuance Communications Inc.

The rising integration of artificial intelligence in healthcare, growing demand to improve healthcare facilities and increasing funding for improvement in operating rooms by the government and other organizations are expected to be some major drivers for the market.

According to the current analysis of Reports and Data, the Healthcare Virtual Assistant market was valued at USD 397.2 million in 2019 and is expected to reach USD 2830.1 million by the year 2027, at a CAGR of 27.2%. Virtual assistant devices take care of patients needs and keep as well as record the health condition of the patient; and therefore are widely used in surgical interventions and assist the doctors in the operating rooms. Voice technology is significantly used in various digital assistants. It exploits embedded analytics aa well as designed smart workflows which produces dynamic responses. A virtual assistant can be of a multiple use such as organizing huge data avoiding paperwork, provide online billing services, provide continuous patient monitoring and various other applications.

The rising number of smartphone users across the globe is expected to be a major industry driver. Also, the growing use of mobile applications may contribute to the growth of the industry in the forecast period. The growing need to improve the healthcare expenditure and rising technological advancements in various regions may propel the market widely in the future. Furthermore, the increasing conditions of chronic diseases such as diabetes, cardiac diseases and others may trigger the industry in the future.

Various technological tools such as voice technology and multi-language support may produce growth opportunities for new entrants in the market. The high cost of virtual assistants could be a major factor hampering the growth of the market.

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Market Dynamics:

Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.

Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2028.

Competitive Outlook:

The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.

This report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts.

Further key findings from the report suggest

• Various innovative systems are being launched into the industry that may propel the market in the future. For instance, in November 2019, Orbita which is a leading provider of healthcare artificial intelligence platform announced the launch of its product called OrbitaASSIST. The product is an award winning, AI-driven virtual assistant which is capable of directing the basic needs of the patient to the nurse of caretakers.

• Virtual healthcare assistant deployment at a larger scale is focus area for the existing market players. In May 2020, Infermedica, a Polish start-up company collaborated with the global leader Microsoft thus enabling medical organizations to form and deploy virtual healthcare assistants at a larger scale with the Microsoft Healthcare Bot. The tool powered by Infermedica’s technology aids in reducing the access load on healthcare systems used by several leading health organizations including Premera Blue Cross and Aurora Health Care.

• Several inorganic growth strategies are prevalent in the industry, aimed to enhance the market position. In line with this, in January 2019, MEDITECH, a leading provider of Electronic Health Record (HER) solutions collaborated with Nuance Communication Inc., for integration of Nuance’s Dragon Medical Virtual Assistant with MEDITECH’s EHR solution Expanse. The integrated virtual assistant-enabled workflows will allow physicians to work efficiently and focus more on the patient experience.

• Product launches remains a key strategy to expand the Healthcare Virtual Assistant capabilities and features. In 2018, Nuance launched a product Dragon Medical One, which is a cloud-based speech recognition platform which capture the patient’s entire condition at the point of care efficiently and quickly.

• Startups and emerging companies are engaged in product innovations. For instance, in 2018, UCB, a biopharmaceutical company in collaboration with Verint system introduced a UCB’s PD Coach App which was patented and conversational virtual health.

• Based on geography, North American segment occupied the largest share followed by Europe. The North American industry is primarily driven by the growing technological advancements in the region and increased government funding. The Asia Pacific region is expected to be the fastest growing segment owing to the rising healthcare setups in the region.

• Key participants in the market include Amazon, eGain Corporation, Nuance Communications Inc., Infermedica, Sensly, Kognito Solutions LLC, Verint Systems Inc, HealthTap Inc., Microsoft, and Babylon Healthcare Services Ltd.

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For the purpose of this report, Reports and Data has segmented the Healthcare Virtual Assistant market on the basis of product, user interface, end use and region:

By Product Outlook (Revenue in Million USD; 2017–2027)

• Smart Speakers
• Chatbots

By User Interface Outlook (Revenue in Million USD; 2017–2027)

• Automatic Speech Recognition
• Text-based
• Text-to-speech
• Others

By End Use Outlook (Revenue in Million USD; 2017–2027)

• Healthcare Providers
• Patients
• Healthcare Payers
• Others

Regional Outlook (Revenue in Million USD; 2017–2027)

• North America
o U.S
o Canada
• Europe
o Germany
o France
o UK
o Spain
o Italy
o Rest of the Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia-Pacific
• Middle East & Africa
o Latin America

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