Health Intelligent Virtual Assistant Market size is set to exceed USD 1.6 billion by 2024; according to a new research report by Global Market Insights.
Rising burden of lifestyle diseases coupled with need to lower increasing healthcare cost should boost adoption of health intelligent virtual assistant technology. Use of health intelligent virtual assistant devices helps reduce operational costs and training costs. There is also availability of personalized access and resources to patients that helps to improve overall outcomes for patients that will stimulate market growth during the forecast period.
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Growing healthcare infrastructure in developing economies will drive demand for health intelligent virtual assistant solution. Various companies are focusing on untapped market of Asia-Pacific and Middle East & Africa region due to huge growth opportunities. High Prevalence of pulmonary diseases, presence of large geriatric population base, and rising number of emergency medical conditions will drive health intelligent virtual assistant market.
Speech recognition systems is estimated to reach USD 1,023.6 million by 2024. High growth rate is credited to increasing adoption of intelligent virtual assistant across various healthcare settings. Furthermore, speech recognition technology allows physicians to speak information into a microphone which can be directly entered into the HER, thereby strengthening segmental growth.
Providers segment is expected to grow with CAGR of 37.7% over the forecast period. Providers have skilled, knowledgeable and trained virtual assistants to ensure that support functions like coding and billing are being performed and calls are being answered. The use of virtual assistants to manage physicians schedule helps them to focus more on their core task of delivering quality patient care, thereby driving segmental growth.
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UK health intelligent virtual assistant market will grow at 33.6% CAGR across the projected timeframe. UK witnesses a high penetration of smartphones in the European region propelling the growth of intelligent virtual assistant market. The National Health Services (NHS) encourages patients by providing free health apps to aid in the management of their chronic diseases. Thus, increasing use of smartphones, use of health apps and rise in chronic disease will drive the health intelligent virtual assistant market in UK.
China health intelligent virtual assistant market will reach USD 102.1 million by 2024 owing to Increasing use of smartphone, rise in chronic disease, and increase in usage of health apps. Big data plays vital role in Chinese healthcare. Introduction of novel medical service model and big data in healthcare by 2020 through the partnership with web industry will impede industry growth.
Some of the prominent players involved in health IVA market are CSS Corporation, eGain Corporation, idAvatars, Kognito, MedRespond, Microsoft Corporation, Nuance Communications, True Image Interactive, Inc., Verint systems, and Welltok, Inc. These firms adopt strategic initiatives including new product launch, mergers and acquisitions and geographical expansion. For instance, in December 2017, Verint Systems acquired Next IT. This acquisition will enable company to strengthen its market presence.