Health intelligent virtual assistants are integrated mechanisms from Healthcare IT disciple such as machine learning and artificial intelligence that function in unison to offer strong decision support in clinical decisions and leverages voice recognition, big data Internet of Things (IoT) and natural language processing. These combination of advanced elements of Healthcare IT and various features are the reason the virtual assistants in healthcare have proven to aid physicians and engage with patients. Health intelligent virtual assistant interfaces with users and serve the primary objective that is to respond to the addresses that clients may possess. Client issue addressing by this AI backed software, saves the tedious web search for the patient on website for queries and thus eliminates the waiting period for a customer thereby, providing 24 hour assistance. Additionally, it also aids consumers owing to its capabilities to discover the doctor’s office, book appointments, receive bill payment reminders and fill and refill prescriptions.
COVID – 19 scenario analysis:
- The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
- Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
- Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
- Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
- Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to healthcare IT has been reduced and this segment have to face negligence subsequently causing negative impact on healthcare intelligent virtual assistant market
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Healthcare virtual assistant aids healthcare providers as well as clients with patient engagement, issue addressing and extensive support as well as provide virtual coaching to help patients acquaint with various critical conditions. Integration of AI along with various IT solutions in healthcare applications and growing concentration on patient support activities would augment the demand for virtual assistant in the market. Various organizations are implementing patient support solutions to improve satisfaction thereby paving ways for the organizations to increase revenue and would further help the market to grow.
Rising mobile healthcare technology penetration, innovative features provide by health intelligent virtual assistant, rise in adoption of smartphones and healthcare based apps are prime drivers for the growth of global health intelligent virtual assistant market. Growing utilization of advanced technologies in the medical industry aimed towards simplification of clinical problems associated with healthcare industry and inclination towards usage of internet of things in medical sector would amplify the growth of health intelligent virtual assistant market. Internet of things is useful for medical instruments integration and surveillance for improvising patient satisfaction. Integration of IoT in medical sector would help in expansion of healthcare services and human resources.
Demand to increase the overall productivity and efficiency of the medical space, rise in prominence of client support and patient engagement activities and growing integration of artificial intelligence n healthcare would further propel the growth of this market. Furthermore, efforts taken by various healthcare organizations on development of IT solutions focusing on various functions such as payment reminders, medicine reminders, smooth administration for healthcare facilities and other modified services aiding physicians and patients, would fuel the market growth for health intelligent virtual assistant. Recent advancements in the mobile based healthcare apps and growing requirement for better disease management solutions, and personalization in healthcare services are having a positive impact on this market. Moreover, advanced technical innovations such as Automatic Speech Recognition (ASR) and computer-assisted functioning are other features augmenting the demand in the global market. However, lack of advanced IT infrastructure and skilled technicians in the underdeveloped and developing regions would potentially hamper the growth of this market.
Increasing number of mobile based apps to surge the growth
High competition in the development of smartphone-based health apps resulting into growth in the number of health apps available in the market is one of the prime factors elucidating the growth of the market. For instance, myhealthapps blog data highlights, presence of 325,000 medical, health, and fitness apps in the market as of 2017. Health apps are gaining extensive popularity pertaining effective communication among patients residing in remote areas, extensive client support over various issues, self-health monitoring and novel suggestions during clinical decision making regarding owns health. Moreover, the usage of mobile devices is rising among physicians and clinicians. According to HIMSS Mobile Technology Survey, in 2015, the survey respondents using mobile devices for patient engagement was almost 90%. Further, the same survey revealed that 40% of physicians believed the number of visits to the physician’s offices can be reduced with the use of mHealth. Thus, growing ventures in mobile health development and rising importance of mobile devices and digital health for improving healthcare, diseases management and enhancing patient satisfaction would fuel the market growth.
For instance, virtual assistant enabled apps in healthcare also contributes in reduction of overall rate of patients affected due to chronic diseases such as Ebola, Swine Flu and others. The health intelligent virtual assistant integrated apps also aids in offering clinical information related to various disease like Tuberculosis, malaria, HIV and others.
North American region dominates the market
North America is expected to lead the health intelligent virtual assistant market throughout. The dominance is due to factors like rise in the usage of smart phones, rise in use of health mobile apps, and higher adoption of technology in the region is propelling the market in the United States. Recent advances in telecommunication technology, rising prevalence of chronic ailments and supportive government initiatives coupled high per-capita income will boost the industry growth. Drastic rise in healthcare expenditure, availability of a well-developed infrastructure and presence of major industry are the other factors fostering the market in the near future.
Key benefits of the report:
- This study presents the analytical depiction of the global health intelligent virtual assistant market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global health intelligent virtual assistant market share.
- The current market is quantitatively analyzed to highlight the global health intelligent virtual assistant market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global health intelligent virtual assistant market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Health intelligent virtual assistant Market research report:
- What are the leading market players active in the health intelligent virtual assistant market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Health Intelligent Virtual Assistant Market Report Highlights
By End User
Key Market Players
Nuance Communications, Verint systems, Kognito, MedRespond, True Image Interactive Inc, nextIT Corporation, eGain Corporation, CSS Corporation, Microsoft Corporation, Welltok Inc.