Health Intelligent Virtual Assistant Market (Updated Version Available)

Key Market Overview:

The Health Intelligent Virtual Assistant market is anticipated to grow at a CAGR of 30.67% during the period from 2024 to 2032, with a market size of USD 677.93 billion in 2022. By 2032, the market is projected to reach USD 5763.82 billion. This growth can be attributed to the increasing adoption of AI-based virtual assistants in healthcare for tasks such as patient engagement, monitoring, and disease management.

A Health Intelligent Virtual Assistant is an AI-powered software program designed to assist healthcare providers and patients in managing and improving healthcare. Health virtual assistants use natural language processing (NLP) and machine learning algorithms to understand and respond to user requests, queries and commands conversationally. Additionally, health-intelligent virtual assistants perform a wide range of tasks, such as scheduling appointments, providing medication reminders, and offering personalized health advice based on a patients symptoms.
Health Intelligent Virtual Assistants help to improve patient engagement and provide personalized healthcare based on the patient\\\'s medical history, symptoms, and preferences, driving the growth of the market. Additionally, health-intelligent virtual assistants deliver personalized care by using machine learning algorithms to analyze patient data and provide essential health advice and recommendations. For instance, in October 2022, AtlantiCare implemented Orbitas healthcare virtual assistants to enhance access to care for patients. The virtual assistants use natural language processing and machine learning to provide patients with personalized health advice, reminders, and access to medical information.

Health Intelligent Virtual Assistant Report Coverage:

Report Attributes	Report Details
Study Timeline	2017-2032
Market Size in 2032 (USD Billion)	USD 5763.82 Billion
CAGR (2023-2032)	30.67 %
Base Year	2022
By Product	Chatbots, Smart Speakers, and Mobile-based apps
By Technology	Automatic Speech Recognition, Text to Speech, and Voice Recognition
By End-User	Healthcare Providers and Players
By Geography	Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru]
Key Players	Medical Information Technology, Inc., 3M Health Information Systems, Inc., Nuance Communications, Inc., CodeBaby Corporation, eGain Corporation, Kognito, Microsoft Corporation, MedRespond, CSS Corporation, Next IT Corporation

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Market Dynamics:

Driver:

The increasing adoption of mobile-based apps among patients is driving the growth of the health-intelligent virtual assistant\\\'s market. Mobile-based apps are used to keep a track of patient\\\'s health, manage their medical conditions, and communicate with healthcare providers. The integration of health-intelligent virtual assistants with mobile apps provides patients with personalized health advice, reminders, and support, enhancing patient engagement and improving healthcare outcomes. Additionally, mobile-based apps are used to automate routine healthcare tasks, such as appointment scheduling, medication reminders, and monitoring of vital signs. Health Intelligent Virtual Assistants integrated with such apps provide patients with virtual support and guidance, reducing the workload of healthcare providers and improving the overall efficiency of healthcare delivery. For instance, virtual assistant enables apps such as Ada Health, Buoy Health, and K Health contributes to reducing the overall rates of patients affected by chronic disorders.

Restraint:

Since the health intelligent virtual assistants functions by using machine learning algorithms to analyze patient data, the information provided by the virtual assistant is not always accurate. The accuracy of the information provided by the virtual assistant is directly related to the safety and effectiveness of patient care. Inaccurate or incorrect information provided by the virtual assistant results in incorrect diagnoses, treatments, or recommendations that leads to serious consequences for patients. For instance, if a health virtual assistant provides a wrong diagnosis or treatment plan, the outcomes are deteriorating or even fatal. Similarly, inaccurate information leads to misinterpretation of lab results or incorrect medication dosages, resulting in further harm to the patient and hindering market growth.

Opportunities:

Health intelligent virtual assistants (IVA) are expected to play a significant role in the future of the healthcare industry. Health IVA is projected to monitor patients health remotely and alert healthcare providers about potential health issues. Such kind of monitoring is predicted to identify and treat health conditions early, reducing the need for hospitalization and improving patient outcomes.

Health Intelligent Virtual Assistant Market Competitive Landscape:

The health intelligent virtual assistant market is highly competitive and characterized by the presence of numerous players. The companies are focused on developing innovative virtual assistant solutions for the healthcare industry and are expected to continue to play a major role in shaping the market in the years to come. Crucial players are:-

• Medical Information Technology, Inc.
• 3M Health Information Systems, Inc.
• Nuance Communications, Inc.
• CodeBaby Corporation
• eGain Corporation
• Kognito
• Microsoft Corporation
• MedRespond
• CSS Corporation
• Next IT Corporation

Recent Developments:

• In September 2020, MEDITECH announced the launch of its Expanse Virtual Assistant, a conversational AI-powered virtual assistant for healthcare providers. The virtual assistant was developed through a strategic collaboration with Nuance Communications, a leading provider of conversational AI solutions.

• In August 2020, 3M Health Information System launched M Modal virtual assistant technology. The technology leverages natural language processing (NLP) and artificial intelligence (AI) to allow clinicians to complete clinical documentation tasks using voice commands.

Health Intelligent Virtual Assistant Market Segmentation:



By Type

The product segment is classified into chatbots, smart speakers, and mobile-based apps. Chatbots dominate the market as chatbots are easily programmed to operate 24/7 without the need for human intervention hence becoming, more accessible to users. Additionally, chatbots handle multiple requests simultaneously, offering higher efficiency as compared to human agents who handle one request at a time. Moreover, chatbots are programmed to personalize the user experience by collecting data on user preferences and behaviors to build stronger relationships with users.
Smart speakers are expected to register the fastest compound annual growth rate as smart speakers offer a voice-first interface, allowing users to interact with the device without the need for a screen or keyboard. Also, smart speakers perform multiple functions, such as playing music, setting alarms, answering questions, and controlling smart home devices offering versatility and driving market growth. Moreover, smart speakers are constantly evolving, with advances in natural language processing (NLP), machine learning, and artificial intelligence (AI) technology improving the capabilities and enhancing the user experience. For instance, in June 2022, according to the latest Smart Audio Report from NPR, around 35% of Americans own at least one smart speaker and the majority of Americans own Alexa. Since Amazon first introduced the Echo, it has become popular in the United States and continues to challenge other top competitors.

By Technology

The technology is trifurcated into automatic speech recognition (ASR), text-to-speech (TTS), and voice recognition. The text to speech technology dominates the market as TTS technology is accessible to a wider range of users, including people with visual impairments and dyslexia. Additionally, TTS technology allows for the automation of various tasks, such as generating voiceovers for videos or creating podcasts to save time and reduce costs for businesses.
Automatic speech recognition is anticipated to witness the fastest CAGR as ASR technology supports multiple languages which are important for businesses and organizations that operate globally. The multilingual feature allows for greater accessibility and improved customer experience for users who speak different languages. Additionally, ASR technology is easy to integrate into existing systems, such as mobile apps, websites, and call center platforms, becoming an attractive option for businesses to enhance the customer service capabilities. For instance, in June 2022, Athenahealt launched a new voice-driven technology designed to help reduce clinician burnout. The technology, called Athenas voice, allows clinicians to use voice commands to complete EHR documentation and other administrative tasks, freeing up more time for patient care.

By End-User

The end-user segment is bifurcated into healthcare providers and players. Healthcare providers dominate the market and include hospitals, clinics, and individual practitioners. Healthcare providers have the knowledge and expertise necessary to diagnose and treat illnesses and injuries, becoming an essential part of the healthcare system. Furthermore, healthcare providers integrate health intelligent virtual assistants with electronic health record (EHR) systems to provide more accurate and comprehensive patient data. The integration leads to better diagnoses and treatment plans driving the health intelligent virtual assistants market.
The players are projected to witness the fastest CAGR in the health intelligent virtual assistants\\\' market during the forecast period. Payers provide a range of services that help to improve interoperability and ensure the protection of patient records. The services include functions such as plan selection, billing and collections, wellness assessments, and enrollment guidance. By offering such services, payers are expected to enhance the overall quality of healthcare and promote better patient outcomes. For instance, in August 2021, Philips and Orbita launched a cloud-based, AI-powered virtual assistant for the healthcare industry. The virtual assistant is designed to enhance patient engagement and streamline care management. The platform leverages natural language processing (NLP) and machine learning algorithms to provide patients with personalized guidance and support.

By Region

North America dominates the market owing to the presence of key market players including Sensely Inc., Next IT Corp., eGain Corporation, and Microsoft Corporation which invest heavily to strengthen the market position. The major companies apply strategic partnerships, collaborations, and acquisitions to strengthen the market position thereby, contributing to the growth of the regional market.



Asia-Pacific is expected to register the fastest CAGR owing to the growing healthcare industry, which is driving demand for health intelligent virtual assistants. The region encompasses many leading healthcare providers, payers, and technology companies, which are investing to improve patient care and outcomes. Additionally, the increasing adoption rate of smartphones and smart speakers, which are key platforms for health intelligent virtual assistants is also fueling the market growth.