Top 10 Key Companies in Healthcare Virtual Assistant Market | Growing internet connectivity and smart phone devices fuel the growth of this Market

Meticulous Research®– leading global market research company published a research report titled “Healthcare Virtual Assistants Market by Product (Chatbot and Smart Speaker), Technology (Speech Recognition, Text-to-Speech, and Text Based), End User (Providers, Payers, and Other End User), and Geography–Global Forecast to 2025”.

Healthcare Virtual Assistant Market

According to this latest publication from Meticulous Research®, the global healthcare virtual assistants 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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Growing internet connectivity and smart phone devices fuel the growth of the global healthcare virtual assistant market

Rising internet connectivity and the growing adoption of smartphones and mobile platforms play a key role in ensuring the adoption and use of chatbots. This has ensured growing number of consumers to access healthcare services, and also greatly broadened the reach of said services. According to data published by Anthem Insurance Companies, Inc., in May 2017, around 52% of the smartphone users gather health information using mobile apps; 26% of doctors say apps are the most effective ways to engage with patients, and nearly 93% of doctors believe mobile apps can improve outcomes of care delivery. Smart devices equipped with advanced technologies such as virtual assistants can enable critical communications among different stakeholders in the healthcare industry, including doctor-patient interactions. Thus, an increasing use of smartphones among patients and among medical professionals is expected to assist the growth of the Virtual assistant market in the healthcare industry.

Rising integration of artificial intelligence in healthcare is influencing the market growth

Artificial intelligence (AI) in healthcare is primarily the use of algorithms and software to provide the analysis for the complex medical data without direct human input. Recent advancement in the AI technologies accelerated the progress in an extensive range of Natural Language Processing (NLP) applications for healthcare, including digital assistants for healthcare professionals, services for patients, and digital scribes to streamline the documentation process. With this, healthcare professionals are increasingly exploring the potential of AI technology for various applications to accelerate and improve operational and clinical workflows in the healthcare systems. According to a report from CB Insights (2016), almost 86% of healthcare providers, life science companies, and technology vendors to healthcare are currently using the AI technology.

Top 10 Key Companies in Healthcare Virtual Assistant Market @ https://meticulousblog.org/top-10-companies-in-healthcare-virtual-assistants-market/

Key findings in the global healthcare virtual assistant market study:

Chatbot dominates the global healthcare Virtual assistant market

The chatbot segment held the major market share in 2018. The highest share of the segment is primarily attributed 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.

Speech recognition to witness largest demand through 2025

The speech recognition segment is expected to grow with a highest CAGR in the global healthcare Virtual assistant market . This is owing to certain factors such as less paperwork, reduced time consumption, and improved workflow.

Providers segment dominates the market in 2018

The providers segment is expected to grow at a significant CAGR during the forecast period. The growth of this segment is owing to the increasing adoption of artificial intelligence by the healthcare professionals to improve the clinical workflow and work efficiency in less time.

North America is the largest and Asia Pacific the fastest growing regional market

North America commanded the highest share in the global healthcare Virtual assistant market  in 2018, followed by Europe and Asia Pacific. The highest share of North American region in the virtual assistant market is primarily attributed to the growing healthcare sector, increasing need to reduce healthcare cost, rising demand of the technological advancements by the healthcare facilities, and growing demand of the healthcare industry to maintain a balance between the patient engagement and clinical workflow.

Asia Pacific is expected to be the fastest growing region with countries such as India and China being the largest contributors to the growth of the market due to the factors such as cheap labor, low production cost, and increasing awareness of virtual assistant solution among the consumers. Additionally, growing R&D investments and rising healthcare infrastructure are expected to equally influence the overall growth of the healthcare Virtual assistant market  during the forecast period.

Healthcare Virtual Assistant Market Key Players

The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2015-2018). The key players profiled in the global healthcare virtual assistant market research report 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. (US) among others.

Browse full report with detailed TOC and list of figures and tables:https://www.meticulousresearch.com/product/healthcare-virtual-assistant-market/

Key questions answered in Healthcare Virtual Assistant Market report:

Providers accounted for the largest share of the healthcare virtual assistant market

• What factors are contributing to the frequent usage of healthcare virtual assistants by healthcare providers?

• How does the penetration of healthcare virtual assistant in providers differ from other end users?

North America favors both global and local manufacturers that compete in multiple segments

• Who are the top competitors in this market and what strategies do they employ to gain shares?
• Which market segments have the most potential for revenue expansion over the forecast period?
• What strategies should new companies looking to enter this market use to compete effectively
• What are the major drivers, opportunities, trends, and challenges in the healthcare virtual assistant market?
• What are the geographical trends and high growth regions/countries?

Recent partnerships, acquisitions, and expansions have taken place in the global healthcare virtual assistant market

• Which companies have recently merged/acquired and how will these unions affect the competitive landscape of the healthcare virtual assistant market?
• Which companies have created partnerships and how will these partnerships promote a competitive advantage?
• Who are the major players in the global healthcare virtual assistant market and what share of the market do they hold?
• hat are the local emerging players in the global healthcare virtual assistant market and how do they compete with the global players?

Read Latest Updates of this Market here: http://www.globenewswire.com/news-release/2019/08/21/1904989/0/en/Healthcare-Virtual-Assistants-Market-worth-1-76-billion-by-2025-Exclusive-Report-by-Meticulous-Research.html

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