The healthcare virtual assistants market is projected to reach USD 1,729 million by 2024 from USD 391 million in 2019, at a CAGR of 34.6%. Growth in this market is driven by the growing number of smartphone users and the increasing use of healthcare applications, the growing demand for quality healthcare delivery, and the rising prevalence of chronic disorders. The increasing focus on developing conversational virtual assistant tools and multi-language support in healthcare virtual assistant tools are also expected to provide growth opportunities for players in the market. On the other hand, the lack of structured data in the healthcare industry and concerns regarding data privacy are expected to limit market growth in the coming years.
Players in the global healthcare virtual assistants market such as Nuance Communications Inc. (US), Microsoft (US), Amazon (US), Infermedica (Poland), Sensly (US), eGain Corporation (US), Kognito Solutions LLC (US), Verint Systems Inc. (US), HealthTap Inc. (US), and Babylon Healthcare Services Ltd (UK) are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies, such as product launches, expansions, agreements, collaborations, and acquisitions.
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Nuance Communications is the leading player in the healthcare virtual assistants market. The company offers solutions and services to more than 500,000 clinics and 10,000 healthcare facilities worldwide to improve patient care and support clinical workflow. The products offered by Nuance help healthcare providers to enhance interactions between clinicians and patients, thus improving patient experience and reducing physician burnout. Nuance Communications has a strong presence in the US, Australia, Austria, Belgium, Brazil, Canada, China, Germany, Hungary, India, Ireland, Italy, Japan, and the UK. Approximately 70% of its revenue is generated from the North American region, but European markets such as Germany, the UK, France, Italy, and Belgium also offer lucrative growth opportunities for the company.
Amazon accounted for the second-largest share of the healthcare virtual assistants market in 2018. Amazon is among the market leaders in designing and manufacturing advanced integrated digital technology platforms. The company has a robust market presence and invests significantly in R&D, which has resulted in its strong position in the virtual assistants market. The company’s continuous innovation and forward focus have allowed it to stay ahead of its competitors. As a result, Intel launched a few products catering to the virtual assistants market. After the introduction of Echo, the company started introducing new versions of Echo inbuilt with Alexa.
Verint Systems is the third largest player in the global healthcare virtual assistants market. The company majorly focuses on organic growth strategies and introducing innovative products in the market. The company has significantly increased its R&D spending over the years. The company also focuses on acquiring emerging players in order to strengthen its virtual assistant product portfolio. For instance, in 2017, Verint Systems acquired Next IT Corporation and its affiliate Next IT Innovation Labs, LLC, a developer of conversational AI-powered intelligent virtual assistants, for USD 30 million.
Healthcare Virtual Assistants Market by Product (Chatbots, Smart Speakers), User Interface (Automatic Speech Recognition, Text Based, Text-to-Speech Based), End User (Healthcare Providers, Patients, Healthcare Payers) - Global Forecast to 2024
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