Dublin, March 20, 2019 (GLOBE NEWSWIRE) -- The "Healthcare Virtual Assistant 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" report has been added to ResearchAndMarkets.com's offering.
The global healthcare virtual assistant market is expected to grow at a CAGR of 24.7% from 2018 to reach USD 1.7 billion by 2025.
The factors such as increasing adoption of IoT, growing internet connectivity and smartphone devices, increasing focus on patient engagement, shortage of healthcare professionals, and increasing burden of lifestyle diseases, and need of reducing healthcare costs are the major factors driving the growth of the healthcare virtual assistants market. However, lack of awareness among healthcare professionals and data privacy and security awareness may hamper the growth of the market to a certain extent.
Chatbot segment dominated the global healthcare virtual assistants market in 2018, owing to increasing advancement in natural language processing & machine learning models, rising demand for self-service, increasing availability, low-cost, and high demand in the healthcare industry by physicians, nurses, and patients at various levels.
The speech recognition technology market for virtual assistants commanded the largest share of the global market in 2018. The highest share of this segment is primarily attributed to certain factors such as less paperwork, reduced time consumption, and improved workflow.
Based on end user, the providers segment held the major share in 2018. This is primarily attributed to the increasing adoption of artificial intelligence by healthcare professionals to improve the clinical workflow and work efficiency in less time.
North America commanded the largest share of the global healthcare virtual assistants market in 2018, followed by Europe and Asia Pacific. The large share of this region is mainly attributed to the factors such as growing healthcare sector, increasing need to reduce healthcare cost, increasing number of hospitals, and rising demand of the technological advancements by the hospitals. Furthermore, growing competition in the healthcare industry and rising pressure to develop cost-effective procedure is providing growth opportunities for the healthcare virtual assistants market.
Key Topics Covered:
1. Introduction
1.1. Market Definition
1.2. Currency and Limitations
1.3. Key Stakeholders
2. Research Methodology
2.1. Research Process
2.1.1. Secondary Research
2.1.2. Primary Research
2.1.3. Market Size Estimation
3. Executive Summary
3.1. Introduction
3.2. Market Dynamics
3.3. Product Segment Analysis
3.4. Technology Segment Analysis
3.5. End User Segment Analysis
3.6. Regional Analysis
3.7. Competitive Analysis
4. Market Insights
4.1. Market Overview
4.2. Market Dynamics
4.3. Drivers
4.3.1. Increasing Focus on Patient-Centric Care Delivery
4.3.2. Growing Adoption of IOT
4.3.3. Growing Internet Connectivity and Smartphone Devices
4.3.4. Increasing Focus on Patient Engagement
4.3.5. Shortage of Healthcare Professionals
4.3.6. Increasing Burden of Lifestyle Diseases and Need of Reducing Healthcare Costs
4.4. Challenges
4.4.1. Lack of Awareness Among Healthcare Professionals
4.4.2. Data Privacy and Security Concerns
4.5. Opportunities
4.5.1. Significant Growth Opportunities in Emerging Countries
4.6. Trend
4.6.1. Rising Integration of Artificial Intelligence in Healthcare
5. Global Healthcare Virtual Assistants Market Size, by Product
5.1. Overview
5.2. Chatbots
5.3. Smart Speakers
6. Global Healthcare Virtual Assistants Market Size, by Technology
6.1. Overview
6.2. Speech Recognition
6.3. Text Based
6.4. Text To Speech
7. Global Healthcare Virtual Assistants Market Size, by End User
7.1. Overview
7.2. Providers
7.3. Payers
7.4. Other End Users
8. Geographic Analysis
8.1. Overview
8.2. North America
8.2.1. U.S.
8.2.2. Canada
8.3. Europe
8.3.1. Germany
8.3.2. U.K.
8.3.3. France
8.3.4. Rest of Europe (RoE)
8.4. Asia Pacific
8.4.1. China
8.4.2. Japan
8.4.3. Rest of Asia Pacific (RoAPAC)
8.5. Latin America
8.6. Middle East and Africa
9. Competitive Landscape
9.1. Overview
9.2. Inorganic Growth Strategies
9.2.1. Agreements, Collaborations, Partnerships, and Joint Ventures
9.2.2. Acquisitions
9.3. Organic Growth Strategies
9.3.1. Product and Service Launches
9.3.2. Expansions
9.4. Market Positioning/Ranking
9.5. Performance of the Key Players
9.5.1. Nuance Communications
9.5.2. Microsoft Corporation
9.5.3. Egain
9.5.4. Welltok, Inc.
10. Company Profiles
10.1. Microsoft Corporation
10.2. Nuance Communications, Inc.
10.3. Next IT Corp.
10.4. MedRespond
10.5. Welltok, Inc.
10.6. CSS Corp
10.7. eGain
10.8. Kognito
10.9. idAvatars
10.10. True Image Interactive, Inc.
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