Health Intelligent Virtual Assistant Market to touch $1.5bn by 2024

Selbyville, DE -- (SBWire) -- 12/27/2018 --The Health Intelligent Virtual Assistant Market is set to exceed USD 1.5 billion by 2024; according to a new research study published by Global Market Insights, Inc.

Rising smartphone users worldwide coupled with increasing use of health apps and growing popularity of internet of things is set to drive health intelligent virtual assistant market growth. Mobile healthcare technology has gained immense popularity among populations all over the globe. The increased adoption of heath apps demonstrates the shift in trend in patient care; wherein service over mobile devices is being preferred over visiting the physicians.

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Mounting burden of lifestyle diseases coupled with increasing need to reduce healthcare costs should boost industry growth. U.S. health care spending has increased by 5.8 percent to reach $3.2 trillion in 2015. The use of health IVA devices should reduce operational costs, training cost and help improve overall patient health outcomes. Technological advances facilitating information sharing and improved compliance to HIPAA confidentiality standards for protection of patient data will accelerate business growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

- Welltok, Inc.
- True Image Interactive
- Kognito
- CodeBaby is now iDAvatars (IDA)
- MedRespond
- CSS International Corporation
- Microsoft
- Nuance Communications
- eGain Corporation
- Next IT

Speech recognition grabbed over 60% of health intelligent virtual assistant market share in 2015, with expectations to witness more than 32% CAGR over the forecast years. Speech recognition technology is becoming increasing popular due to rising penetration of smartphones. Enhanced speech recognition application in EHR allows physicians to be more productive and efficient.

Text-to-Speech technology is anticipated to exceed USD 460 million by 2024, witnessing more than 30% CAGR over the coming years. High quality speech output at optimal cost enables quick, efficient and effective medical communication.

Providers held the largest industry revenue share with its value slated to reach USD 820 million by 2024. The use of intelligent virtual assistant devices in the hospitals is driven by improved physician efficiency and patient care.

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In majority of large hospitals, where there are a number of emergency transfers to large ICU settings, the physicians face huge challenge of rapid accurate order entries and medication, which is taken care of by use of intelligent virtual assistants. The provider market is set to exceed USD 810 million by 2024.

U.S. health intelligent virtual assistant market accounted for the largest regional industry share in 2016. Wide spread adoption of healthcare IT, technologies for effective healthcare system and increasing smartphone users in the U.S. will stimulate industry growth.

UK held considerable regional health intelligent virtual assistant market share in 2016 owing to adoption of advanced healthcare technologies. Rising penetration of the internet of things coupled with increasing regulation act related to communication and data should drive business growth in coming years.

Health Intelligent Virtual Assistant Market by Technology
- Speech recognition
- Text-to-Speech
- Voice recognition
Health Intelligent Virtual Assistant Market by End User
- Payer
- Provider