Health Intelligent Virtual Assistant (IVA) Market by Technology, Product, and Geography - Forecast and Analysis 2023-2027

The health intelligent virtual assistant (IVA) market size is estimated to grow at a CAGR of 39.76% between 2022 and 2027. The market size is forecast to increase by USD 4,396.38 million. The growth of the market depends on several factors, including an increasing focus on digitization in healthcare, growing demand for healthcare services, and rising smartphone users coupled with increasing usage of healthcare applications. 

This health intelligent virtual assistant market report extensively covers market segmentation by technology (speech recognition, text-to-speech, and voice recognition), product (chatbots and smart speakers), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Health Intelligent Virtual Assistant Market During the Forecast Period?

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Health Intelligent Virtual Assistant Market: Key Drivers, Trends, Challenges, and Customer Landscape

The growing demand for healthcare services is notably driving the market growth, although factors such as a lack of skilled workforce may impede the market growth. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Health Intelligent Virtual Assistant Market Driver

The growing demand for healthcare services is notably driving health IVA  market growth. The rise in the aging population across the world and the global increase in disposable incomes are two prominent factors accelerating the adoption of modern healthcare services. In addition, the incidence of chronic diseases and the need for improved levels of medical assistance are on the rise. There is a dire need for more healthcare services as well as personnel to deal with the growing number of patients effectively. This has led to the advent of new mobile applications and systems that deploy virtual assistants in the healthcare industry.

The current levels of staffing across the healthcare sector won't be enough to handle the anticipated high patient influx during the forecast period. It is anticipated that the number of patients will be so great that it will be impossible to monitor them manually and offer them effective services. As a result, a major factor promoting the adoption of new and improved technologies in the sector is the lack of skilled workers in the healthcare industry. In an effort to reduce human effort, achieve operational efficiencies, and enhance the overall quality of services across the entire industry, the growing demand for healthcare services will spur an increase in the use of health intelligent virtual assistants in the healthcare sector.  Such factors are anticipated to drive the growth of the health IVA  market during the forecast period.

Significant Health Intelligent Virtual Assistant Market Trends

Increasing M&A, partnership, and collaboration is an emerging trend in the market. The market for intelligent virtual assistants in global health is highly competitive among the current vendors. As a result, they are selecting strategic alliances and acquisitions with market players like software, technology, and platform providers. Strategic alliances and purchases give vendors access to technological know-how and assist in product development and geographic expansion. The ability to explore new markets for their goods and services and to sell them to a large customer base is another benefit of these collaborations for vendors.

For instance, Ada Health and Pfizer worked together to launch a nationwide COVID-19 Care Journey that was run by Ada in February 2023. It will assist in connecting patients with timely COVID-19 treatment. Similarly, to improve software platform engineering, eGain and Infogain announced their partnership in December 2020. Through this partnership, the business was able to expand its implementation services and increase customer growth. Hence, the growing number of strategic partnerships and acquisitions between vendors and market participants will drive the growth of the health IVA market during the forecast period.

Major Health Intelligent Virtual Assistant Market Challenge

The lack of a skilled workforce is a major challenge impeding the health IVA  market growth. The majority of healthcare organizations and providers are expanding their use of AI-powered health intelligent virtual assistants to boost operational effectiveness and patient satisfaction. However, healthcare businesses have faced significant difficulties due to a lack of AI expertise. The demand for AI specialists, specialized infrastructure, and processing power is being driven by the need for high computing power and technical expertise for the analysis of large data sets as well as ML and DL applications.

Large-scale AI and DL algorithm deployment necessitate significant financial outlays, an understanding of AI, and qualified decision-makers. In order to investigate the viability of implementing AI on a large scale, healthcare organizations are expanding their partnerships and collaborations with tech organizations. The management of current technologies and learning new AI technologies are challenges for traditional IT teams and developers working in the healthcare industry. Such factors are expected to negatively impact the adoption of health intelligent virtual assistants, which, in turn, will hamper the health IVA  market during the forecast period.

Key Health Intelligent Virtual Assistant Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Health Intelligent Virtual Assistant Market Customer Landscape

Who are the Major Health Intelligent Virtual Assistant Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Infermedica - The company focuses on developing technologies that make healthcare accessible for everyone worldwide. The key offerings of the company include health-intelligent virtual assistant solutions such as the Medical Guidance Platform.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

• Ada Health GmbH
• Babylon Healthcare Services Ltd.
• Buoy Health Inc.
• CodeBaby LLC
• CSS Corp.
• eGain Corp.
• HealthTap Inc.
• Kognito Solutions LLC
• MedRespond
• Microsoft Corp.
• Orbita Inc.
• PACT Care BV
• Sense.ly Corp.
• True Image Interactive Inc.
• Verint Systems Inc.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Health Intelligent Virtual Assistant Market?

The market share growth by the speech recognition segment will be significant during the forecast period. The process of recording spoken words using a microphone or telephone and turning them into digital words is known as speech recognition. Accuracy and speed are two key components of speech recognition. Automatic translation, hands-free computing, automated customer service, robotics, and medical transcription are the main applications for these systems.

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The speech recognition segment was valued at USD 155.00 million in 2017 and continued to grow until 2021. In the upcoming years, speech recognition is anticipated to become a standard in many phone networks all over the world. Speaker-dependent and speaker-independent speech recognition systems are the two categories of systems. While speaker independent is frequently used in telephonic applications, speaker-dependent is frequently used for dictation purposes. Due to sophisticated ML and NLP algorithms, speech recognition technology in the healthcare sector helps to transform daily operations for doctors, other staff, and patients and ensure compliance. A few advantages are the increased productivity and flexibility that speech recognition technology offers. Medical professionals can complete paperwork and documentation more quickly and efficiently thanks to speech recognition technology. This raises the standard of care and enables medical professionals to spend more time with each patient. Thus, these advantages will drive the growth of the health intelligent virtual assistant (IVA) market during the forecast period.

Which are the Key Regions for the Health Intelligent Virtual Assistant Market?

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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

Due to increased spending on healthcare facilities, the market for health intelligent virtual assistants in North America is anticipated to expand. The Affordable Care Act's creation of health insurance exchange subsidies and the high spending on major federal healthcare programs like Medicare, Medicaid, CHIP, and the Children's Health Insurance Program (CHIP) were the main causes of this. The market is expanding as a result of the increased adoption of digital health technologies like health intelligent virtual assistants and increased investments in the healthcare system, and the introduction of various government policies. To increase the use of digital health services in hospitals, the region's governments are launching initiatives. During the forecast period, it is anticipated that the implementation of new regulations and supporting legislation by regional governments and regulatory authorities will accelerate the adoption of health intelligent virtual assistants, including electronic medical records (EMR), electronic health records (EHR), and other health intelligent virtual assistants. These factors will boost the regional health intelligent virtual assistant (IVA) market during the forecast period. 

In 2020, the COVID-19 pandemic increased the requirement for health intelligent virtual assistants in the region's healthcare system. For example, many clinical trial sponsors adopted this service to enable continuity in data collection during the pandemic. Likewise, various mobile-based medical applications and chatbot functions have been used to support public health surveillance, enable patient records distribution, and streamline communication for patients and care providers. In addition, the region entered the recovery phase in 2021 due to the initiation of large-scale vaccination drives and the lifting of lockdown restrictions. However, the need for medical facilities is still high in the region due to the demand for various healthcare services. Hence, such factors will boost the regional health intelligent virtual assistant (IVA)  market growth during the forecast period. 

Segment Overview

The health intelligent virtual assistant (IVA) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Technology Outlook (USD Million, 2017 - 2027)
  • Speech recognition
  • Text-to-speech
  • Voice recognition

• Product Outlook (USD Million, 2017 - 2027)
  • Chatbots
  • Smart speakers

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

Parent Market Analysis

Technavio categorizes the global health intelligent virtual assistant market as a part of the global application software market within the global IT software market. The parent global IT software market covers companies that are engaged in developing and producing application and system software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.

Health Intelligent Virtual Assistant Market Scope
Report Coverage	Details
Page number	161
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 39.76%
Market growth 2023-2027	USD 4,396.38 million
Market structure	Fragmented
YoY growth 2022-2023(%)	36.61
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 39%
Key countries	US, China, Germany, UK, and France
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Ada Health GmbH, Babylon Healthcare Services Ltd., Buoy Health Inc., CodeBaby LLC, CSS Corp., eGain Corp., HealthTap Inc., Infermedica Sp. z o.o., Kognito Solutions LLC, MedRespond, Microsoft Corp., Orbita Inc., PACT Care BV, Sense.ly Corp., True Image Interactive Inc., Verint Systems Inc., and Virgin Pulse Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Health Intelligent Virtual Assistant Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the health intelligent virtual assistant market between 2023 and 2027
• Precise estimation of the size of the health intelligent virtual assistant market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of health intelligent virtual assistant market vendors

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