Summary

The Digital Assistants in Healthcare Market size is estimated at USD 10.26 billion in 2024, and is expected to reach USD 2.26 billion by 2029, growing at a CAGR of 35.33% during the forecast period (2024-2029).

A digital assistant, also known as a predictive chatbot, is an advanced computer program that simulates a conversation with the people who use it, typically over the internet. Some of the key market players influencing the growth of the digital healthcare assistants market include an increase in the usage of healthcare applications along with an increase in smartphone users, an increase in the prevalence of chronic diseases, and growing demand for high-quality healthcare delivery.

Key Highlights

• Increase in consumer preference for technologically advanced products, increase in geriatric population, rise in number of digital devices users, and technological innovations in artificial intelligence these are factors increasing the growth.
• The growing need for automation is critical for propelling market growth. Also, as more people own smart devices, there will likely be more demand for digital assistants in the global healthcare industry. In addition, smart clinics are increasingly being implemented, facilitating patient connection and online training for medical personnel and the provision of medical advice.
• The variety of functions a digital assistant may perform has risen due to advancements in natural language understanding (NLU) and natural language processing (NLP), ranging from serving as a virtual nurse answering basic medical questions to acting as an emotional support person. These cutting-edge features are fueling faster market expansion.
• Digital assistants serve as "The Smart Home HQ," adding new cybersecurity threats. They manage many Internet of Things (IoT) devices that may be vulnerable to hacking and utilized for illegal activities, such as opening smart locks, getting into users' bank accounts, and collecting personal data.
• COVID-19, crises led to following the social distancing rules lock-down strictly, have resulted in a significant demand for digital assistance in healthcare across several sectors, particularly the healthcare and medical sector

Digital Assistants in Healthcare Market Trends

Smart Speakers to Witness Significant Growth

• Smart speakers are becoming more popular due to consumers' shifting preferences for technologically advanced products that use artificial intelligence (AI) and the Internet of Things (IoT), which provide many advantages, like multifunctionality, reduced time requirements, increased comfort, convenience, and accuracy.
• Smart speakers are quick, versatile, diverse, and dependable solutions. Being technologically savvy has several benefits, including time savings and improved comfort and convenience.
• Moroever, Smart speakers and voice assistants open up a world of possibilities to enhance member interactions with their health plans. For example, Alexa voice tools allow consumers to use the device to book urgent care appointments and to access personalized information like progress updates after surgery, prescription delivery notifications and locations of nearby urgent care centers.
• Also, people with mental illnesses can use smart speakers as therapists. They can start dialogues based on the patient's mental state, aiding with despair and anxiety. Text-to-speech technology and automatic speech recognition are the two divisions of the technology sector. Automated voice recognition technology is expected to rule the market during the projected period.

North America is Expected to Hold Significant Market Share

• The desire for home monitoring devices, the rise in chronic illness prevalence, and the aging population are all critical drivers of the digital assistant's expansion in the healthcare sector. Operating home-based devices is becoming dull, and so these are being used by all age groups. They are also lightweight and portable, so patients may carry them around at all times without feeling uncomfortable. Additionally, it guarantees continuous monitoring of the patient's health. Additionally, one of the key factors fueling the market's expansion is the requirement to keep the average healthcare spending constant.
• The region's market will grow due to the quick acceptance of new technologies, the rising prevalence of chronic diseases, the use of technology to engage more people, rising healthcare costs, and the high awareness of virtual assistants.
• Also, the market in North America is anticipated to be driven by the rising expenditures made by businesses in developing improved digital assistant technologies using machine learning and artificial intelligence to support automated decision-making systems.
• However, government rules pertaining to the protection of customer data to prevent its misuse may impede market expansion as businesses are required to abide by them and implement adjustments right away.
• Due to the rising acceptance of artificial Intelligence (AI) and the Internet of Things (IoT) with the increased use of smartphones worldwide, the North American area is anticipated to lead the market. The necessity for high-quality healthcare services and the shortage of healthcare experts have led to a massive increase in the popularity of virtual healthcare assistants in the area.

Digital Assistants in Healthcare Industry Overview

The digital assistants in the healthcare market are fragmented because businesses are being forced by shifting consumer needs to innovate to draw in more customers. With companies introducing a wide range of products to draw customers, the competition in this sector has grown more intense over time.

In Spetember 2023 - ADA Digital Health has announced Intelligent symptom assessment technology, which is designed to supply pregnant women with information on pregnancies, during pregnancies and after deliveries as well as prioritize maternal and infant health through the use of cellular phones, has been incorporated in MomConnect, a national Department of Health's service that operates throughout South Africa.

In November 2022, Health Tap announced to launch of Eval360, an innovative product for health plans that enables HealthTap's primary care doctors to conduct comprehensive virtual medical evaluations and easily share valuable health data back with those partner plans by providing a 360-degree view of a member's health status, Eval360 is instrumental in helping health plans close gaps in care and perform better risk adjustment by digitally capturing a comprehensive view of the patient's health profile and packaging and sharing that structured data with member navigation or population health teams who can act on that information to lower costs and improve health outcome.

In September 2022, Babylon and Bupa announced today that they had extended their partnership agreement for three years to deliver digital health services to USD 2.3 million Bupa UK health insurance customers, where Babylon provides digital services within Bupa, including Symptom Checker, 24/7 virtual consultations and My Health. These products help users better to understand their health symptoms, access relevant health information, and gain insights into their current and future health risks. These products are available to all UK Bupa customers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry

5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Smartphone Users and Increasing Use of Healthcare Applications
5.1.2 Rising Prevalence of Chronic Disorders
5.2 Market Restraints
5.2.1 Lack of Structured Data in the Healthcare Industry
5.2.2 Concerns Regarding Data Privacy
5.3 Assessment of Impact of COVID-19 on the Industry

6 MARKET SEGMENTATION
6.1 Product
6.1.1 Smart Speakers
6.1.2 Chatbots
6.2 User Interface
6.2.1 Automatic Speech Recognition
6.2.2 Text-Based
6.2.3 Text-to-Speech
6.3 Application
6.3.1 Patient Tracking
6.3.2 Medical Reference
6.3.3 Diagnostic Guides
6.3.4 Drug Dosage
6.3.5 Medical Calculators
6.3.6 Nursing Reference
6.3.7 Other Applications
6.4 End User
6.4.1 Healthcare Providers
6.4.2 Healthcare Payers
6.4.3 Patients
6.4.4 Other End Users
6.5 Geography
6.5.1 North America
6.5.2 Europe
6.5.3 Asia-Pacific
6.5.4 Latin America
6.5.5 Middle East & Africa

7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Amazon.com Inc.
7.1.2 Microsoft Corporation
7.1.3 Verint Systems Inc.
7.1.4 ADA Digital Health
7.1.5 Nuance Communications Inc.
7.1.6 Sensely Inc.
7.1.7 eGain Corporation
7.1.8 Infermedica Sp. z o.o
7.1.9 CSS Corporation Pvt Ltd
7.1.10 Babylon Healthcare Services Limited
7.1.11 Healthtap Inc.
7.1.12 Medrespond LLC
7.1.13 True Image Interactive Inc.
7.1.14 Floatbot.AI
7.1.15 Kore.AI Inc.

8 INVESTMENT ANALYSIS

9 MARKET OPPORTUNITIES AND FUTURE TRENDS