DUBLIN--(BUSINESS WIRE)--The "Digital Assistants in Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The digital assistants in healthcare market is projected to register a CAGR of almost 33.7% during the forecast period (2021-2026).
- Amazon.com Inc.
- Microsoft Corporation
- Verint Systems Inc.
- ADA Digital Health
- Nuance Communications Inc.
- Sensely Inc.
- eGain Corporation
- Infermedica Sp. z o.o
- CSS Corporation Pvt Ltd
- Babylon Healthcare Services Limited
- Healthtap Inc.
- Medrespond LLC
- True Image Interactive Inc.
- Kore.AI Inc.
Key Market Trends
Smart Speakers to Witness Significant Growth
- The growth of smart speakers is majorly due to changing consumer preferences towards technologically advanced products, which makes use of Artificial Intelligence (AI)and the Internet of things (IoT) as they offer many benefits such as multifunctional nature, less time consuming, increased comfort, convenience, and accuracy.
- For instance, in 2019, Unified Physician Management rolled out a voice-enabled digital assistant, Suki, that uses artificial intelligence (AI) to help doctors with medical charting during patient visits. In May 2020, Suki announced a Series B funding round of USD 20 million, led by new investor Flare Capital Partners and including top investors, like First Round and Venrock.
- In July 2019, Amazon and the UK Government announced Alexa devices would use the NHS website to provide information to users seeking health advice. Using NHS data will help to give users confidence that the information they receive is from a reliable source. Indeed, in this case, the ability of the technology to select such details as a default option is beneficial.
- Although users increasingly rely on them as part of their daily routines, the devices' constant monitoring of people's most intimate environments can seem intrusive. Media articles around the world have raised concerns about the devices supposedly listening to private conversations and sharing recordings. The assistants may record snippets of audio from homes, potentially enabling companies to gather whole new types of data for analysis. Data security threats, such as above, may hinder the growth of the market.
North America is Expected to Hold Significant Market Share
- An increase in the chronic disease population, an increase in the aging population, and the demand for home-based monitoring devices are all the major factors driving the growth of the digital assistant in the healthcare market. Operating home-based devices is becoming dull, and hence these are being used by all age groups. They are also compact and portable, and the patients can carry it all the time without unease. It also ensures that the patient's condition is monitored all the time. Moreover, the need to maintain the average healthcare expenditure is also one of the significant reasons for driving the growth of the market.
- According to the United States Bureau data, the number of Americans aged 65 years and older is projected to become more than double (from 46 million in 2016 to over 98 million by 2060), and the 65-and-older age group's share of the total population is likely to rise to nearly 24% from 15%. The growing geriatric population is more prone to diseases, which increases the usage of digital assistant devices in the region.
- Furthermore, the increasing investments by companies in developing improved digital assistant technology with the help of artificial intelligence and machine learning to support automated decision-making systems are expected to fuel the market across North America during the forecast period.
- However, government policies surrounding the protection of consumer data to restrict the misuse of the same may hinder the market growth as companies must comply with the regulations set out by the government and incorporate changes immediately.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Market Drivers
4.4.1 Growing Smartphone Users and Increasing Use of Healthcare Applications
4.4.2 Rising Prevalence of Chronic Disorders
4.5 Market Restraints
4.5.1 Lack of Structured Data in the Healthcare Industry
4.5.2 Concerns Regarding Data Privacy
4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1.1 Smart Speakers
5.2 User Interface
5.2.1 Automatic Speech Recognition
5.3.1 Patient Tracking
5.3.2 Medical Reference
5.3.3 Diagnostic Guides
5.3.4 Drug Dosage
5.3.5 Medical Calculators
5.3.6 Nursing Reference
5.3.7 Other Applications
5.4 End User
5.4.1 Healthcare Providers
5.4.2 Healthcare Payers
5.4.4 Other End Users
5.5.1 North America
5.5.4 Latin America
5.5.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/nhewlc