Artificial Intelligence
Healthcare Virtual Assistants Market: Unlocking the Potential of Virtual Assistants in Healthcare: A Game-Changer for Providers
Newark, New Castle, USA, June 16, 2023 (GLOBE NEWSWIRE) — Growth Plus Reports estimated the size of the global market for healthcare virtual assistants in 2022 to be worth US$ 858.29 million and is expected to increase at a revenue CAGR of 28.5% to reach US$ 8,199.03 million by 2031.
Analysis of the global market for healthcare virtual assistants indicates that during the forecast period, revenue share is likely to increase significantly. Artificial intelligence (AI) assistants, or virtual assistants, are software applications that detect and carry outspoken commands in natural language.
Key Takeaways:
- The growing demand for self-care tools is driving the market revenue share.
- The rising adoption of artificial intelligence is driving the market demand.
- Healthcare virtual assistants can provide patients with a more personalized and convenient healthcare experience, improving patient satisfaction and loyalty.
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Healthcare Virtual Assistants Market Scope
Report Attribute | Details |
Market size value in 2022 | US$ 858.29 million |
Revenue forecast in 2031 | US$ 8,199.03 million |
Growth Rate | CAGR of 28.5% from 2023 to 2031 |
Base Year for Estimation | 2022 |
Forecast Period | 2023-2031 |
Historical Year | 2021 |
Segments Covered | Interface, User Interface, End User, and Region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Recent Development in the Healthcare Virtual Assistants Market:
- In October 2022, Microsoft Corporation started a new initiative to assist those who are blind, have vision problems, or struggle to read product labels due to low literacy.
- In October 2022, by introducing the Orbita virtual assistant and conversational AI platform, AtlantiCare increased access to self-scheduling options for the healthcare system and made it simpler for patients to get in touch with their doctors.
Competitive Landscape
The prominent players operating in the global market for healthcare virtual assistants include:
- Microsoft Corporation
- Nuance Communications Inc.
- Infermedica, Kognito Solutions LLC
- eGain Corporation
- HealthTap Inc.
Market Drivers and Restraints:
The global healthcare virtual assistants market revenue is driven by the rising adoption of artificial intelligence in healthcare, the Covid-19 pandemic, and the usage of mobile phones. Furthermore, the fast use of digital assistants is mostly due to their affordability, fostering the expansion of the global market revenue for intelligent virtual assistants.
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Market Segmentation:
Segmentation By Interface
Based on the interface, the smart speaker segment dominates the global healthcare virtual assistants market with the largest revenue share. Expanding this segment’s revenue share can be attributed to consumers’ growing desire for technologically advanced goods.
Segmentation By User Interface
Based on the user interface, the automatic speech recognition segment dominates the global healthcare virtual assistants market with the largest revenue share. Speech and Voice Recognition technology can increase the productivity of tasks like patient care, and cash flow improvement is contributing to revenue growth.
Segmentation By End User
Based on end-user, the healthcare providers segment accounts for the highest revenue share in the global healthcare virtual assistants market. This significant rise in the sizable revenue share is because virtual assistants are becoming more widely used by healthcare professionals due to their effectiveness.
Regional Growth Dynamics
Based on the region, North America, with the largest revenue share, dominates the global healthcare virtual assistants market. The developed healthcare sector, the pressing need to cut healthcare costs, the increased demand for technological advancements by healthcare facilities, and the growing pressure on the healthcare industry to maintain a balance between patient engagement and clinical workflow are the main reasons why North America accounts for the largest share of the global virtual assistant market.
Report Coverage
Growth Plus Reports conducted extensive research on the world market for virtual healthcare assistants. We looked at the basic market traits, important investment spheres, regional growth dynamics, revenue projections for ten years, rival market participants, and mergers and acquisitions.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL HEALTHCARE VIRTUAL ASSISTANTS MARKET – ANALYSIS & FORECAST, BY PRODUCT
- Smart Speakers
- Chatbots
- GLOBAL HEALTHCARE VIRTUAL ASSISTANTS MARKET – ANALYSIS & FORECAST, BY USER INTERFACE
- Automatic Speech Recognition
- Text Based
- Text to Speech Based
- Others
- GLOBAL HEALTHCARE VIRTUAL ASSISTANTS MARKET – ANALYSIS & FORECAST, BY END USER
- Healthcare Providers
- Patients
- Healthcare Payers
- Others
HEALTHCARE VIRTUAL ASSISTANTS MARKET TOC
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- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market.
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About Us:
Growth Plus Reports is part of GRG Health, a global healthcare knowledge service company. We are proud members of EPhMRA (European Pharmaceutical Marketing Research Association).
Growth Plus portfolio of services draws on our core capabilities of secondary & primary research, market modelling & forecasting, benchmarking, analysis and strategy formulation to help clients create scalable, ground-breaking solutions that prepare them for future growth and success.
We were awarded by the prestigious CEO Magazine as “Most Innovative Healthcare Market Research Company in 2020”.
Artificial Intelligence
Transforming Healthcare with AI: Yidu Tech’s Gong Rujing at Summer Davos
DALIAN, China, July 1, 2024 /PRNewswire/ — “AI in healthcare is extremely challenging. For companies, it requires not only solving scientific problems but also understanding AI technology and respecting the complexity of the healthcare industry.” At the 15th Annual Meeting of the New Champions, also known as Summer Davos, Ms. Gong Rujing (Yingying), Chairwoman and Founder of Yidu Tech, was invited as a distinguished representative of the healthcare technology sector. She shared her unique insights into the future of AI in healthcare during the thematic dialogue on “Healthcare Analytics, Not Moving Fast Enough.”
This year marks the 10th anniversary of Yidu Tech and Ms. Gong Rujing’s decade-long dedication to the healthcare industry. From the inception of her entrepreneurial journey 10 years ago, she has been driven by the mission to leverage the power of technology to deliver precise healthcare to every individual.
Ms. Gong described the past decade as a journey filled with miracles and achievements. During this period, Yidu Tech has progressively established close collaborations with key stakeholders in the healthcare industry, including government agencies, hospitals, pharmaceutical companies, insurance firms, experts, and clinicians. As of March 31, 2024, Yidu Tech’s “AI Medical Brain” YiduCore has been authorized to process and analyze over 5 billion medical records, covering more than 2,500 hospitals.
In AI-powered clinical research, Yidu Tech has supported researchers and clinicians in producing over 240 high-level papers, accelerating the application of research outcomes. Additionally, Yidu Tech provides clinical trial services to globally renowned pharmaceutical companies, helping them optimize trial processes, reduce costs, and bring new drugs to market more swiftly, ultimately benefiting patients. In healthcare management, Yidu Tech’s AI technology plays a crucial role by analyzing vast amounts of medical data to provide comprehensive decision support to healthcare administrators, helping them optimize resource allocation and improve service efficiency.
“We are now entering a new era of AI technology.” The development of large language model technologies has opened up new possibilities across various industries. Yidu Tech has independently developed a large language model specific to the medical field and is advancing its application across the entire healthcare industry chain. The goal is to promote further progress and innovation through new AI technologies. However, Ms. Gong also emphasized that the healthcare industry is professional, complex, and sensitive, and the application of new technologies must address challenges such as data security, privacy protection, and ethics.
“Data security and privacy protection are fundamental to the development of AI technology and medical big data technology. We must ensure that all stakeholders are satisfied with compliance, security, accessibility, and privacy protection.”
“AI technology still has a long way to go.” She called on policymakers, healthcare institutions, and technology companies to work together to realize the immense potential of healthcare data. Ms. Gong highlighted that building trust is key, and enhancing data operability is essential to fully unleash the power of data. “It’s not just about better data quality; it’s about a better future for health.”
View original content:https://www.prnewswire.co.uk/news-releases/transforming-healthcare-with-ai-yidu-techs-gong-rujing-at-summer-davos-302186561.html
Artificial Intelligence
Yidu Tech’s FY2024 results: existing business achieves first full-year profit on adjusted EBITDA
HONG KONG, July 1, 2024 /PRNewswire/ — On June 27, 2024, Yidu Tech Inc. (the ”Company” or ”Yidu Tech”) (2158.HK), a leader in China’s AI medical industry, announced its results for the 2024 fiscal year. During the reporting period, the Company recorded revenue of RMB 807.1 million. Gross profit margin in FY2024 increased to 42.1% from 34.1% in FY2023, representing an increase of 8 percentage points, hitting a record high. Adjusted net loss narrowed from RMB 448.7 million in FY2023 to RMB158.1 million, down 64.8% year-on-year. The management of Yidu Tech said at the annual results conference the next day that excluding strategic investments in proprietary large language model, non-cash items, and non-operating items, the adjusted EBITDA for our current business has achieved profit, moving from a RMB 327 million loss to a profit of RMB 31.1 million for the first time this fiscal year.
Management added that as of market close on June 27, the Company’s P/B ratio has decreased to 1.06. Not including the valuation of its domestic and international businesses, its market value is still lower than its fund reserves on hand. As such, management believes that the Company’s share price is still severely undervalued. Notably, renowned sovereign fund BIA has continually increased its shareholding of Yidu Tech by 21.50% over the past two months. The management is confident in the Company’s long-term growth potential and hopes to continually create innovative technologies and increase returns to its shareholders.
In FY2024, Yidu Tech focused on its core business, improving internal operating efficiency and earning quality. Among its earnings, revenue from its big data platform and solutions segment reached RMB 313.6 million, an increase of 41.4% year-on-year. Revenue from its life science solutions segment reached RMB 324.0 million, up 28.1% year-on-year and the gross margin increased by 14.6 percentage points to a historical high of 32.1%. Revenue from its health management platform and solutions segment reached RMB 169.5 million, and the gross profit margin of this segment was 58.1%, representing a year-on-year increase of 17.4 percentage points.
During the reporting period, the Company has continued the development and training of large language model in the medical vertical field based on 500 billion fine-trained Tokens, with model training for 6B, 13B, and 70B parameters completed.
View original content:https://www.prnewswire.co.uk/news-releases/yidu-techs-fy2024-results-existing-business-achieves-first-full-year-profit-on-adjusted-ebitda-302185986.html
Artificial Intelligence
Lucinity’s AI Innovation Recognized at Microsoft’s Prestigious Global Partner Awards 2024
REYKJAVIK, Iceland, June 28, 2024 /PRNewswire/ — Lucinity has been recognized as a finalist in the AI Innovation category at the prestigious Microsoft Global Partner Awards 2024, recognizing its breakthrough AI solution and contribution to financial security through its collaboration with Microsoft.
Lucinity beat more than 4,700 companies to be named a finalist at the annual Microsoft Global Partner Awards, which highlights Lucinity’s achievements as a Microsoft partner in optimizing business processes, improving customer experiences, and opening new pathways for digital transformation.
This achievement comes in addition to winning two prestigious awards at Microsoft Partner Awards 2024 last month, including Partner of the Year – Iceland, and the Sustainability and Social Impact award.
The accolade recognizes Lucinity’s significant advancements in AI for financial crime operations, particularly through their AI-powered copilot, Luci. This innovative solution utilizes Microsoft Azure OpenAI technology to integrate advanced generative AI into financial crime investigations and regulatory compliance, optimizing processes and saving significant time and resources for financial institutions.
The Lucinity platform streamlines compliance, provides instant insights, and reduces typical investigation times from three hours to just 30 minutes. The technology can also save financial institutions an estimated $100 million in productivity savings, as well as savings in training and recruitment.
Microsoft comments on Lucinity’s award recognition, saying “Financial crime profoundly impacts our global community, with far-reaching economic, security, and social implications. It can harm a country’s reputation and increase exposure to criminal activities, emphasizing the critical need for robust anti-money laundering initiatives and persistent vigilance. Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”
“Being recognized as a finalist at the Microsoft Global Partner Awards is validation of our impactful collaboration with Microsoft in financial crime operations. Our partnership has been pivotal for our innovations, enabling us to use Azure OpenAI to bring tools like Luci to life and deliver impactful results for our clients,” says Guðmundur Kristjánsson, Founder & CEO of Lucinity.
Contact:Name: Celina PabloEmail: [email protected]: +354 792 4321
Logo: https://mma.prnewswire.com/media/2208676/4669079/Lucinity_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/lucinitys-ai-innovation-recognized-at-microsofts-prestigious-global-partner-awards-2024-302186091.html
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