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HEALTHCARE & PHARMACEUTICAL

Voice Technology in Healthcare Market Segmentation by Module (Automated Patient Outreach, Billing & Registration, Medical Equipment Support, Patient Engagement & Lead Generation, Patient Reminder & Scheduling, and Prescription Drug Information); and by End User (Physicians, Patients, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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IN THE NEWS

  • August 2020- Sonde Health, a leading vocal biomarker technology platform announced that it has acquired NeuroLex Labs, which is a voice enabled survey and data acquisition platform.

  • March 2019- Canary Speech declared a new patent titled ‘Selecting Speech Features for Building Models For Detecting Medical Conditions (US-2018-0322894-A1)’ for its technology in using voice for detecting medical conditions.

Global Voice Technology in Healthcare Market Highlights 2022 – 2030

The global voice technology in healthcare market is estimated to garner a sizeable revenue and grow at a CAGR of ~21% over the forecast period, i.e., 2022 – 2030. Medical staff spend a huge amount of time inputting data, updating records and writing up patient notes. This is expected to raise the need for streamlining processes and driving efficiency in the healthcare industry, which in turn is predicted to largely drive market growth. Along with this, increasing investments by healthcare providers in developed and developing nations, and growing number of startups developing voice technology for medical sector are also evaluated to bolster market growth in the forthcoming years. Furthermore, rising use of artificial intelligence and deep learning technologies in the healthcare industry is projected to offer lucrative opportunities to the market in the near future. It is calculated that AI applications can cut costs by more than USD 100 billion in 2026 in the United States alone. In addition, the AI associated healthcare market is forecasted to grow by a compound annual growth rate of about 40 percent by 2021.

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The market is segmented by module into automated patient outreach, billing & registration, medical equipment support, patient engagement & lead generation, patient reminder & scheduling, and prescription drug information. Out of these, the patient reminder & scheduling segment is anticipated to hold the largest share in the global voice technology in healthcare market on account of the growing usage of voice technology to remind elderly patients when it’s time to take their medicines. Apart from these, high focus on preventing deaths occurring from medical non-adherence is also assessed to augment the demand for effective technology for medication reminders. Additionally, on the basis of end user, the physicians segment is predicted to occupy the largest share during the forecast period owing to the increasing utilization of voice assistants by physicians to diagnose patients based on their speech pattern. 

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure per Capita

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Voice Technology in Healthcare Market Regional Synopsis

On the basis of geographical analysis, the global voice technology in healthcare market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing number of companies developing voice technology for healthcare facilities in the region. In addition, rise in adoption of advanced medical devices in the region is also expected to boost market growth in the region in the coming years. Moreover, the market in North America is assessed to acquire the largest share during the forecast period owing to the high healthcare expenditure, and strong presence of prominent market players in the region. As per the Centers for Medicare and Medicaid Services, U.S. healthcare spending grew by 4.6 percent in 2019, reaching a value of USD 3.8 trillion. Moreover, as a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent in the same year.

Voice Technology in Healthcare Market Share

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The global voice technology in healthcare market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global voice technology in healthcare market includes the following segments:

By Module

  • Automated Patient Outreach
  • Billing & Registration
  • Medical Equipment Support
  • Patient Engagement & Lead Generation
  • Patient Reminder & Scheduling
  • Prescription Drug Information

By End User

  • Physicians
  • Patients
  • Others

Growth Drivers

  • Growing Demand for Streamlining Processes and Drive Efficiency in the Healthcare Industry
  • Increasing Investments by Healthcare Providers in Developed and Developing Nations

Challenges

  • Huge Capital Investment Required for Deployment of the Technology

Top Featured Companies Dominating the Market

  • Canary Speech, LLC
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • NeuroLex Laboratories, Inc
  • Orbita, Inc.
  • Pillo, Inc.
  • Sensely, Inc.
  • Sonde Health, Inc.
  • MDOps Corporation
  • VocaliD, Inc.
  • Voiceitt, Kiroku Ltd.
  • Saykara Inc.

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