Global Voice Recognition in Healthcare Market Analysis By Technology (Artificial Intelligence (AI), Non-AI), By Application (Medical Transcription, Patient Identification and Verification, Drug Prescription and Medical Records, Remote Monitoring and Assistance, Others) & Forecast
- PUBLISHED ON
- 4/28/2023
- NO OF PAGES
- 260
- CATEGORY
- Healthcare & Life Sciences
The global voice recognition in Healthcare market size is expected to grow from USD 3.8 billion in 2022 to USD 9.7 billion by 2032, at a CAGR of 20.6% during the forecast period.
Overall, the Voice Recognition in Healthcare Market is expected to experience significant growth due to these trends and opportunities, as healthcare facilities seek to improve patient care, reduce costs, and increase efficiency.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 3.8 Billion |
Market Forecast in 2032 | USD 9.7 Billion |
CAGR % 2023-2031 | 20.6% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2031 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | By Technology, By Application |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Nuance Communications, Amazon Web Services, IBM Watson Health, Meditech, Microsoft Corporation, M*Modal, Dolbey Systems, Vocera Communications, 3M Health Information Systems, Verint Systems, Saykara, Suki.AI, Cedar AI, Notable Health |
Driver: Growing demand for contactless technologies is propelling Voice Recognition in Healthcare Market growth.
One of the key driving factors of the Voice Recognition in Healthcare Market is the growing demand for contactless technologies. The pandemic has increased the need for contactless technologies, as they reduce the risk of infection and help to maintain social distancing protocols. As a result, healthcare facilities are increasingly adopting voice recognition technology, which is contactless and can help to improve the safety of both patients and healthcare professionals. Voice recognition technology enables healthcare professionals to interact with patients without the need for physical contact. For example, it can be used for patient identification, diagnosis, and remote monitoring. This technology can also be used for speech-to-text transcription, which can help to reduce the time and effort required for data entry and documentation, while also minimizing the risk of contamination from shared surfaces. Moreover, voice recognition technology can be integrated with other technologies, such as artificial intelligence (AI) and natural language processing (NLP), to enhance its capabilities. For instance, AI algorithms can learn from patient data and help to improve the accuracy and efficiency of voice recognition systems, while NLP algorithms can help to analyze and understand human speech, enabling voice recognition systems to recognize different accents, dialects, and languages. The growing demand for contactless technologies in healthcare, coupled with the increasing adoption of voice recognition technology, is expected to drive the growth of the Voice Recognition in Healthcare Market in the coming years.
Segmentation:
By Technology:
• Artificial Intelligence (AI)
• Non-AI
By Application
• Medical Transcription
• Patient Identification and Verification
• Drug Prescription and Medical Records
• Remote Monitoring and Assistance
• Others
Geographical Analysis:
North America is the largest market for voice recognition technology in healthcare, due to the high adoption rate of advanced healthcare technologies and the increasing demand for contactless technologies in the wake of the COVID-19 pandemic. The region is also home to some of the major players in the market, such as Nuance Communications and Microsoft Corporation. For instance, in 2020, Microsoft partnered with Nuance Communications to integrate its voice recognition technology with Microsoft Teams, a collaboration platform widely used by healthcare professionals for telemedicine and remote consultations.
Europe is the second-largest market for voice recognition technology in healthcare, due to the increasing adoption of digital health technologies and the presence of several established players in the region. For example, in 2020, British healthcare technology firm Sensyne Health partnered with Microsoft to develop a new voice recognition technology that can help healthcare professionals to better diagnose and treat patients.
The Asia Pacific region is expected to witness the fastest growth in the Voice Recognition in Healthcare Market, due to the increasing demand for advanced healthcare technologies and the rising incidence of chronic diseases. Moreover, several governments in the region, such as China and India, are investing heavily in healthcare infrastructure and digital health technologies. For example, in 2020, the Indian government launched the National Digital Health Mission, which aims to create a digital health ecosystem in the country, including the use of voice recognition technology for medical transcription and patient identification.
Overall, the Voice Recognition in Healthcare Market is expected to grow significantly in all regions, driven by the increasing adoption of contactless technologies and the growing demand for efficient and accurate healthcare solutions.
Recent Development: Global Voice Recognition in Healthcare Market
• Nuance Communications: In June 2020, Nuance Communications announced the launch of a new Dragon Ambient eXperience (DAX) solution, which uses advanced voice recognition technology to capture and document patient conversations in real-time during virtual consultations.
• Amazon Web Services: In August 2020, Amazon Web Services (AWS) launched a new healthcare-specific version of its voice recognition service, Amazon Transcribe, which enables healthcare providers to transcribe and analyze medical conversations accurately and securely.
• IBM Watson Health: In October 2020, IBM Watson Health partnered with clinical documentation specialist 3M Health Information Systems to integrate its voice recognition technology with 3M's computer-assisted coding software, which helps healthcare providers to more efficiently and accurately code patient data.
• Meditech: In December 2020, Meditech announced the integration of Nuance Communications' Dragon Medical One platform into its electronic health record (EHR) system, enabling healthcare providers to use voice recognition technology to document patient care more efficiently and accurately.
• Microsoft Corporation: In December 2020, Microsoft announced the acquisition of voice recognition and AI specialist Nuance Communications for USD 19.7 billion, with the aim of expanding its healthcare offerings and integrating voice recognition technology into its existing products, such as Microsoft Teams.
Company Profiles:
• Nuance Communications
• Amazon Web Services
• IBM Watson Health
• Meditech
• Microsoft Corporation
• M*Modal
• Dolbey Systems
• Vocera Communications
• 3M Health Information Systems
• Verint Systems
• Saykara
• Suki.AI
• Cedar AI
• Notable Health
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