(MENAFN- GlobeNewsWire - Nasdaq) “Voice technology in Healthcare Market” from 2024-2034 with covered segments By Technology Type (On-Premises Solutions, Cloud-Based Solutions, and Hybrid Solutions), By Feature (Machine learning & AI, Multilingual Support, Natural Language Processing (NLP), and Others), By Application (Development Platforms, Patient-Provider Communication, Vocal Biomarkers, Aging/Lifestyle Communication, and Others), By End User (Physicians, Patients, and Others), and By Regional Forecast, (2024-2034), which provides the perfect mix of market strategies, and industrial expertise with new cutting-edge technology to give the best experience.
Covina, Sept. 06, 2024 (GLOBE NEWSWIRE) -- Prophecy Market Insights estimates that the global voice technology in healthcare market size and share , which is valued at USD 5.6 Billion in 2024, will surge to USD 30.5 Billion by 2034 , achieving a compound annual growth rate (CAGR) of 20.5% over the forecast period.
Voice Technology in Healthcare Market Report Overview
Voice technology revolutionizes the healthcare industry by enabling hands-free communication, improving patient care, and streamlining administrative processes. This technology, which includes voice assistants, speech recognition software, and voice-enabled devices, allows healthcare providers to interact with systems and patients using natural language, thereby enhancing efficiency and accuracy.
From transcribing medical notes to helping patients manage chronic conditions through voice-guided tools the application of voice technology is growing rapidly in clinical settings.
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Overview & introduction of market study Revenue and CAGR of market Drivers & Restrains factors of market Major key players in market Regional analysis of the market with a detailed graph Detailed segmentation in tabular form of market Recent development/news of market Opportunities & Challenges of Market
Competitive Landscape:
The Voice Technology in Healthcare Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
Nuance Communications, Inc. Amazon Web Services (AWS) Google Health Microsoft Corporation IBM Watson Health Apple Inc. Cerner Corporation Meditech Allscripts Healthcare Solutions Philips Healthcare Siemens Healthineers Suki AI VoiceBox Technologies Kandy.io
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Analyst View:
Voice technology in healthcare is in greater demand due to the rise in telehealth particularly following the COVID-19 epidemic. Voice-enabled technologies facilitate effective patient-physician communication and help to expedite virtual appointments.
Market Dynamics:
Drivers:
Improved Patient Engagement and Experience
Voice technology improves patient outcomes by enabling voice-activated medical equipment, virtual assistants, and technologies that make it easier for people to take care of their own health.
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Market Trends:
Need for Automation in Healthcare
The demand for automation in healthcare is growing, as voice technology helps automate time-consuming tasks such as medical transcription, record management, and prescription dictation, improving workflow efficiency.
Segmentation:
Voice Technology in Healthcare Market is segmented based on Technology Type, Feature, Application, End User, and Region.
Technology Type Insights
Cloud-based solutions is anticipated to boost the growth for target market as it offer unparalleled scalability, allowing healthcare organizations to easily expand or reduce their storage and processing capabilities based on demand. This flexibility is crucial for healthcare providers managing large volumes of voice data, such as transcriptions and patient interactions, making cloud-based platforms a preferred choice over on-premises or hybrid solutions.
Feature Insights
Natural Language Processing (NLP) segment is the most dominating and widely used in the target market growth as it plays a critical role in converting unstructured spoken or written language into structured data, enabling healthcare providers to efficiently document patient information, transcribe medical notes, and automate clinical data entry.
Application Insights
Patient-provider communication is anticipated to boost the growth for target market as through speech commands or AI-driven voice assistants, it facilitates virtual visits, follow-up care, patient triage, and symptom tracking. Further supporting the segment's extensive use is the need for improved communication, particularly for older or disabled patients who may have difficulty interacting with digital interfaces.
End-User Insights
Physicians segment is the most dominating and widely used in the target market growth as Voice technology has revolutionized how physicians manage their daily tasks, such as medical transcription, updating patient records, and retrieving clinical data.
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Recent Development:
In April 2024, Suki, a pioneer in speech artificial intelligence (AI) technology for the medical field, recently revealed that its developer toolkit, Suki Platform, has expanded its functionalities. The Suki Platform makes it possible for electronic health record systems (EHRs) and other healthcare technology solutions to leverage Suki's voice and AI capabilities. Suki Platform now comes with a software development kit (SDK) that allows developers to incorporate Suki Assistant directly into their application, as well as a variety of APIs that let developers incorporate certain skills, like ambient documentation, into their solution.
Regional Insights
North America: In this region the widespread adoption of Electronic Health Records (EHRs) has created demand for voice-enabled solutions to ease documentation burdens for physicians and enhance workflow efficiency. Asia Pacific: The multilingual nature of this region creates a strong need for voice technology that can support multiple languages, allowing diverse populations to interact with healthcare systems more effectively.
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