Healthcare Virtual Assistants Market Growth Report, 2028

[Research Report] The healthcare virtual assistants market is projected to reach US$ 5,310.31 million by 2028 from US$ 684.07 million in 2021; it is expected to grow at a CAGR of 34.01% from 2021 to 2028.

Rising developments and advancements in healthcare IT solutions and increasing smartphone adoption with growing healthcare-associated applications stimulate the overall market growth. According to The American Health Information Management Association (AHIMA) report, medical professionals have emerged as a marketplace targeted by smartphone technologies. In healthcare organizations, such as hospitals, advanced smartphones provide more convenience and efficiency than traditional computers. The World Health Organization (WHO) report states that mobile health (mHealth) can revolutionize health outcomes among patients and provide virtual service through a smartphone with medical expertise and knowledge in real-time, which acts as a boon, particularly to those living in remote areas. 

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Healthcare Virtual Assistants Market: Strategic Insights

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North America is likely to continue its dominance in the healthcare virtual assistants market during 2021–2028. The US holds the largest market share in this region. The country is expected to continue to be a dominant shareholder in the market during the forecast period due to developed healthcare IT infrastructure and government initiatives to implement healthcare virtual assistant technologies. Moreover, the US is the largest market for healthcare virtual assistants mainly due to the high demand for installation of such advanced devices in hospitals and clinics and home healthcare in the US due to the rising geriatric population. Apart from that, the presence of top competitive players in this region with their innovative product launches present lucrative opportunities for the regional market growth. In January 2019, the New-York Presbyterian Hospital and Philips announced collaboration for healthcare virtual assistants. The New-York Presbyterian Hospital has planned to expand its virtual care capabilities with remote monitoring services from Philips.

Market Insights

Increasing Adoption of Healthbots/Chatbots for Quality Patient-Care Drives Market Growth

The COVID-19 pandemic is a standalone factor responsible for the growth of the overall healthcare virtual assistants market. According to the World Economic Forum (WEF) report, virtual assistants' potential is enormously associated with lucrative benefits that are already being realized. Therefore, the healthcare sector presents one of the most extensive opportunities for virtual assistants. For example, automated text reminders of appointments and chatbots assistance are helping physicians to connect with patients through digital consultations. For the record, in Rwanda, where there is only one doctor and six healthcare workers per 10,000 people, health bots are helping to reduce the heavy demand on healthcare staff. In the coming years, health bots will become the center tool by utilizing AI localized for Rwandan language and epidemiology for allowing more patients to get served for consultation. Therefore, through such virtual assistants, effective use of scarce health resources can be achieved, and in return, the quality of care will be improved, and healthcare workers can be kept in the loop.

Component-Based Insights

Based on the component, the healthcare virtual assistants market is segmented into speech recognition, text-to-speech, and voice recognition. The speech recognition segment is estimated to account for the largest market share during 2021–2028. Speech recognition technology has gained significant attention in the healthcare sector. According to the AHIMA Foundation report, the healthcare sector started implementing speech recognition technology for medical reporting. With continuous improvements in the technology, it became necessary for hospitals so that medical practitioners became aware and believe in the value of these systems. In the coming years, speech recognition technology could also play a significant role in benefitting healthcare providers to create documents at the inpatient bedside. The factors mentioned above drive the market growth for the speech recognition segment.

End User Insights

Based on end user, the market is segmented into providers, payers, and others. The providers segment would dominate the market in the coming years. According to the American Telemedicine Association (ATA) report, healthcare virtual assistants possesses numerous advantages for patients and providers. For example, on the removal of physical barriers to care, providers can extend their reach by using virtual assistants, particularly for patients living in rural areas. Also, it can offer preventive services allowing the patient education or wellness coaching regarding nonemergency health and wellness issues. Expanding healthcare virtually can assist providers in monitoring and managing their patients' care throughout their recovery following a long-term hospital visit or surgical procedure or even act as a substitute for in-person care delivery based on patient population needs, health organization capabilities, and resource availability. The factors mentioned above contribute to the market growth for the providers segment.

 

Companies operating in the healthcare virtual assistants market adopt the product innovation strategy to meet the evolving customer demands worldwide, which also permits them to maintain their brand name in the global market.

Healthcare Virtual Assistants Market – Segmentation

Based on component, the healthcare virtual assistants market is segmented into speech recognition, text-to-speech, and voice recognition. By end user, the market is segmented into providers, payers, and others.

Healthcare Virtual Assistants Market Regional Insights

The regional trends and factors influencing the Healthcare Virtual Assistants Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Healthcare Virtual Assistants Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Healthcare Virtual Assistants Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Healthcare Virtual Assistants Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Healthcare Virtual Assistants Market are:

1. Nuance Communications, Inc.
2. Amazon.com, Inc.
3. Verient Systems, Inc.
4. Microsoft Corporation
5. Egain Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

By Geography

Based on geography, the healthcare virtual assistants market is primarily segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA) and South and Central America. The market in North America is further segmented into the US, Canada, and Mexico. The European healthcare virtual assistants market is subsegmented into France, Germany, the UK, Spain, Italy, and the Rest of Europe. The market in Asia Pacific is subsegmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The healthcare virtual assistants market in the MEA is further segmented into Saudi Arabia, the UAE, South Africa, and the Rest of MEA. The market in South and Central America is segmented into Brazil, Argentina, and the Rest of South and Central America.

Company Profiles

• Nuance Communications, Inc.
• Amazon.com, Inc.
• Verient Systems, Inc.
• Microsoft Corporation
• EGAIN CORPORATION
• Infermedica
• CSS Corp
• Kognito
• Babylon
• True Imaging Interactive Inc.