Healthcare Virtual Assistants Market
Number of pages: 100 | Report Format: PDF | Published date: March 03, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market size value in 2022 |
US$ 858.29 million |
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Revenue forecast in 2031 |
US$ 8,199.03 million |
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Growth Rate |
CAGR of 28.5% from 2023 to 2031 |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Interface, User Interface, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global healthcare virtual assistants market was valued at US$ 858.29 million in 2022 and is expected to register a revenue CAGR of 28.5% to reach US$ 8,199.03 million by 2031.
Market Fundamentals
Virtual assistants, or AI assistants, are application programs that recognize natural language voice commands and carry out the assignment. It is a software agent that may conduct tasks for an individual based on queries or orders. Virtual healthcare assistants are those employed in the healthcare industry to help boost patient involvement to a high quality. These assistants help to improve healthcare procedures by assisting organizations in acquiring a history of patients' health, demographic information, insurance details, and other record analyses. These features will boost productivity and allow clinicians to devote more time to patients than administrative activities. Payers can use virtual healthcare assistants to collect important biometric data from chronically ill patients and ensure proactive patient involvement. In addition, virtual assistants will aid patients in selecting the best insurance plan. All of this will help to maximize outcomes, efficiency, and satisfaction.
Healthcare virtual assistants (HVAs) support organizations in gathering demographic information, insurance details, patient health history, finance/costing, procurement details, data mining, and record analysis. Furthermore, HVAs assist healthcare businesses in reallocating their IT and human resources to combat rising health IT expenditures. As a result, companies may enhance healthcare quality, patient happiness, and patient outcomes while employing the same or fewer people. Patients, above all, require answers to their health-related questions to stay on course. They use patient-centered virtual health assistants created by Amazon, IBM Watson, and Microsoft. Microsoft's capacity for responding to voice or text questions via mobile devices provides patients with 24/7 access to current information customized to their age, financial ability, literacy, and other factors. It has been shown that boosting patient engagement and strengthening chronic disease self-management abilities will significantly reduce healthcare expenditures.
Virtual assistants are increasingly being employed to track patients' pre- and post-treatment progress. VAs can prevent cancellations and reduce overdue payments by implementing text and voicemail confirmation to a prior appointment. Healthcare companies utilizing Voice over Internet protocol (VoIP) implementation for clinical contexts are using MVA due to the rising use of AI, deep learning, natural language processing, and voice recognition applications in smartphones.
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Market Dynamics
Rising usage of healthcare virtual assistants in the context of the COVID-19 pandemic and rising smartphone users globally with increased healthcare-related apps drive overall market growth. According to The American Health Information Management Association (AHIMA) research, medical professionals have emerged as a marketplace targeted by smartphone technologies. Advanced cell phones provide greater ease and efficiency than traditional Computers for healthcare companies such as hospitals. For instance, in Singapore, the National University Health System (NUHS) and Bot MD collaborated to produce the NUHS-Bot MD A.I. clinical assistant app, which allows frontline medical professionals to quickly access hospital-specific information such as COVID-19 guidelines and operational directives. The NUHS-Bot MD A.I. assistant is a chatbot that responds to hospital staff questions about protocols, instructions, medicine dose information, prescription formulary, and on-call rosters in real time. As a result, even after the epidemic, the industry will see significant development opportunities.
Large-scale healthcare organizations also employ intelligent virtual assistants since they reduce the cost of infrastructure deployment. As a result, the cost-effectiveness of digital assistants is a crucial factor driving their rapid acceptance, promoting the growth of the worldwide intelligent virtual assistant market. Natural Language Understanding (NLU) and Natural Language Processing (NLP) advancements have increased the number of functionalities that a digital assistant can provide, ranging from acting as a receptionist or a virtual nurse providing answers to simple medical queries to becoming an emotional support companion. These improved functions are driving market expansion.
Other innovative technologies, such as automated speech recognition, will be integrated to help expand the health-intelligent virtual assistant market in the coming years. Modern technologies, particularly automation and automatic voice recognition, are increasingly being used in the healthcare field. Voice recognition technology is commonly utilized in medical counseling or as a therapist for patients who are lonely or depressed. Virtual assistants have become valuable as technology advances in neuro-linguistic programming, conversational interfaces, automation, AI, and deep and machine learning processes.
Market Ecosystem
The global healthcare virtual assistants market has been analyzed from four perspectives: interface, user interface, end user, and region.
Healthcare Virtual Assistants Market by Interface
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Based on interface, the global healthcare virtual assistants market has been segmented into smart speakers, and chatbots.
The smart speakers segment is likely to dominate the market during forecast period. Smart speakers' rapid growth and adoption have generated numerous chances to improve human health. Similar to the emergence of the cell phone, smart speaker computer systems provide several distinct advantages that have the potential to spark new fields of health research, particularly in out-of-hospital settings. The smart speakers industry is projected to develop the most during the projected period. The increased consumer appetite for technologically advanced products can be linked to the growth in this segment. Smart speakers are rapid, multipurpose, diverse, and dependable solutions. These benefits of technological advancement not only save time but also provide improved comfort and convenience. For instance, In July 2019, Amazon and the U.K. government announced that Alexa devices would use the NHS website to deliver health advice to users. Utilizing NHS data will help people feel confident that the information they receive is from a trustworthy source. Indeed, the technology's capacity to select such details as a default choice is advantageous in this situation.
Healthcare Virtual Assistants Market by User Interface
Based on interface, the global healthcare virtual assistants market has been segmented into automatic speech recognition, text based, text to speech based, and others.
The automatic speech recognition is likely to dominate the market with a considerable market share during the forecast period and expand at the highest CAGR throughout the projection period. The program understands most medical terminology and integrates effortlessly with the EHR. The Speech and Voice Recognition system can make operations like treating patients and improving cash flow more productive. Some startups currently employ speech technology as a virtual correspondent to conduct health screenings and data entry via voice-through devices.
The dominance is due to the capacity to enhance the workflow in the healthcare industry and promote the use of smart speakers. Instead of typing notes, reports, and other medical documents, healthcare providers can utilize speech-to-text solutions. Voice recognition aids in cost reduction, productivity enhancement, and prevention. This technology also eliminates paperwork, gives more time to focus on patients, and improves accuracy, resulting in a surge in speech recognition use and market growth.
Healthcare Virtual Assistants Market by End User
Based on interface, the global healthcare virtual assistants market has been segmented into healthcare providers, patients, healthcare payers, and others.
The healthcare providers segment is likely to dominate the market during the forecast period due to the increase in the adoption of virtual assistants among healthcare providers. Providers must improve job efficiency and extensively use the latest technological solutions. Virtual assistants help healthcare providers with billing, coding, answering calls, and managing physicians' schedules.
Some healthcare providers use artificial intelligence to detect chronic diseases like cancer in their early stages. With the widespread adoption of AI and the growth of consumer wearables and other medical gadgets, individuals can live healthier lives. Virtual care is the best illustration in modern healthcare of how technology can help healthcare providers, expand patient access to care, and reduce overall healthcare units.
Healthcare Virtual Assistants Market by Region
Based on interface, the global healthcare virtual assistants market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America accounted for the largest proportion of the global healthcare virtual assistant market, followed by Europe and Asia Pacific. The highest share of the North American region in the virtual assistant market is primarily attributed to the developed healthcare sector, the high need to reduce healthcare costs, greater demand for technological advancements by the healthcare facilities, and the growing demand of the healthcare industry to maintain a balance between the patient engagement and clinical workflow.
The rise in the prevalence of chronic diseases, the aging population, and the desire for home-based monitoring equipment are all important drivers driving the expansion of digital assistants in the healthcare market. While operating home-based devices is getting tedious, individuals of all ages use them. They are also small and portable, allowing patients to always carry devices with them. It also ensures that the patient's condition is constantly monitored. Furthermore, one of the major factors driving market expansion is the necessity to sustain average healthcare expenditure.
Asia Pacific is expected to be the fastest-growing region. Countries such as India and China are the greatest contributors to market growth due to low labor costs, low production costs, and increased consumer awareness of virtual assistant solutions. Furthermore, increased R&D investments and developing healthcare infrastructure are predicted to have an equal impact on the overall growth of the healthcare Virtual assistant market throughout the forecast period. Countries like China and India are also actively pursuing MVA implementation in the healthcare industry. The region's growing population and scarcity of experienced physicians and therapists drive up demand for virtual assistants. As a result of these reasons, Asia pacific is expected to expand the most throughout the projection period.
Competitive Landscape
Multinational companies are releasing devices that allow an app or equipment to operate as an AI robot. These virtual assistants engage consumers in humanistic conversations and assist hospitals, pharmacies, and other relevant industries manage more customers while providing an enhanced user experience. Most of these companies' primary strategies include M&A and strategic alliances.
Some of the prominent market players in the global healthcare virtual assistants market include:
Strategic Development
Virtual or AI assistants are application programs that recognize natural language voice commands and carry out the assignment. A software agent may conduct tasks for an individual based on queries or orders.
The smart speakers interface segment led the global healthcare virtual assistants market.
Asia Pacific and Latin America are identified as the key growth regions in the global healthcare virtual assistants market.
The estimated market size of healthcare virtual assistants in 2031 is US$ 8,199.03 million.
The revenue CAGR of healthcare virtual assistants market during the forecast period is expected to be 28.5% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain