Number of pages: 100 | Report Format: PDF | Published date: March 03, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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.
Healthcare Virtual Assistants Market Fundamentals
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. 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 boost productivity and allow clinicians to devote more time to patients than administrative activities. Players can use virtual healthcare assistants to collect important biometric data from chronically ill patients and ensure proactive patient involvement. In addition, virtual assistants aid patients in selecting the best insurance plan. These factors 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 various factors, such as their age, financial ability, and literacy. Boosting patient engagement and strengthening chronic disease self-management abilities are expected to significantly reduce healthcare expenditures in the next few years.
HVAs are increasingly being employed to track patients’ pre- and post-treatment progress. Moreover, they can prevent cancellations and reduce overdue payments by implementing text and voicemail confirmation to a prior appointment. Healthcare companies utilizing voice-over-internet protocol for clinical contexts are using MVA due to the rising usage of AI, deep learning, natural language processing, and voice recognition applications in smartphones.
Healthcare Virtual Assistants Market Dynamics
Rising usage of HVAs in the context of the COVID-19 pandemic and the increasing number of smartphone users globally with growth in the number of healthcare-related apps drive market revenue growth. According to the American Health Information Management Association 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 real-time chatbot that responds to hospital staff questions about protocols, instructions, medicine dose information, prescription formulary, and on-call rosters. As a result, even after the epidemic, the industry is expected to observe significant development opportunities.
Large-scale healthcare organizations also employ intelligent HVAs 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 intelligent virtual assistant market. The advancements in natural language understanding and natural language processing have increased the number of functionalities a digital assistant can provide, 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, are expected to be integrated to help expand the health-intelligent virtual assistant market in the next few years. Modern technologies, particularly automation and automatic voice recognition, are increasingly used in healthcare. 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.
Healthcare Virtual Assistants 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
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 the forecast period. Rapid developments in smart speakers and their high adoption have generated numerous opportunities 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 segment 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.
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 segment is likely to dominate the market with a considerable market share and expand at the highest revenue CAGR throughout the projection period. The program understands most medical terminologies 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 are employing speech technology as a virtual correspondent to conduct health screenings and data entry via voice-through devices. Moreover, their dominance is due to their capacity to enhance the workflow in the healthcare industry and promote the usage 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 and productivity enhancement. This technology also eliminates paperwork, provides more time to focus on patients, and improves accuracy, resulting in a surge in speech recognition usage, thereby boosting market revenue growth.
Healthcare Virtual Assistants Market by End User
Based on end-user, 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 such as cancer in their early stages. Individuals can live healthier lives with the widespread adoption of artificial intelligence and the growth of consumer wearables and other medical gadgets. 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 expenses.
Healthcare Virtual Assistants Market by Region
Based on region, 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 revenue share of the global healthcare virtual assistants market, followed by Europe and Asia Pacific. The highest share of North America in the healthcare virtual assistants market is primarily attributed to the developed healthcare sector, the increased need to reduce healthcare costs, greater demand for technological advancements by healthcare facilities, and the growth in 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 for the expansion of the healthcare virtual assistants 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. 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 in the market. Countries such as India and China are the greatest contributors to market revenue growth due to low labor costs, low production costs, and increased consumer awareness of virtual assistant solutions. Furthermore, increased R&D investments and improved healthcare infrastructure are predicted to positively impact the overall development of the healthcare virtual assistants market during 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. These factors are expected to help the Asia Pacific market expand rapidly throughout the projection period.
Multinational companies are launching 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. These companies’ primary strategies include mergers, acquisitions, and strategic alliances.
The prominent market players in the global healthcare virtual assistants market include:
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 leads the global healthcare virtual assistants market.
Asia Pacific and Latin America are the key growth regions in the global healthcare virtual assistants market.
The healthcare virtual assistants market is expected to be valued at US$ 8,199.03 million by 2031.
The healthcare virtual assistants market is expected to register a revenue CAGR of 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