Healthcare Virtual Assistance Market

Market Snapshot

Forecast Years for Healthcare Virtual Assistance Market:	2022 - 2028
Historical Years for Healthcare Virtual Assistance Market:	2016 - 2021
Revenue 2021 for Healthcare Virtual Assistance Market:	USD 415.1 Million
Revenue 2028 for Healthcare Virtual Assistance:	USD 3,125.1 Million
Revenue CAGR (2022 - 2028) for Healthcare Virtual Assistance Market :	35.6%
Fastest Growing Region (2022 - 2028) for Healthcare Virtual Assistance Market:	Asia Pacific
Largest Region (2021) for Healthcare Virtual Assistance Market:	North America

Market Synopsis:

Global Healthcare Virtual Assistance Market is valued at USD 415.1 Million in 2021 and is projected to attain a value of USD 3,125.1 Million by 2028 at a CAGR of 35.6% during the forecast period, 2022–2028. The market for Healthcare Virtual Assistance is being driven by factors such as the increasing number of smartphone users and their usage of healthcare apps, the growing need for high-quality healthcare services, and the rising prevalence of chronic diseases. Players in the industry should benefit from the increased focus on building conversational virtual assistant tools and multi-language support in Healthcare Virtual Assistance solutions.

The COVID-19 pandemic has wreaked havoc on many people's lives and companies on a massive scale. Businesses and commercial activity around the world have been severely disrupted by the outbreak. To relieve the load on the healthcare system and reduce disease transmission, various governments throughout the world have issued instructions to postpone or delay non-essential medical and surgical treatments.

Owing to their capacity to listen to customers' questions and reply appropriately, Healthcare Virtual Assistance are making daily activities easier. Healthcare Virtual Assistance, for example, assist users in purchasing products or services and cut wait times when compared to calling customer support. Furthermore, a Healthcare Virtual Assistance capabilities can be adjusted to a variety of businesses, thereby boosting customer experience in that area. Customers can use Healthcare Virtual Assistance to locate a doctor's office, fill and renew prescriptions, and get payment reminders. Customers can also seek an IVA for help with the process of enrolling in a new or different insurance programme or updating their coverage.

Advancements, in terms of Products and Services

To enhance revenue and improve patient happiness, several firms are rethinking their user experience approach and integrating patient engagement solutions. The global market will grow as a result of this. Virtual assistant systems are also being used by healthcare companies to improve patient service functions such as medication reminders and other personalised services. Virtual assistants with artificial intelligence help to reduce the number of people who are affected by illness outbreaks such as Ebola and Swine Flu. These medical assistants can also advise on how to prevent illnesses including malaria, HIV, and tuberculosis. As a result of technical improvements, the importance of AI-driven MVAs has grown. In the healthcare industry, modern technologies, particularly automation and Automatic Speech Recognition (ASR), are becoming more widely used.

Security Concerns Regarding Patient Data

One of the major roadblocks to the industry's growth has been security worries over patient data. Modern healthcare IT infrastructure's key problems are the storage, management, and security of massive volumes of sensitive data housed in the cloud or web-based infrastructure. Any healthcare security breach might result in a massive loss of essential information, such as patient location, health data, insurance IDs, and other sensitive information, eroding faith in healthcare IT. Cyber-attacks against hospitals, third-party sharing of personal records, unlawful efforts to get access to information technology systems, and third-party sharing of personal records are just a few examples of cybersecurity dangers.

Market Segmentation:

The Global Healthcare Virtual Assistance Market can be segmented by Product into Chatbots and Smart Speakers. Based on Technology into Automatic Speech Recognition, Text to Speech and Text-based. Based on End-User into Payers, Providers and Others. Based on Region, the Healthcare Virtual Assistance Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Healthcare Virtual Assistance Market

Owing to the widespread use of smartphones and the widespread acceptance of IoT, North America held the greatest share of the market in 2020. The regional market is expected to be driven by a shortage of clinicians/physicians and the need for an aggressive healthcare facility as a result of expanding population in nations such as the United States. Countries like China and India are actively pursuing MVA implementation in the healthcare sector. The region's desire for virtual assistants is being fueled by rising population and a scarcity of trained physicians and therapists. As a result of these reasons, APAC is expected to expand the most throughout the projection period.

Key Players:

Some of the key companies in the market are Nuance Communications, Inc.; CodeBaby Corporation; eGain Corporation; Kognito; Microsoft Corporation; MedRespond; CSS Corporation; Next IT Corporation; True Image Interactive, Inc.; and Welltok, Inc.

Healthcare Virtual Assistance Market is segmented as follows:

Parameter	Details
Segments Covered	Product (Chatbots, Smart Speakers) Technology (Automatic Speech Recognition, Text to Speech, Text-based) End User (Payers, Providers, Others) Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered	North America - (U.S., Canada, Mexico) Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe) Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific) Latin America - (Brazil, Argentina, Rest Of Latin America) Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered	Some of the key companies in the market are Nuance Communications Inc.; CodeBaby Corporation; eGain Corporation; Kognito; Microsoft Corporation; MedRespond; CSS Corporation; Next IT Corporation; True Image Interactive Inc.; and Welltok Inc.
Report Coverage	Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Healthcare Virtual Assistance Market is tabulated as follows: