Healthcare Virtual Assistance Market
Healthcare Virtual Assistance Market - Global Industry Assessment & Forecast
- By Product Chatbots, Smart Speakers
- By Technology Automatic Speech Recognition, Text to Speech, Text-based
- By End User Payers, Providers, Others
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 415.1 Million|
|Revenue 2028:||USD 3,125.1 Million|
|Revenue CAGR (2021 - 2028):||35.6%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
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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.
Healthcare Virtual Assistance Market Size, 2021 To 2028 (USD Million)
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.
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.
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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.
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:
Regions & Countries Covered
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
Healthcare Virtual Assistance Market is tabulated as follows:
Frequently Asked Question
What is the global demand for Healthcare Virtual Assistance in terms of revenue?
The global Healthcare Virtual Assistance valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 35.6%.
Which are the prominent players in the market?
The prominent players in the market are 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..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 35.6% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Healthcare Virtual Assistance include
- Advancements, in terms of Products and Services
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Healthcare Virtual Assistance in 2020.