Healthcare Virtual Assistance Market to Reach Valuation of USD 3,125.1 Million by 2028 - Rising Healthcare Costs & Medical Fraud Cases is Expected to Boost the Revenue from the Healthcare Virtual Assistance Market

Vantage Market Research

Feb 03, 2022

In terms of revenue, the Global Healthcare Virtual Assistance Market is expected to reach USD 3,125.1 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 35.30% from 2022 to 2028. The Healthcare industry is expected to raise patient engagement applications to the next level with intelligent or virtual assistance programs. Patient engagement is one strategy to improve health outcomes and better patient care at lower costs. Research shows that key payers and healthcare organizations are expected to spend more than $150 billion on healthcare-related IT in the coming years.

Key Findings:

  • The smart speaker’s sub-segment is anticipated to dominate the segment for Healthcare Virtual Assistance Market and grow at a substantial Compound Annual Growth Rate (CAGR). The rise in adoption is due to its increasing IoT services provided by major players and user-friendly approach of software.
  • The healthcare providers sub-segment held a market significant share in 2021. This is due to the growing investments made by key manufacturing players for this technology.
  • North America is the largest regional segment. This surge is attributed to the rising demand for healthcare virtual assistance in developed economies such as China and India.

Some of key players in Healthcare Virtual Assistance Market includes - 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..

In recent years, major companies are investing huge funds in the development of virtual assistance in healthcare organizations. Due to the COVID-19 pandemic, this technology has flourished due to stringent regulations passed by the government bodies on social distancing criteria. For instance, patients need their healthcare-related queries answered, this was helping them to stay on track and reduce human errors. Companies such as Amazon, IBM Watson, Microsoft provide 24/7 assistance to patient queries through mobile devices which gives them current information, specific to their age, financial ability, literacy, and more. It is observed that increasing patient engagement and improving self-management skills for chronic disease will greatly reduce healthcare inefficiencies.

North America is expected to dominate the global Healthcare Virtual Assistance Market in 2021 and is likely to continue the same trend during the forecast period. The growing need for the getting acquainted and integrating of healthcare virtual assistance technology in this region is likely to provide cost-effective and quality to patient’s health. As a result, many global companies are investing in the Healthcare Virtual Assistance Market to capitalize on the growing opportunities. In addition, the COVID-19 outbreak has resulted in an increased patient pool in the region, especially in countries such as China and India. The growing patient volume, along with the rising need for accurate and timely diagnosis and treatment of this disease, will fuel the growth of the Healthcare Virtual Assistance Market.

COVID -19 Impact Analysis

The coronavirus pandemic has thrown a spotlight on Healthcare Virtual Assistance Market. Lots of patients across the globe have benefited from this system due to the COVID-19 pandemic. This technology has shown stunning results during the pandemic period, as a result, many healthcare facilities are getting acquainted with this technique in coming years.

Healthcare Virtual Assistance Market 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) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)