Healthcare Virtual Assistant Market

Healthcare Virtual Assistant Market Size

Healthcare Virtual Assistant Market size was USD 0.66 billion in 2021 and is projected to grow from USD 1.2 billion in 2023 to USD 20.6 billion by 2032, exhibiting a CAGR of 36.8% during the forecast period.

Healthcare virtual assistants are medical experts who offer remote clinical and administrative support to medical providers. Virtual Assistants are smart in a wide range of jobs, including managing medical billing, scheduling appointments, and more. Healthcare VAs are essential in the world of telemedicine. They assist practices in maintaining the efficiency of their new digital operations. Moreover, they can assist numerous practices simultaneously due to remote operations.

Market Highlights

Healthcare Virtual Assistant Market is expected to project a CAGR of 36.8% during the forecast period, 2022-2032

Healthcare Virtual Assistant market is expected to reach USD 20.6 billion, growing at a CAGR of 36.8% during the forecast period owing to the growing adoption of Internet of Things, shortage of healthcare experts, growing use of smartphone devices and internet connectivity, and rising attention to patient engagement. In addition, the expanding burden of lifestyle illnesses, and the need to lower healthcare expenses are driving the market for Healthcare Virtual Assistants Market.

Healthcare Virtual Assistant Market Segmentation:

Smart Speakers segment is expected to dominate in the forecast period

Healthcare Virtual Assistant Market is classified based on the Product into Chatbots and Smart Speakers. Chatbots held a significant share of the global Healthcare Virtual Assistant Market in the previous years due to ascending demand from nurses, assist physicians, and patients at different levels using speech/text/audio. Smart speakers are projected to lead the market in the near future. They employ automatic voice recognition technology, which is mostly employed as a therapist for patients who are depressed or lonely or in medical counseling. These speakers carry out a series of activities in response to voice recognition that occurs automatically.

Automatic Speech Recognition segment is expected to dominate in the forecast period

Healthcare Virtual Assistant Market is classified based on the Technology into Automatic Speech Recognition, Text-based, Text-to-Speech, and Others. The Text-to-Speech segment held the larger share of the Healthcare Virtual Assistant Market in the previous years. Automatic Speech Recognition segment is predicted to hold the most promising CAGR during the predicted period. It's used to recognize letters or words and to confirm the identification of an individual. Owing to the widespread use of chatbots and smart speakers for patient engagement in medical counseling, the segment is witnessing growth.

Market Dynamics:                                                                  

Growth Drivers

Growing AI Adoption in Healthcare and Improvements in Patient Services are Expected to Boost the Market Growth

Healthcare virtual assistants support patient involvement and offer online coaching to support patients during the time of need. The market is expected to be driven by rising patient engagement initiatives and rising AI use in healthcare applications. Moreover, by using virtual assistant technologies, healthcare organizations are enhancing patient service features like medication reminders and other personalized services. Virtual assistants with artificial intelligence reduce the number of people who are impacted by sudden outbreaks of diseases like Swine Flu and Ebola.

Increasing Patient Preference for Advanced Products is Expected to Boost the Market Growth

Other factors propelling the Healthcare Virtual Assistant Market include the growing consumer preference for advanced healthcare products, the growing elderly population, innovations in artificial intelligence, and the growing users of digital devices. Also, the rising number of market vendors for new product launches in virtual assistants in the medical sector is fuelling market growth.

Restraint

Data Privacy Concerns and Costly Virtual Assistants to Restrain the Market Growth

Lack of knowledge among healthcare experts and concerns regarding data privacy are a few factors restraining the growth of the Healthcare Virtual Assistants Market. Moreover, a lack of structured data on compatibility and connectivity range and also the high price of virtual assistants may seriously restrain the development of the global Healthcare Virtual Assistants Market.

Recent Developments:

• TeleVox, a top provider of communication and patient engagement solutions, recently introduced an AI-enabled omnichannel conversational VA for healthcare providers. The goal of this novel technology is to enhance patient experiences while lessening the workload for healthcare professionals.
• Isabel Healthcare and Orbita have partnered to offer patients quick access to healthcare services using their advanced 'Find Care' search & symptom triage technology. The alliance seeks to improve the entire patient experience by ensuring that their healthcare providers get timely and accurate information about their symptoms and by ensuring the process is easier for patients to locate the care they require.

Healthcare Virtual Assistant Market

Key Players Covered:

• Microsoft Corporation
• CSS Corporation
• Nuance Communications Inc.
• Verint Systems Inc.
• Babylon Healthcare Services Limited
• Welltok Inc.
• eGain Corporation
• Infermedica
• Kognito
• Orbita
• Healthtap Inc.
• True Image Interactive Inc.
• Sensely Inc.
• CodeBaby Corporation
• MedRespond LLC
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Healthcare Virtual Assistant Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America held the larger market share due to the widespread use of smartphones and the rapid adoption of IoT. The region with the maximum growth during the forecast period is Asia Pacific. The demand for VAs in the area is growing due to the region's growing population and shortage of qualified doctors and therapists. Furthermore, MVA implementation in the healthcare sector is being actively pursued by nations like India and China, which will have an impact on market expansion.

Impact of Covid-19 on Healthcare Virtual Assistant Market

Due to lockdown conditions in most regions worldwide, COVID-19 witnessed a spike in the need for virtual help in the healthcare industry across several industries, mainly the healthcare industry. Virtual medical care provided by doctors through video conferencing led to the launch of numerous mobile-based chatbots to deliver disease-related information, and vaccination dosage scheduling via the COVIN app in India. These are the key reasons for the speedy growth of the market.

Healthcare Virtual Assistant Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Healthcare Virtual Assistant Market Scope and Segments:

Frequently Asked Questions (FAQ):