Healthcare Virtual Assistants Market Growth Report, 2028

Healthcare Virtual Assistants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Speech Recognition, Text-to-Speech, and Voice Recognition) and End User (Providers, Payers, and Others)

Publication Month : Feb 2022

  • Report Code : TIPRE00026527
  • Category : Healthcare IT
  • Status : Published
  • No. of Pages : 163
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[Research Report] The healthcare virtual assistants market is projected to reach US$ 5,310.31 million by 2028 from US$ 684.07 million in 2021; it is expected to grow at a CAGR of 34.01% from 2021 to 2028.

Rising developments and advancements in healthcare IT solutions and increasing smartphone adoption with growing healthcare-associated applications stimulate the overall market growth. According to The American Health Information Management Association (AHIMA) report, medical professionals have emerged as a marketplace targeted by smartphone technologies. In healthcare organizations, such as hospitals, advanced smartphones provide more convenience and efficiency than traditional computers. The World Health Organization (WHO) report states that mobile health (mHealth) can revolutionize health outcomes among patients and provide virtual service through a smartphone with medical expertise and knowledge in real-time, which acts as a boon, particularly to those living in remote areas. 

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Healthcare Virtual Assistants Market: Strategic Insights

healthcare-virtual-assistants-market
Market Size Value inUS$ 684.07 Million in 2021
Market Size Value byUS$ 5,310.31 Million by 2028
Growth rateCAGR of 34.01% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
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North America is likely to continue its dominance in the healthcare virtual assistants market during 2021–2028. The US holds the largest market share in this region. The country is expected to continue to be a dominant shareholder in the market during the forecast period due to developed healthcare IT infrastructure and government initiatives to implement healthcare virtual assistant technologies. Moreover, the US is the largest market for healthcare virtual assistants mainly due to the high demand for installation of such advanced devices in hospitals and clinics and home healthcare in the US due to the rising geriatric population. Apart from that, the presence of top competitive players in this region with their innovative product launches present lucrative opportunities for the regional market growth. In January 2019, the New-York Presbyterian Hospital and Philips announced collaboration for healthcare virtual assistants. The New-York Presbyterian Hospital has planned to expand its virtual care capabilities with remote monitoring services from Philips.

Lucrative Regions for Healthcare Virtual Assistants Market 


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Market Insights

Increasing Adoption of Healthbots/Chatbots for Quality Patient-Care Drives Market Growth

The COVID-19 pandemic is a standalone factor responsible for the growth of the overall healthcare virtual assistants market. According to the World Economic Forum (WEF) report, virtual assistants' potential is enormously associated with lucrative benefits that are already being realized. Therefore, the healthcare sector presents one of the most extensive opportunities for virtual assistants. For example, automated text reminders of appointments and chatbots assistance are helping physicians to connect with patients through digital consultations. For the record, in Rwanda, where there is only one doctor and six healthcare workers per 10,000 people, health bots are helping to reduce the heavy demand on healthcare staff. In the coming years, health bots will become the center tool by utilizing AI localized for Rwandan language and epidemiology for allowing more patients to get served for consultation. Therefore, through such virtual assistants, effective use of scarce health resources can be achieved, and in return, the quality of care will be improved, and healthcare workers can be kept in the loop.

Component-Based Insights

Based on the component, the healthcare virtual assistants market is segmented into speech recognition, text-to-speech, and voice recognition. The speech recognition segment is estimated to account for the largest market share during 2021–2028. Speech recognition technology has gained significant attention in the healthcare sector. According to the AHIMA Foundation report, the healthcare sector started implementing speech recognition technology for medical reporting. With continuous improvements in the technology, it became necessary for hospitals so that medical practitioners became aware and believe in the value of these systems. In the coming years, speech recognition technology could also play a significant role in benefitting healthcare providers to create documents at the inpatient bedside. The factors mentioned above drive the market growth for the speech recognition segment.

Healthcare Virtual Assistants Market, by Component – 2021 and 2028

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End User Insights

Based on end user, the market is segmented into providers, payers, and others. The providers segment would dominate the market in the coming years. According to the American Telemedicine Association (ATA) report, healthcare virtual assistants possesses numerous advantages for patients and providers. For example, on the removal of physical barriers to care, providers can extend their reach by using virtual assistants, particularly for patients living in rural areas. Also, it can offer preventive services allowing the patient education or wellness coaching regarding nonemergency health and wellness issues. Expanding healthcare virtually can assist providers in monitoring and managing their patients' care throughout their recovery following a long-term hospital visit or surgical procedure or even act as a substitute for in-person care delivery based on patient population needs, health organization capabilities, and resource availability. The factors mentioned above contribute to the market growth for the providers segment.

 

Companies operating in the healthcare virtual assistants market adopt the product innovation strategy to meet the evolving customer demands worldwide, which also permits them to maintain their brand name in the global market.

Healthcare Virtual Assistants Market – Segmentation

Based on component, the healthcare virtual assistants market is segmented into speech recognition, text-to-speech, and voice recognition. By end user, the market is segmented into providers, payers, and others.

By Geography

Based on geography, the healthcare virtual assistants market is primarily segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA) and South and Central America. The market in North America is further segmented into the US, Canada, and Mexico. The European healthcare virtual assistants market is subsegmented into France, Germany, the UK, Spain, Italy, and the Rest of Europe. The market in Asia Pacific is subsegmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The healthcare virtual assistants market in the MEA is further segmented into Saudi Arabia, the UAE, South Africa, and the Rest of MEA. The market in South and Central America is segmented into Brazil, Argentina, and the Rest of South and Central America.

Company Profiles

  • Nuance Communications, Inc.
  • Amazon.com, Inc.
  • Verient Systems, Inc.
  • Microsoft Corporation
  • EGAIN CORPORATION
  • Infermedica
  • CSS Corp
  • Kognito
  • Babylon
  • True Imaging Interactive Inc.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What is the regional market scenario of the healthcare virtual assistants’ market?

Global healthcare virtual assistants’ market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In North America, the U.S. is the largest market for fall management market. The US is estimated to hold the largest share in the healthcare virtual assistants’ market during the forecast period. The presence of top players and favorable regulations related to product approvals coupled with commercializing new products are the contributing factors for the regional growth. Additionally, the increasing number of R&D activities is the key factor responsible for the Asia-Pacific regional growth for healthcare virtual assistants accounting fastest growth of the region during the coming years.

Who are the key players in the healthcare virtual assistants’ market?

Nuance Communications, Inc.; Amazon.com, Inc.; Verient Systems, Inc.; Microsoft Corporation; EGAIN CORPORATION; Infermedica; CSS Corp; Kognito; Babylon; and True Image Interactive Inc. are among the leading companies operating in the global healthcare virtual assistants’ market

Which end user segment held the largest market share in the fall management market?

The providers segment dominated the global healthcare virtual assistants’ market and accounted for the largest market share of 51.53% in 2021.

What is meant by the healthcare virtual assistants’ market?

A healthcare virtual assistant is an innovative technology which helps with administrative and customer support tasks such as digitizing health history forms, electronic medical record (EMR/EHR) data management, patient appointment scheduling, medical authorizations, eligibility processing, and medical billing.

What are the driving factors for the healthcare virtual assistants’ market across the globe?

Growing prevalence of chronic diseases and increasing social networking and smart phone users are the most significant factors responsible for the overall market growth.

Which segment led the healthcare virtual assistants’ market?

Based on component, speech recognition segment took the forefront lead in the worldwide market by accounting largest share in 2020 and is expected to continue to do so till the forecast period.

The List of Companies - Healthcare Virtual Assistants Market

  1. Nuance Communications, Inc.
  2. Amazon.com, Inc.
  3. Verient Systems, Inc.
  4. Microsoft Corporation
  5. Egain Corporation
  6. Infermedica
  7. CSS Corp
  8. Kognito
  9. Babylon
  10. True Image Interactive Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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