Healthcare Virtual Assistant Market Size, Share, Growth, and Industry Growth, By Type (Chatbot, Smart Speaker and Others.) By Application (Home, Hospital, Clinic and Others), Regional Insights, and Forecast From 2024 To 2031

Healthcare Virtual Assistant Market Report Overview

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The global healthcare virtual assistant market size is USD 692.7 million in 2021. As per our research, the market is projected to touch USD 8349.71 million by 2031, exhibiting a CAGR of 27.9% during the forecast period.

A healthcare virtual assistant is a service provided via the internet that assists healthcare professionals and organizations with administrative tasks. Tasks such as organizing appointments, maintaining email correspondence, and conducting other administrative chores fall under this category. healthcare virtual assistant can aid in the improvement of workflow and communication in the healthcare industry. They can also assist in cost reduction by allowing experts to spend more time with patients.

These assistants aid organizations in acquiring a history of patients' health, demographic information, insurance details, and other record analysis. These features will boost productivity and allow physicians to devote more time to patients rather than administrative tasks. Payers can utilize virtual healthcare assistants to acquire important biometric data from chronically ill patients while also ensuring patient participation. In addition, virtual assistants will help patients select the best insurance plan. All of this, in turn, will contribute to increased outcomes, efficiency, and pleasure.

COVID-19 Impact: The COVID-19 Underlying Condition Uplifted the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the healthcare virtual assistant market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The pandemic produced major disruption in a variety of areas, including technology. The COVID-19 pandemic had a tremendous impact on the technology industry's service domain. Meanwhile, new technology solutions are expected to make a significant contribution while responding to the COVID-19 pandemic and focusing on constantly increasing difficulties. The current circumstance as a result of the pandemic breakout will motivate healthcare and pharmaceutical vendor establishments to increase their R&D efforts, grow and introduce AI solutions, and serve as a core technology for enabling many projects. With the global pandemic, several marketing firms, banking institutions, and grocery stores have begun to fully deploy conversational AI tools and virtual online assistants to improve customer experience throughout the crisis.

LATEST TRENDS

Implementation of IoT and Increasing Penetration of Smartphones and Internet to Attract the Market Share

The increasing adoption of internet and smartphone devices is one of the elements responsible for fueling the expansion of global healthcare virtual assistant. The use of IoT in healthcare is expected to positively impact the healthcare virtual assistant Market. Technological advancements in Natural Language Processing, deep learning, Artificial Intelligence, and machine learning will propel the market even further. The integration of healthcare virtual assistant into the healthcare ecosystem will help reduce total health costs, which will be a significant factor in the acceptance of virtual healthcare assistants by healthcare providers. Increasing technology improvements, combined with a focus on manufacturing multi-language support in virtual assistant tools, are driving the healthcare virtual assistant market growth over the forecast period.

Healthcare Virtual Assistant Market Segmentation

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• By Type

Based on type the healthcare virtual assistant market is classified into Chabot, smart speaker and others.

The chatbot is the leading part of the type segment in the market.

• By Application

Based on application the healthcare virtual assistant market is classified as hospitals, clinic, home and others.

The hospital accounted for the leading application in the market.

DRIVING FACTORS

The Diversified Advantages Offered by Chatbots to Enhance the Market Growth

The growing desire for a more convenient lifestyle has resulted in the widespread acceptance of smart speakers, which is expected to boost the market in the coming years. Chatbots are widely used in banking and insurance, as well as retail and educational portals. They facilitate end-users' access to essential information and ease of operation. The healthcare industry has seen the most market interest and adoption of chatbots. These bots assist physicians, nurses, patients, and their families at many stages of life by using text/speech/audio. In the coming years, the chatbot market is expected to be driven by the expanding number of social media platforms and the need to analyse client behaviour.

The Increased Efficiency and Enhanced Customer Experience to Reinforce the Market Growth

The requirement for enhanced efficiency in service-based enterprises, as well as the integration of AI-powered Virtual Assistants (VAs) across multiple devices such as desktops, tablets, and smartphones, is predicted to drive product demand. Intelligent Virtual Assistants (IVAs) can perform a variety of customer support duties, such as providing product information, assisting customers with bill payment, and forwarding problem concerns to real customer service agents. Such incentives are causing financial institutions around the world to integrate VAs, resulting in industry growth. IVAs are efficient and perform a variety of activities for businesses in retail, information technology, finance, and automotive. They also deliver better conversational responses, which improves the client experience.

RESTRAINING FACTORS

The Expensiveness and Lack of Awareness to Hamper the Market Share

Some of the reasons impeding the growth of the worldwide healthcare virtual assistant market include a lack of knowledge among healthcare professionals and worries about data privacy. Furthermore, a lack of organized data related to connectivity range and compatibility, as well as the high cost of virtual assistants, could stymie the growth in global healthcare virtual assistant market share.

Healthcare Virtual Assistant Market Regional Insights

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North American Region to Rule Out with Rising Chronic Diseases and Adoption of New Technologies

During the projected period, North America will dominate the worldwide healthcare virtual assistant market. This can be due to causes such as rising demand for technologically enhanced medical services, rapid acceptance of new technology, and an ageing population prone to a variety of chronic conditions that necessitate constant monitoring and support. Rapid acceptance of new technologies, rising chronic disease prevalence, adoption of technology to engage more patients, rising healthcare expenditure in this region, and widespread awareness of virtual assistants will drive market expansion in this region. Furthermore, rising investments by key players in this area are expected to drive market growth throughout the forecast period.

KEY INDUSTRY PLAYERS

Prominent Manufacturers to Contribute Towards Expansion of Market

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

LIST OF TOP HEALTHCARE VIRTUAL ASSISTANT COMPANIES

• CSS Corp (U.S.A)
• eGain (U.S.A)
• idAvatars (U.S.A)
• Kognito (U.S.A)
• MedRespond (U.S.A)
• Microsoft Corporation (U.S.A)
• Next IT Corp. (U.S.A)
• Nuance Communications, Inc. (U.S.A)
• True Image Interactive, Inc. (U.S.A)
• Welltok, Inc. (U.S.A)
  
  

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.