PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120720
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120720
Healthcare Virtual Assistant Market size was valued at USD 510.7 Million in 2021, growing at a CAGR of 38.7% from 2022 to 2028.
In the context of healthcare, artificial intelligence (AI) largely refers to the use of software and algorithms to analyze complex medical data without the involvement of a human analyst. A comprehensive range of Natural Language Processing (NLP) applications for healthcare, including healthcare professionals, services for patients, and digital scribes to streamline the documentation process, have advanced thanks to recent advancements in AI technologies. As a result, healthcare professionals are looking more closely at the potential of AI technology for a range of applications that might speed up and enhance clinical and operational operations in healthcare systems. Nearly 86 percent of healthcare providers, life science businesses, and technology suppliers to the industry are currently adopting AI technology, according to a CB Insights survey.
Virtual assistants are used in a variety of applications in the healthcare industry. The major factors propelling the expansion of the healthcare virtual assistant market are rising IoT adoption, expanding internet connectivity and mobile phone devices, rising focus on patient engagement, a lack of healthcare professionals, rising burden of lifestyle diseases, and the need to lower healthcare costs. The global market for virtual assistants in healthcare is expanding as a result of increasing internet access and mobile devices. A major factor in assuring the adoption and use of chatbots is the increase in internet access as well as the increasing use of smartphones and mobile platforms. Due to this, a greater number of people may now receive healthcare services, considerably expanding their reach. Virtual assistants and other cutting-edge smart devices can facilitate crucial conversations between various healthcare industry players, including exchanges between doctors and patients. Therefore, the market for virtual assistants in the healthcare sector is anticipated to rise as more patients and medical professionals utilize smartphones.
In order to combat the rising cost of care, healthcare organizations can reallocate their information technology and human resources with the help of the virtual assistant market. Along with established nations, emerging nations are concentrating on integrating and encouraging the use of virtual assistants in their various healthcare systems. Many of these emerging nations are seeking more and more technological solutions to meet the rising demand for healthcare services while also keeping healthcare delivery costs under control. This has caused healthcare providers in these economies to pay more attention to exploring and using the possibilities of healthcare virtual assistants. As a result, many virtual assistant technology companies are putting more emphasis on growing their presence in emerging nations.
The Worldwide Healthcare Virtual Assistant Market is categorized on the basis of Product, User Interface, End User, and Region.
The market is divided into two categories based on product: Smart Speakers and Chatbots. The smart speaker segment is expected to dominate the market and also grow at the highest CAGR during the forecast period. This is linked to the consumers' rising appetite for cutting-edge technical goods. Smart speakers offer solutions that are versatile, quick, diversified, and trustworthy. This provides better comfort and convenience in addition to saving time.
The market is divided into four categories based on the user interface: Automatic Speech Recognition, Text-based, Text-to-speech, and Others. The automatic speech recognition segment is anticipated to register the fastest growth due to its extensive application in smart speakers.
The global market for Healthcare Virtual assistants is made comprises a number of both international and local producers, making it a fairly competitive sector in the world. Some of the leading strategies adopted by corporations to expand their market share include new product launches, agreements, distribution network development, R&D spending, and mergers and acquisitions. For instance, In January 2021, Nuance launched a new virtual assistant platform that unifies the AI tools to ensure the interactions are the same regardless of the channel used, including text and voice formats. This is aimed to streamline the way healthcare providers use AI to connect to patients in light of increased demand due to the COVID-19 pandemic.
The scope of this report covers the market by its major segments, which include as follows: