The Worldwide Healthcare Virtual Assistants Industry is Expected to Reach $5.3 Billion by 2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Healthcare Virtual Assistants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component and End User" report has been added to ResearchAndMarkets.com's offering.

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.

Increasing adoption of healthcare virtual assistants amid the COVID-19 pandemic and growing users of smartphone globally with rising 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. For healthcare organizations, such as hospitals, advanced smartphones provide more convenience and efficiency than traditional computers. The factors mentioned above fuel the growth of the healthcare virtual assistants market.

The healthcare virtual assistants market is bifurcated on the basis of component and end-user. Based on component, the 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. The healthcare sector is widely adopting speech recognition technology for saving time and improving productivity. For example, speech recognition technology eliminates the need to manually transcribe clinician's notes. Clinicians dictate notes, and AI-powered software accurately converts the voice data into valuable electronic health records (EHRs) data, which significantly improves clinical documentation and its accuracy. Additionally, at the same time, physicians can dedicate themselves toward the care delivery of patients without bothering about EHR data entry. Such supportive factors drive the market growth for the speech recognition segment.

By end user, the healthcare virtual assistants market is segmented into providers, payers, and others. The providers segment is expected to dominate the market during the forecast period. Artificial intelligence (AI) is being utilized by several healthcare providers for the accurate detection of chronic diseases, such as cancer, in early stages. With wide adoption of AI combined with proliferation of consumer wearables and other medical devices involved in assisting people in living healthier lifestyles. Virtual care is the best example in modern healthcare that facilitates healthcare providers, increases patient access to care, and decreases overall healthcare units.

Therefore, expanding healthcare virtual assistants market can assist providers in monitoring and managing patient care throughout the recovery. This can be achieved through 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. This would ultimately help providers to increase efficiency by seeing many patients with a greater degree of personal engagement in less time. The factors mentioned above support the market growth for the providers segment.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the healthcare virtual assistants market.
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• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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Market Dynamics

Drivers

• Growing Prevalence of Chronic Diseases
• Rising Awareness Regarding Healthcare
• Increase in Social Networking and Smart Phone Users

Restraints

• Security and Privacy Issues
• Unaddressed Regulatory Concerns

Opportunity

• Expansion of Healthcare Facilities in Remote Locations

Future Trend

• Healthcare Virtual Assistants to Replace Patients' Routine Visits

Companies Mentioned

• Nuance Communications, Inc.
• Amazon.com, Inc.
• Verint Systems, Inc.
• Microsoft Corporation
• Egain Corporation
• Infermedica
• CSS Corp
• Kognito
• Babylon
• True Image Interactive Inc.

For more information about this report visit https://www.researchandmarkets.com/r/ny7050