New York, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global healthcare virtual assistants market market size is slated to expand at ~35% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 33 billion by the end of 2036, up from a revenue of ~USD 708 million in the year 2023.The world is raising initiatives to expand the healthcare benefits and facilities with the help of digital health which is primarily augmenting the market growth. Digital and cutting-edge information and communications technologies will be critical enablers in ensuring that one billion more people benefit from universal health coverage, one billion additional population are better protected from health emergencies, and one billion more people enjoy improved health and well-being (WHO's triple billion targets included in its Thirteenth General Program of Work, 2019-2023.
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The Internet of Things, virtual medical attention, remote monitoring, artificial intelligence, big data analytics, blockchain, smart wearables, platforms, tools enabling data exchange and storage, and the tools permitting remote data capture and the transmission of data and the dissemination of pertinent knowledge throughout the health ecosystem creating a continuum of care have proven an opportunity to improve health outcomes.
Rising Investment in Healthcare Technology is to Boost the Growth of Healthcare Virtual Assistants Market
Health technology is one of today's most lively and rapidly increasing economic areas. Healthcare organizations are implementing cutting-edge technologies such as virtual visits and distant monitoring to improve patient outcomes, save costs, and expand access to care. As a result, there is a surge of interest among investors looking to invest in healthcare technology that has the potential to disrupt the current healthcare system. For digital healthcare enterprises, the year 2020 will be considered a watershed point. Because of the COVID-19 pandemic, funding jumped by 72 percent from a record high, totaling USD 14 billion committed over 440 agreements. Moreover, despite market pressure, healthcare IT investment will reach USD 25 billion by the end of 2023.
Healthcare Virtual Assistants Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increased Prevalence of Chronic Diseases is to Boost the Market Growth in North America Region
Today, an estimated 133 million Americans, or about half of the population, have at least one chronic ailment, such as hypertension, heart disease, or arthritis. This amount is 15 million greater than a decade ago, and it is predicted to reach 170 million by 2030. Chronic diseases have emerged as a danger to public health and socioeconomic development. Telemedicine can give both the highest degree of patient satisfaction and the most cost-effective care. When distance makes it difficult to provide effective treatment to a patient, telemedicine can be a useful answer. When distance makes it difficult to provide effective treatment to a patient, telemedicine can be a useful answer. Telemedicine's goals are to enable the ongoing treatment of chronic illnesses and to provide rapid information to provide early warning of potential ailments, both of which contribute to the goal of preventative healthcare.
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Growing Use of Voice Assistants and Chatbots is to Elevate Market Growth in Asia-Pacific
According to the National Association of Software and Service Companies, data and AI in healthcare have the potential to add approximately USD 25 billion to India's GDP by 2025. Artificial intelligence breakthroughs are rapidly transforming the face of India's healthcare industry. From unique diagnostic tools to advanced patient treatment procedures, the industry is utilizing AI's prowess to reduce human labor and provide better care. According to a World Economic Forum estimate, AI spending in India is predicted to reach nearly USD 12 billion by 2025 and add around USD 1 trillion to the Indian economy by 2035.
Healthcare Virtual Assistants, Segmentation by Product
- Web-Based Chatbots
- Mobile-Based Chatbots
- Smart Speakers
On the basis of product, the smart speakers segment in healthcare virtual assistants market is expected to witness the largest share of the market over the projected period. The growth of the segment is majorly expected on the account of rising integration of smart speakers with other devices. around 62% of Americans aged 18 and up use a voice assistant on any device, including smart speakers, smartphones, in-car systems, and others. Currently, 63% of US adults use a voice-operated personal assistant on any device. Almost 46 percent of smart speaker owners who also possess a smartphone say they use their smartphone's voice-activated personal assistant more since purchasing a smart speaker.
Healthcare Virtual Assistants, Segmentation by End User
- Healthcare Providers
- Patients
- Healthcare Payers
On the basis of end user, the healthcare providers segment in healthcare virtual assistants market is expected to gain the highest market revenue over the forecasted period. Healthcare providers are rapidly adopting technology for providing virtual consultancy and this is the prime factor that is driving the growth of the segment. Overall telehealth utilization for office visits and outpatient care was 78 times greater in April 2020 than in February 2020. Moreover, by April 2021, 84% of physicians were providing online consultations, and 57% desired to continue providing online medical treatment. However, traditionally, there has been a disconnect between customers' claimed interest in digital health solutions and practical utilization. Maintaining and expanding consumer use of virtual health will require a continued focus on providing a fluid consumer interface, breaking down divisions in care provision (both virtual and in-person), improving data integration and analytics, and proactive consumer involvement.
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A few of the well-known indsutry leaders in the global healthcare virtual assistants market that are profiled by Research Nester are Tietoevry Care, Amazon.Com, Apple Inc., Orbita Inc., Royal Philips NV, Sysmex Corporation, Fujitsu Limited, NTT Corporation, Takeda Pharmaceutical Company, and Daiichi Sankyo Co. Ltd.
Recent Developments in the Healthcare Virtual Assistants Market
- Apple has released new HomePod mini hues that are both vivid and expressive. HomePod Small provides excellent acoustics, works flawlessly with the iPhone, incorporates Siri intelligence, and serves as the cornerstone for any smart home. At only 3.3 inches tall, the HomePod tiny provides terrific music listening expertise, Siri intelligence, and smart home capabilities, as well as privacy and security. HomePod mini is the ultimate smart speaker for anyone who has an Apple device due to its flawless integration across Apple's products and services.
- Orbita has joined hands with Philips, a leading company in health technology, to jointly develop next-generation conversational virtual assistants for Philips' customer's health and patient support apps. Philips' digital health programs, optimize the patient experience and increase efficiency across the health continuum.
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