Virtual Assistance in Healthcare Market Expected to Reach $2.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Virtual Assistance in Healthcare Market," The virtual assistance in healthcare market size was valued at $495.36 million in 2021, and is estimated to reach $2.1 billion by 2031, growing at a CAGR of 15.6% from 2022 to 2031.

Virtual assistant can be defined as a remote employee advanced in performing multiple task. The use of virtual assistant technology in the healthcare sector can help to improve many health processes and enhance global healthcare delivery. Artificial intelligence and rule-based systems of virtual assistant help to accomplish a variety of events in patient care. To enable interactive communications with the end users, these assistants make use of cognitive technologies, including machine learning and neural networks. The global virtual assistance in healthcare market is expected to grow during the forecast period as the popularity and use of virtual assistant services is rapidly increasing.

Factors that driving the growth of global virtual assistance in healthcare market trends are capability of taking patient engagement to the advanced level, increase in development of new artificial intelligence powered chatbots to interact with patient, rising use of remote monitoring devices, and increasing consumer preference for technologically advanced products. However, data breach of patient’s confidential information is the major restraining factor of virtual assistance in healthcare market analysis. In addition, online treatment regulations can be confusion and poor digital literacy are the factors which negatively affects the growth of the virtual assistance in healthcare market size.

Moreover, coronavirus crises sweep the globe and force healthcare organizations to devote the majority of their funds to fighting COVID-19, the outbreak of COVID-19 has resulted in a significant growth and demand for the market. The main factor that accelerated growth of virtual assistance in healthcare market is social distancing. People were not allowed to go to hospitals because it might cause infection of COVID-19. Thus, increase and adoption of the virtual assistance services was in demand. As a result, the COVID-19 outbreak accelerated the market growth for virtual assistance in healthcare, which will have a positive effect on the market's value in 2022 and beyond.

On the basis of product, the smart speakers segment dominated the market in 2021. According to Voicebot, 90 million of population use smart speakers in the U.S. Furthermore, increase in patient and healthcare providers using smart speakers technology is driving the market growth of this segment. In addition, broadband coverage and user friendly telehealth software are the factors contribute towards the growth of the market.

Based on user interface, the automatic speech recognition segment dominated the market in 2021. Factors such as rising demand for automatic speech recognition by physicians to report health checkups and data entry contribute to the overall market growth.

On the basis of end user, the healthcare providers segment dominated the virtual assistance in healthcare market share in 2021 and is expected to remain dominant during the forecast period. Healthcare providers can accomplish their task by virtually connecting with patients. This helps in time saving and treatments can be provided quickly to patients. The advantages of virtual assistant technology helps healthcare providers to lower the piled up tasks on healthcare, therefore healthcare providers is a dominating segment.

Region-wise, in virtual assistance in healthcare industry, North America has the highest market share, and is expected to remain dominant during the virtual assistance in healthcare market forecast period, owing to development of new technologies, increasing prevalence of chronic diseases, the adoption of multiple patient engagement technologies, increase in patients seeking virtual services, and strong presence of key players in North America region. However, Asia-Pacific is expected to exhibit highest CAGR rate during the forecast period, owing to rise in healthcare expenditure, increased funding by government of various countries in Asia-Pacific region to advance the healthcare infrastructures.

KEY FINDINGS OF THE STUDY

• By product, the smart speakers segment dominated the virtual assistance in healthcare industry in 2021.
• By user interface, the automatic speech recognition segment dominated the market in 2021.
• By end user, the healthcare providers segment dominated the market in 2021.
• Region-wise, North America dominated the market in 2021 and is expected to grow at a CAGR of 14.7% during the forecast period.