WASHINGTON, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Healthcare Virtual Assistance Market finds that increasing demand for quality healthcare delivery, growing prevalence of chronic disorders, rising number of smartphone users, and growing use of healthcare applications are expected to augment the growth of Healthcare Virtual Assistance Market over the projected time period. In addition, multi-language support in healthcare tools and rising focus on developing conversational virtual assistant tools are considered in fuelling the growth of Healthcare Virtual Assistance Market in upcoming years. The total Global Healthcare Virtual Assistance Market is estimated to reach USD 3,125.1 Million by 2028. The market stood at a revenue of USD 415.1 Million in 2021.
The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 35.6%, states Vantage Market Research, in a report, titled “Healthcare Virtual Assistance Market by Product (Chatbots, Smart Speakers), by Technology (Automatic Speech Recognition, Text to Speech, Text-based), by End User (Payers, Providers, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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- Updated Report Includes Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis by using Vantage Market Research methodology.
(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)
Market Dynamics:
Driver: Positive Impact of IoT in Healthcare Industry Fuels the Market
The emergence of IoT in healthcare is positively impacting Healthcare Virtual Assistance Market. The healthcare sector is one of the major growing sectors in IoT market. IoT market provides various opportunities for healthcare workers to maintain patient record. Some of the major IoT applications in healthcare sector are remote patient monitoring, glucose monitoring, heart-rate monitoring, hand hygiene monitoring, depression & mood monitoring and some others. Thus, IoT in healthcare sector is expected to propel the growth of market in coming years. In addition, technological advancements in artificial intelligence, deep learning & machine learning, and natural language processing are further augmenting the growth of Healthcare Virtual Assistance Market in upcoming years.
Restraint: Lack of Structured Data and Standardization in Healthcare Industry Hampers the Market Growth
In many cases, critical data elements, such as medications, allergies, and problem lists are not properly handled in between EHR systems. The Electronic Health Records (EHRs) are used to maintain patient data but it maintains the patient information using controlled vocabulary rather than narrative text. Thus, it creates problem while sharing EHR content between providers because of lack of standardization and structured data in healthcare industry. This is one of the major restraining factors in the development of Healthcare Virtual Assistance Market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Healthcare Virtual Assistance Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Witness Largest Market Growth
North America is accounted to witness largest share of the Healthcare Virtual Assistance Market during the forecast period. Factors such as, increasing number of smartphones users, emergence of advance technology, increasing geriatric population, rising healthcare cost and rising use of remote monitoring devices are accelerated to bolster the growth of Healthcare Virtual Assistance Market in this region. In addition, countries such as, India, China and South Korea are started funding heavily in healthcare sector, which is also responsible for augmenting the growth of Healthcare Virtual Assistance Market in the region.
List of Prominent Players in the Healthcare Virtual Assistance Market:
Some of the key companies in the market are Nuance Communications, Inc.; Code Baby Corporation; e Gain Corporation; Kognito; Microsoft Corporation; Med Respond; CSS Corporation; Next IT Corporation; True Image Interactive, Inc.; and Welltok, Inc.
Browse market data Tables and Figures spread through 183 Pages and in-depth TOC on "Healthcare Virtual Assistance Market by Product (Chatbots, Smart Speakers), by Technology (Automatic Speech Recognition, Text to Speech, Text-based), by End User (Payers, Providers, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/healthcare-virtual-assistance-market-095447
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Healthcare Virtual Assistance Market?
- How will the Healthcare Virtual Assistance Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Healthcare Virtual Assistance Market?
- What is the Healthcare Virtual Assistance market drivers and restrictions?
- What will be the CAGR and size of the Healthcare Virtual Assistance Market throughout the forecast period?
Recent Developments:
November, 2021: Nuance Inc. announced the launch of Nuance Precision Imaging Network™, an AI-powered cloud platform that delivers patient-specific data and insights from diagnostic imaging into existing clinical and administrative workflows across the healthcare ecosystem.
September, 2021: Nuance Communications, Inc. announced the availability of its AI-powered, cloud-based Power Scribe One radiology reporting platform and m Power Clinical Analytics solutions in Australia and New Zealand. This is adding advanced workflow-integrated tools to enhance reporting efficiency, reduce radiologist fatigue, and enable data-driven insights for improved patient and financial outcomes.
October, 2021: Sensely announced the launch of its suite of enabling technologies to accelerate the industry implementation and adoption of Virtual Primary Care (VPC). While payers and hospital systems have aggressively moved to add telemedicine options to their patient-facing offerings, the company's toolset enables a more personalized and consumer-friendly patient front door experience, and combines enterprise integration expertise to ensure the satisfying completion of the often tricky "last mile" patient journey.
This market titled “Healthcare Virtual Assistance Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 415.1 Million |
| Projected Market Size in 2028 | USD 3,125.1 Million |
| CAGR Growth Rate | CAGR of 35.6% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Product
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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