New York, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Healthcare Virtual Assistants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Speech Recognition, Text-to-Speech, and Voice Recognition) and End User (Providers, Payers, and Others)”. The healthcare virtual assistants market growth is driven by the rising utilization of smartphones and associated healthcare applications and the high adoption of virtual healthcare assistants by hospitals globally amid the COVID-19 pandemic, increasing adoption of healthbots/chatbots for quality patient-care. The speech recognition segment is likely to account for the largest market share during 2021–2028. The providers segment dominated the global market and accounted for the largest market share of 51.53% in 2021.
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| Report Coverage | Details |
| Market Size Value in | US$ 684.07 Million in 2021 |
| Market Size Value by | US$ 5,310.31 Million by 2028 |
| Growth rate | CAGR of 34.01% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 163 |
| No. Tables | 65 |
| No. of Charts & Figures | 68 |
| Historical data available | Yes |
| Segments covered | Component, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Healthcare Virtual Assistants Market Analysis: Competitive Landscape and Key Developments
Nuance Communications, Inc.; Amazon.com, Inc.; Verient Systems, Inc.; Microsoft Corporation; EGAIN CORPORATION; Infermedica; CSS Corp; Kognito; Babylon; and True Image Interactive Inc. are among the key companies operating in the healthcare virtual assistance market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to tap into prevailing business opportunities.
In November 2018, UCB and Verient announced the launching of a new product, namely, "UCB's PD Coach app" equipped with a patented conversational, virtual health assistant powered by Verient's Intelligent Virtual Assistant (IVA) solution.
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In November 2018, Nuance announced the launching of new product namely "Cloud-based Dragon Medical One" in Canada. The product can bring the power of speech directly to electronic health records (EHRs), enabling physicians to quickly and conveniently capture patients' complete story at the point of care.
Smartphone and tablet-based medical devices and apps have significant potential in improving the patient–clinician relationship and efficiency of the healthcare system. According to the Korean Association of Medical Journal Editors report, the adoption of smartphones is changing many industries, with a prime focus on the medical industry. With rising healthcare virtual assistant applications in healthcare industries with more defined treatment and diagnosis, improving financial regulations, and a larger volume of information has resulted in high adoption of such advanced tools or medium. The incorporation of technology in healthcare provides clinicians with information and tools, such as clinical decision support, to improve the quality of care by reducing potential medical errors. Many medical centers and hospitals have also started distributing smartphones to physicians and other healthcare professionals. For example, the University of Pittsburg Medical Center distributed smartphones to several doctors and nurses in its emergency rooms and surgical floors. Therefore, the rising number of smartphone users globally and the increasing development of mobile health app technology fuel the growth of the overall healthcare virtual assistant market.
There has been a rising demand for virtual healthcare assistants amid the COVID-19 pandemic, stimulating the overall market growth. According to the Public Library of Science (PLOS) report, the outbreak of SARS-CoV-2 continues to shake the world. As nations worldwide struggle to combat the virus transmission, there is the biggest threat with mental and physical exhaustion of health professionals and medical resources. Therefore, new technology will turn into a game-changer with promising relief. For example, artificial intelligence (AI) promises improvements to the speed, accuracy, and productivity of medical diagnosis and treatment amid the pandemic. Pre-pandemic, healthcare virtual assistant usage among consumers and providers fought for access and delivery for healthcare. The pandemic has put tremendous pressure on the health sector worldwide.
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The healthcare industry was struggling to deal with such a crisis due to lack ofestablished treatment, an exponential rise in cases, limited resources, and vulnerability of the medical staff of virus transmission. Therefore, AI has emerged as a boon with technology coping with the COVID-19 pandemic effectively. For example, in Singapore in October 2021, the National University Health System (NUHS) and Bot MD announced a partnership with the "NUHS-Bot MD AI" clinical assistant app intended for frontline medical staff to gain access to hospital-specific information, including COVID-19 guidelines and operational directives. Also, the "NUHS-Bot MD AI" assistant is a chatbot that immediately answers questions from hospital staff regarding protocols, instructions, drug dosage information, drug formulation, and on-call roasters.
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