Healthcare Virtual Assistants market growing at 34.01% CAGR to 2028

The Healthcare Virtual Assistants market research report provides an in depth examination of the key factors stimulating market expansion. It also sheds light on the challenges or restraining factors that are poised to hinder industry growth over the forecast timeframe. Growth rate, market share captured, and valuation estimates for each region, segment, and company are documented as well.

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.

Rising developments and advancements in healthcare IT solutions and increasing smartphone adoption with growing 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. In healthcare organizations, such as hospitals, advanced smartphones provide more convenience and efficiency than traditional computers. The World Health Organization (WHO) report states that mobile health (mHealth) can revolutionize health outcomes among patients and provide virtual service through a smartphone with medical expertise and knowledge in real-time, which acts as a boon, particularly to those living in remote areas.

List of Companies operating in this report are: Nuance Communications, Inc., Amazon.com, Inc., Verient Systems, Inc., Microsoft Corporation, EGAIN CORPORATION, Infermedica, CSS Corp, Kognito, Babylon, True Imaging Interactive Inc

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Furthermore, the market is segmented based on type, application, and region in order to study it exhaustively and provide the data in a systematic manner. Speaking of competitive landscape, the study includes a list of leading companies along with their product and service offerings, strategic decisions, SWOT analysis, latest developments, market share captured, growth rate, and valuation. The challenges faced by these companies are analyzed and solutions for them are given as well.

Component-Based Insights

Based on the component, the healthcare virtual assistants 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. Speech recognition technology has gained significant attention in the healthcare sector. According to the AHIMA Foundation report, the healthcare sector started implementing speech recognition technology for medical reporting. With continuous improvements in the technology, it became necessary for hospitals so that medical practitioners became aware and believe in the value of these systems. In the coming years, speech recognition technology could also play a significant role in benefitting healthcare providers to create documents at the inpatient bedside. The factors mentioned above drive the market growth for the speech recognition segment.

End User Insights

Based on end user, the market is segmented into providers, payers, and others. The providers segment would dominate the market in the coming years. According to the American Telemedicine Association (ATA) report, healthcare virtual assistants possesses numerous advantages for patients and providers. For example, on the removal of physical barriers to care, providers can extend their reach by using virtual assistants, particularly for patients living in rural areas. Also, it can offer preventive services allowing the patient education or wellness coaching regarding nonemergency health and wellness issues. Expanding healthcare virtually can assist providers in monitoring and managing their patients' care throughout their recovery 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. The factors mentioned above contribute to the market growth for the providers segment.

Companies operating in the healthcare virtual assistants market adopt the product innovation strategy to meet the evolving customer demands worldwide, which also permits them to maintain their brand name in the global market.

Healthcare Virtual Assistants Market - Segmentation

Based on component, the healthcare virtual assistants market is segmented into speech recognition, text-to-speech, and voice recognition. By end user, the market is segmented into providers, payers, and others.

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Several market forces such as drivers and restraints and political, social, economic and technological advancements help shape up the industry in specific manner. All such forces are studied in detail to arrive at a market forecast which can help build the investment strategies in Healthcare Virtual Assistants market.

Essential points covered in Healthcare Virtual Assistants market report are:-

What will the market size and the growth rate be in 2028?
What are the key growth stimulants of Healthcare Virtual Assistants market?
What are the key market trends impacting Healthcare Virtual Assistants market valuation?
What are the challenges to market proliferation?
Who are the key vendors in the Healthcare Virtual Assistants market?
Which are the leading companies contributing to Healthcare Virtual Assistants market valuation?
What was the market share held by each region in 2028?
What is the estimated growth rate and valuation of Healthcare Virtual Assistants market in 2028?

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