Upcoming Trends of Healthcare Virtual Assistant Industry | Growing at CAGR of 35.1% y 2023
Virtual assistants have emerged as a game changer for several industries including healthcare. Virtual assistants can play an important role in improving health outcomes, patient engagement, and the delivery of quality care at lower costs. Better patient engagement can ensure better health outcomes for patients.
Apart from these, Healthcare Virtual Assistants can provide medication reminders to patients, offer personalized services, suggest preventive measures for common infections, and minimize the number of people affected during a rapid outbreak of contagious diseases like swine flu.
Many healthcare organizations are implementing virtual assistants to improve their patient service functions. According to AllTheResearch, The global Healthcare Virtual Assistants market was valued at US$ 291.5 Mn the year 2018 and is expected to reach US$ 1311.9 Mn in the year 2023, growing at a CAGR of 35.1%.
The growth of the global virtual assistants’ market will be driven by the increasing demand for quality healthcare services and rising prevalence of chronic diseases. Technological developments in areas such as NLP (Natural Language Processing), conversation interface, AI, ML, and automation have led to the emergence of more efficient Healthcare Virtual Assistants. This will also boost the market.
The growth of the Healthcare Virtual Assistants market will also be fueled by the growing use of healthcare applications and the increasing number of smartphone users. Further, the growing demand for quality healthcare and the rising incidence of chronic disorders have compelled healthcare providers to look for technologies that can increase the access to quality healthcare at lower costs.
Other factors that are going to boost the growth of the global Healthcare Virtual Assistants market are rising internet connectivity, growing adoption and use of chatbots, growing integration of AI in healthcare, and increasing adoption and implementation of IoT. By cutting down the cost of treatment, the AI technology has the potential to transform healthcare outcomes, medical diagnostics, and patient engagement.
North America is undoubtedly the largest regional market and it held the highest share in the global Healthcare Virtual Assistant market in 2018, followed by Europe and Asia-Pacific. The Asia-Pacific Healthcare Virtual Assistants market is predicted to grow at the highest CAGR in the next 5 years. In the Asia-Pacific region, India and China will play a major role in the growth of the market.