Growth in the North American market to drive the growth of the global healthcare virtual assistants market. The market size for the global Healthcare Virtual Assistant Market was US$ 521.4 Mn in 2020 and is projected to reach US$ 4,873.2 Mn by the end of 2027 at a substantial CAGR of 33.8% during the forecast period.
The healthcare virtual assistants market is experiencing continuous technology innovations. Advancements in natural language processing, machine learning and deep learning, the increasing adoption of IoT in healthcare, and increased penetration of smartphones are some of the major factors that are expected to drive the growth of the healthcare virtual assistants market.
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Healthcare virtual assistants will help physicians divert the time invested by them in administrative tasks to patient care. It will help reduce physician burnout and thereby, increase efficiency and productivity. Healthcare virtual assistants can help reduce the overall healthcare cost by carrying out functions such as scheduling appointments, updating electronic health records, amongst others.
HVAs will help patients to choose the right insurance plan, find a doctor’s office, receive payment reminders, and refill or fill a prescription. Increased patient-centricity provided by healthcare virtual assistants is one of the major drivers for the market.
The currently available healthcare virtual assistants leverage user initiated capabilities. However, with advancements in deep learning and machine learning, the market will move towards fully automated ambient clinical intelligence.
Nuance Communications, Inc, a market leader in healthcare virtual assistant, has recently unveiled Ambient Clinical Intelligence (ACI). This new technology has the power to reinvent physician-patient interaction. This technology is expected to be rolled out by 2020.
· In October 2017, ADA Health secured $47 Mn funding for an AI-powered chatbot and telemedicine application.
· In April 2017, Babylon raised US$ 60 Mn in funding. The companies offering is a chatbot triage, which uses artificial intelligence and asks its users basic introductory questions and thereby determines if they should be seen by a doctor. The National Health System has already tested the company’s technology in a six-month trial, which included over 1.2 million citizens.
· In 2018, Nuance Communications rolled out its Dragon Medical One platform in Britain and Canada. The Dragon Medical One platform is a universal cloud-based speech recognition platform that enables physicians in fast and convenient capture of the patient’s complete clinical data. The implementation of this system, releases nurses and doctors from doing clinical documentation, and thereby allows them to dedicate more time towards patient care.
The major players operating in the healthcare virtual assistant market are Amazon (US), Babylon Healthcare Services Limited (UK), CSS Corporation (US), Egain Corporation (US), Healthtap, Inc. (US), Infermedica (Poland), Kognito Solutions, LLC (US), Microsoft Corporation (US), Nuance Communications, Inc. (US), and Verint Systems Inc. (US), amongst others.
Key Questions answered:
· What is the market value of the overall healthcare virtual assistant market?
· What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
· What are the key trends in the market and how are expected to impact the market?
· What is the value of the key segments and sub-segments in the market?
· What are the attractive segments and geographies to invest in?
· Who are the key players and what are their key strategies?