In a recently published report, Healthcare Virtual Assistant Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Healthcare Virtual Assistant Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Healthcare Virtual Assistant Market is valued approximately USD 290.47 million in 2018 and is anticipated to grow with a healthy growth rate of more than 34.6% over the forecast period 2019-2026. Healthcare virtual assistant are used in the healthcare industry to organize and raise patient data to a higher standard. Also, these systems facilitate healthcare organization to collect tolerant health history, demographics in order, finance/ costing, insurance details, procurement details, data mining and others analysis of all the records. The growth of the healthcare virtual assistant market is attributed owing to the increasing smartphone penetration and growing use of healthcare apps along with the need to curtail healthcare costs and medical errors.
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For instance: According to the Consumer Technology Association’s in June 2018, the association has conducted a study on consumer technology ownership. The study reveals that smartphone penetration stood about 87% of homes in the United States. Similarly, as per technocrats, in 2017, smartphone penetration in Germany stood about 69% (55 million); increased from 51 million in 2016. Since, healthcare providers are adopting m-health technologies for monitoring health to save larger amount of healthcare costs. Therefore, rising smartphone penetration would drive the growth of the healthcare virtual assistant market globally. However, concerns related to data privacy impedes the growth of the market over the forecast period.
The regional analysis of global healthcare virtual assistant market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to rapid adoption of innovative technology and high adoption of health apps. The dominance of North America is attributed due to the advanced telecommunication sector and highly developed infrastructure for using health intelligent virtual assistant in the United States. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as growing need for better disease management, increasing healthcare cost and high penetration of smartphones are some key forces, contributing towards the growth of the Asia-Pacific region.
Major market player included in this report are:
Nuance Communications, Inc.
Amazon
Verint Systems Inc.
Infermedica
Sensely, Inc
Microsoft Corporation
CSS Corporation
Egain Corporation
Kognito Solutions, LLC
Healthtap, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Smart Speakers
Chatbots
By User-Interface:
Automatic Speech Recognition
Text-Based
Text-To-Speech
Others
By End-User:
Healthcare Providers
Healthcare Payers
Patients
Other end-users
By Regions:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
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Target Audience of the Global Healthcare Virtual Assistant Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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