Healthcare virtual assistants are being increasingly used by health providers, as they improve the workflow and efficiency of medical care. These assistants are AI-powered software systems that help physicians manage low-value administrative tasks and update electronic health records. They can also help doctors track and follow up on patients, improve treatment protocols, and provide non-clinical guidance.
North America Healthcare Virtual Assistants Market: Statistics
The North America Healthcare Virtual Assistants market was valued at US$ 353.4 Mn in 2020 and is forecast to reach a value of US$ 2,008.8 Mn by 2028 at a CAGR of 33.6% between 2021 and 2028.
U.S. held dominant position in the North America Healthcare Virtual Assistants market in 2020, accounting for 79.4% share in terms of volume, followed by Canada and Mexico, respectively.
Figure 1. North America Healthcare Virtual Assistants Market Share (%), by Country, 2020
|Base Year:||2021||Market Size in 2021:||US$ 266.7 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2028|
|Forecast Period 2022 to 2028 CAGR:||33.6%||2028 Value Projection:||US$ 2,008.8 Mn|
Nuance Communications, Inc., Amazon.com, Verint Systems, Inc, Microsoft Corporation, EGAIN CORPORATION, Infermedica, CSS Corp., Kognito, and True Image Interactive Inc
|Restraints & Challenges:||
North America Healthcare Virtual Assistants Market: Drivers
Growing prevalence of chronic disease is a prime factor fostering growth of the North America healthcare virtual assistants market. According to the American College of Cardiology Foundation, in 2018, CHD was the major cause of death, owing to cardiovascular disease (CVD), followed by stroke, high BP, heart failure, and other CVDs contribution share of 16.8%, 9.4%, 9.0%, and 17.9% respectively. By 2035, nearly 130 million adults in the US are feared to have CVD.
Increasing aging population and growing investment in healthcare sector in the region is again anticipated to foster market growth. According to the Centers for Disease Control and Prevention, U.S. health care spending grew 9.7 percent in 2020, reaching $4.1 trillion or $12,530 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 19.7 percent.
Figure 2 North America Healthcare Virtual Assistants Market Share (%) in Terms of Value, by Component, 2021
North America Healthcare Virtual Assistants Market: Restraints
Security and privacy issue of sensitive health data recorded by these device is expected to restrict the adoption of healthcare virtual assistants. This is expected to hinder the market growth.
Unaddressed regulatory concern associated with privacy, security, data ownership, and consent is again expected hamper the growth of the market.
North America Healthcare Virtual Assistants Market: Opportunities
Growing usage of smartphone among consumer is expected to bring potential growth opportunities. Moreover, increasing implementation of IoT healthcare in the region is again expected to shape the market growth. For instance, in November 2018, GE Healthcare announced new applications and smart devices built on Edison - a platform that helps accelerate the development and adoption of Artificial Intelligence (AI) technology and empower providers to deliver faster, more precise care.
Expansion of healthcare facilities across remote location is expected to offer growth environment for the market over the forecast period. Moreover, expansion of IoT and connected healthcare services in remote location will further favour the market growth.
North America Healthcare Virtual Assistants Market: Trends/Key Takeaways
Automatic speech recognition is gaining tremendous traction as it helps to improve the workflow in healthcare facility. Also, increasing usage of smart speakers in healthcare sector is further projected to support market growth. These device helps in reducing costs, improving productivity, and also enhance security concerns.
Advent of mobile health technology has emerged as a natural extension of the new generation of healthcare IT systems. Additionally, growing demand for efficient networks among physicians, hospital staff, and others is again uplifting growth of the North America healthcare virtual assistants market.
North America Healthcare Virtual Assistants Market: Competitive Landscape
A Healthcare Virtual Assistant (HVA) handles patient communications, answering questions and chat messages, and serving as a virtual receptionist for a medical practice. With healthcare virtual assistants, in-house staff can concentrate on more important tasks, and virtual health assistants can act as additional hands-on employees in a medical practice. By utilizing HVAs, healthcare providers can increase patient satisfaction and increase their bottom line.
Growing adoption of IoT healthcare is fueling growth of the North America healthcare virtual assistants market. Moreover, rising prevalence of chronic disease along with the increasing healthcare expenditure are again anticipated to foster market growth. Furthermore, emergence of pandemic has further created demand for virtual assistants for this manufacturer are introducing new product. For instance, in January 2021, Nuance has launched a new virtual assistant platform to streamline the way healthcare providers use AI to connect to patients in light of increased demand due to the COVID-19 pandemic.
On the other hand, security and privacy concern associated with healthcare virtual assistants is projected hinder market growth.
Key features of the study: