Digital Assistants in Healthcare Market to Grow with a CAGR of 14.32% through 2028
Increased demand for home-based monitoring devices and rise in people with chronic health issues is expected to drive the Global Digital Assistants in Healthcare Market growth in the forecast period, 2024-2028.
According
to TechSci Research report, “Digital Assistants in Healthcare Market -
Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028”, the
Global Digital Assistants in Healthcare Market stood at USD 3.7 million in 2022
and is anticipated to grow with a CAGR of 14.32% in the forecast period,
2024-2028. The Global Digital Assistants In Healthcare Market is projected to
witness substantial growth with a formidable CAGR during the forecast period.
The key driver for this market growth is the increasing demand for automation
across service-based companies. Furthermore, the rising number of smart device
users is expected to further fuel the adoption of digital assistants in the
healthcare industry worldwide. Digital assistants in healthcare can be defined
as solutions that provide healthcare-related services through remote monitoring
and virtual connection with patients. These services include connecting with home-based
patients, analyzing symptoms through mobile-based apps, and accessing disease
information through smart speakers. There are various types of virtual
assistant products, such as smart speakers, web-based chatbots, and
mobile-based chatbots. The advantages of virtual assistants in healthcare
include cost-effective treatments, seamless connectivity between patients and
healthcare professionals, patient data monitoring, and streamlined scheduling
of patient appointments, resulting in time savings for both patients and
physicians. Furthermore, the growth of the global digital assistants in
healthcare market is primarily driven by the COVID-19 pandemic, increased
integration of artificial intelligence, a rise in the number of product
launches, and the adoption of virtual assistants in healthcare by developing
countries. These factors are expected to contribute to the market's growth.
Moreover, the urge for cost-effective treatments and the need for social
distancing during lockdown periods have led to an increase in the adoption of
digital assistant tools in healthcare. For example, according to National
Public Radio, 39 million people in the U.S. have access to smart speakers.
Additionally, a survey conducted by Smart Home Week in the UK revealed that 57%
of homes have smart speakers. Furthermore, the growing awareness among patients
regarding mobile-based virtual assistants has propelled the demand for virtual
assistants in healthcare.
Additionally,
continuous technological advancements are anticipated to contribute to the
market growth through 2028. Digital assistants, also known as predictive
chatbots, are sophisticated computer programs designed to simulate
conversations with users over the internet. Several market players are
influencing the growth of the digital healthcare assistants market, driven by
the increased usage of healthcare applications, the growing number of
smartphone users, the rise in chronic diseases, and the demand for high-quality
healthcare delivery. The need for automation is crucial for driving market
growth. The growing ownership of smart devices is expected to increase the
demand for digital assistants in the global healthcare industry. Moreover, the
implementation of smart clinics is enhancing patient connectivity, providing
online training for medical personnel, and offering medical advice.
Advancements in natural language understanding (NLU) and natural language
processing (NLP) have expanded the functionalities of digital assistants,
ranging from answering basic medical questions to providing emotional support.
These cutting-edge features are driving rapid market expansion. While digital
assistants serve as the "Smart Home HQ," it is important to address
the cybersecurity threats associated with managing multiple Internet of Things
(IoT) devices. Vulnerabilities in these devices can be exploited for illegal
activities, such as unauthorized access to smart locks, unauthorized access to
bank accounts, and unauthorized collection of personal data.
Browse
over 26 market data Figures spread through 91 Pages and an in-depth TOC on
"Global Digital Assistants in Healthcare Market.”
The
Global Digital Assistants in Healthcare Market is segmented into product, user
interface, application, end user, regional distribution, and company.
Based
on product, smart speakers are gaining popularity due to the evolving consumer
preferences for technologically advanced products utilizing artificial
intelligence (AI) and the Internet of Things (IoT). These devices offer
numerous advantages such as multifunctionality, time efficiency, enhanced
comfort, convenience, and accuracy. Smart speakers are reliable, versatile, and
swift solutions. Embracing technology brings several benefits, including time
savings and improved comfort and convenience. However, as consumers
increasingly rely on these devices in their daily lives, concerns about privacy
intrusion have been raised. Media reports have highlighted worries about smart
speakers allegedly listening to and sharing private conversations. These devices
may capture brief audio clips from households, enabling businesses to gather
new data for analysis. Data security issues like these have the potential to
hinder the industry's growth. Moreover, smart speakers can serve as therapeutic
tools for individuals with mental illnesses. They can initiate conversations
based on the patient's mental state, providing support for despair and anxiety.
The technology sector is divided into text-to-speech technology and automatic
speech recognition. Automated voice recognition technology is expected to
dominate the market in the projected period.
Based
on region, North America segment is expected to grow during the forecast
period. The demand for home monitoring devices, the increasing prevalence of
chronic illnesses, and the aging population are significant drivers of the
healthcare sector's expansion of digital assistants. The utilization of
home-based devices is becoming commonplace across all age groups due to their
user-friendliness and portability. These devices ensure continuous health
monitoring, contributing to their widespread adoption. Moreover, the need to
maintain average healthcare spending at a constant level is another factor
fueling market growth. The regional market is expected to experience growth due
to the rapid acceptance of new technologies, the rising prevalence of chronic
diseases, the use of technology to engage a larger population, increasing
healthcare costs, and the high awareness of virtual assistants. Furthermore,
the North American market is anticipated to thrive as companies invest in
developing advanced digital assistant technologies using machine learning and
artificial intelligence for automated decision-making systems. However,
stringent government regulations regarding customer data protection to prevent
misuse may hinder market expansion. Businesses are obligated to comply with
these regulations and swiftly implement necessary adjustments. The North
American region is poised to lead the market due to the increasing adoption of
artificial intelligence (AI) and the Internet of Things (IoT), alongside the
widespread use of smartphones worldwide. The demand for high-quality healthcare
services and the shortage of healthcare professionals have contributed to the
growing popularity of virtual healthcare assistants in the region.
Major
companies operating in Global Digital Assistants in Healthcare Market are:
- com,
Inc.
- Microsoft
Corporation
- Verint
Systems Inc.
- ADA
Digital Health
- Nuance
Communications Inc.
- Sensely
Inc.
- eGain
Corporation
- Healthtap
Inc.
- CSS
Corporation Pvt Ltd
- Babylon
Healthcare Services Limited
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“The
future of digital assistants in healthcare is poised to be transformative, as
these technologies continue to evolve and become integral components of modern
healthcare systems. The convergence of advanced artificial intelligence (AI),
natural language processing (NLP), wearable devices, telehealth, and data
analytics will shape the landscape of digital assistants, enhancing patient
care, improving healthcare workflows, and revolutionizing the patient-provider
relationship. Digital assistants will play a pivotal role in fostering deeper
patient engagement by providing personalized, interactive, and continuous
communication. Patients will have access to instant health information,
proactive recommendations, and support for managing their health conditions,
leading to more empowered and informed decision-making. The integration of
wearable health devices with digital assistants will become even more seamless,
allowing for real-time monitoring of vital signs, activity levels, and other
health metrics. This continuous data collection will enable early detection of
health issues and provide ongoing insights into users' well-being. The
convergence of technological advancements, patient needs, and healthcare
industry transformation will drive the future of digital assistants in
healthcare. These technologies will revolutionize healthcare delivery, making it
more patient-centric, accessible, efficient, and personalized. As digital
assistants continue to evolve, their potential to improve health outcomes and
revolutionize the healthcare experience for patients, providers, and the entire
healthcare ecosystem is boundless.,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Digital
Assistants in Healthcare Market Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028 Segmented By Product (Smart Speakers and
Chatbots), By User Interface (Automatic Speech Recognition, Text-based, and
Text-to-speech), By Application (Patient Tracking, Medical Reference,
Diagnostic Guides, Drug Dosage, Medical Calculators, Nursing Reference, and
Other Applications), By End User (Healthcare Providers, Healthcare Payers, and
Patients), By Region and Competition”,
has evaluated the future growth potential of Global Digital Assistants in
Healthcare Market and provides statistics & information on market size, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Digital Assistants
in Healthcare Market.
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