What Has Been the Growth of the Healthcare Visual Assistants Market So Far?
The healthcare visual assistants market has seen considerable growth due to a variety of factors.
• The market size for healthcare visual assistants has seen a significant surge in growth recently. The value is projected to expand from $1.56 billion in 2024 to $2.21 billion in 2025, amassing a compound annual growth rate (CAGR) of 41.8%.
The impressive growth during the earlier periods has been influenced by factors such as improved internet access, a rise in the usage of smartphones, increased demand from the healthcare sector, and the burgeoning use of mobile apps.
What Is the Forecasted Market Size and Growth Rate for The Healthcare Visual Assistants Market Size In The Coming Years?
The healthcare visual assistants market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of healthcare visual assistants is forecasted to witness a substantial boost in the upcoming years, expanding to $8.82 billion in 2029 with a compound annual growth rate (CAGR) of 41.3%.
The forecast period's growth is anticipated due to the rising incidence of chronic illnesses, the surging demand for teleconsultations, an increased emphasis on patient interaction, and the growing impact of lifestyle diseases. The forecast period will also be marked by significant developments such as technological advancements, product innovations, collaborations, and substantial investments in the health sector.
What Factors Are Driving Growth In The Healthcare Visual Assistants Market?
The growth of the healthcare virtual assistant market is anticipated to be fueled by the expansion of telehealth services. Telehealth services encompass the use of digital communication technologies to convey health-related services and information, including care, advice, reminders, education, intervention, monitoring, and remote admissions. Healthcare virtual assistants amplify the effectiveness of telehealth services, offering automated, round-the-clock patient assistance through digital channels and enabling easier appointment scheduling, symptom assessment, reminders for medication, and tailored health advice. This improves both accessibility and efficiency in the delivery of healthcare services. For instance, as per the Health Information National Trends Survey (HINTS), a U.S. government entity, as of January 2024, nearly 40% of U.S. adults made use of telehealth services in 2022, although substantial access barriers still exist. As a result, the rise in telehealth services is contributing to the expansion of the healthcare virtual assistant market.
What Are The Main Segments Of The Global Healthcare Visual Assistants Market?
The healthcare visual assistants market covered in this report is segmented –
1) By Product: Chatbots, Smart Speakers
2) By Technology: Automatic Speech Recognition (ASR) And Speech Recognition, Text Based, Text-To-Speech
3) By End User: Providers, Payers, Other End Users
Subsegments:
1) By Chatbots: Rule-Based Chatbots, AI-Driven Chatbots, Voice-Enabled Chatbots, Patient Engagement Chatbots
2) By Smart Speakers: Voice-Activated Smart Speakers, Health-Focused Smart Speakers, Smart Speakers With Display Screens, Multi-Functional Smart Speakers
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What Emerging Trends Are Influencing The Growth Of The Healthcare Visual Assistants Market?
Leading businesses in the healthcare visual assistants market are concentrating on creating innovative products with cutting-edge technologies like AI-powered omnichannel conversational virtual assistants to bolster their market profits. These AI-driven omnichannel conversational healthcare virtual assistants are digital instruments that harness the power of artificial intelligence to offer personalized, automated assistance to patients across various communication platforms. As an example, TeleVox, a HealthTech firm based in the U.S., launched Iris, an AI-powered virtual agent, in April 2023. Iris, unlike regular chatbots that use limited content and pre-set answers, relies on Microsoft Azure OpenAI Service's large-scale generative models for its advanced AI abilities. This empowers Iris to comprehend an array of patient inquiries and give immediate and pertinent answers.
Who Are the Key Players In The Healthcare Visual Assistants Market?
Major companies operating in the healthcare visual assistants market report are:
• Amazon.com Inc.
• Alphabet Inc.
• Microsoft Corporation
• Epic Systems Corporation
• Babylon Holdings Limited
• Amelia LLC
• Medical Information Technology Inc.
• Lyra Health Inc.
• Omada Health Inc.
• Ada Health GmbH
• Talkspace
• Headspace Inc.
• eGain Corporation
• TytoCare Ltd.
• Viz.ai Inc.
• K Health Inc.
• Haptik Technologies Limited
• Akili Inc.
• Woebot Health
• Your.MD Ltd.
• NOHOLD Inc.
• Sanvello Health
• Oxygen Group of Companies
• ScribeEMR Systems Private Limited
• Tucuvi Care S.L.
What Is The Most Dominant Region In The Healthcare Visual Assistants Market?
North America was the largest region in the healthcare virtual assistant market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare visual assistants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
