Digital Assistants in Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The digital assistants in healthcare market is projected to register a CAGR of almost 33.7% during the forecast period (2021-2026). The critical factor liable for driving market growth is the increasing requirement for automation, the number of users with smart devices is increasing at an increasing rate, which is further anticipated to boost the expansion of digital assistants in the healthcare market worldwide.

• Currently, large-scale healthcare organizations are also implementing intelligent virtual assistants since they help eliminate the infrastructure setup cost. Hence, the cost-effectiveness of digital assistants is the critical factor that drives its rapid adoption, which, in turn, supports the global intelligent virtual assistant market growth.
• Developments in the Natural Language Understanding (NLU) and Natural Language Processing (NLP) has led to an increased number of functionalities that a digital assistant can offer from right from acting as a receptionist or a virtual nurse giving answers to simple medical queries to becoming an emotional support companion. These advanced functionalities are leading to higher market growth.
• The COVID-19 pandemic has put tremendous strain on the healthcare sector globally. With no established treatment, an exponential rise in cases, limited resources, and vulnerability of the medical staff of catching the virus, the industry has found itself struggling to deal with the crises. In this scenario, Artificial Intelligence (A.I.) has emerged as a boon. The technology can help in coping with the COVID-19 pandemic effectively.
• For instance, in Singapore, the National University Health System (NUHS) and Bot MD have partnered to launch the NUHS-Bot MD A.I. clinical assistant app for frontline medical staff to gain quick access to hospital-specific information, including COVID-19 guidelines and operational directives. The NUHS-Bot MD A.I. assistant is a chatbot that immediately answers questions from hospital staff about protocols, instructions, drug dosage information, drug formulary, and on-call rosters. Hence, the industry will witness substantial growth opportunities, even post-pandemic.

Scope of the Report

A digital assistant is a computer program designed to assist a user by answering questions and performing basic tasks. A Digital Assistant can speak different languages and can be controlled via voice or text messages. It can handle the user input and is able to memorize and process the data for self-learning.

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Key Market Trends

Smart Speakers to Witness Significant Growth

• The growth of smart speakers is majorly due to changing consumer preferences towards technologically advanced products, which makes use of Artificial Intelligence (AI)and the Internet of things (IoT) as they offer many benefits such as multifunctional nature, less time consuming, increased comfort, convenience, and accuracy.
• For instance, in 2019, Unified Physician Management rolled out a voice-enabled digital assistant, Suki, that uses artificial intelligence (AI) to help doctors with medical charting during patient visits. In May 2020, Suki announced a Series B funding round of USD 20 million, led by new investor Flare Capital Partners and including top investors, like First Round and Venrock.
• In July 2019, Amazon and the UK Government announced Alexa devices would use the NHS website to provide information to users seeking health advice. Using NHS data will help to give users confidence that the information they receive is from a reliable source. Indeed, in this case, the ability of the technology to select such details as a default option is beneficial.
• Although users increasingly rely on them as part of their daily routines, the devices’ constant monitoring of people’s most intimate environments can seem intrusive. Media articles around the world have raised concerns about the devices supposedly listening to private conversations and sharing recordings. The assistants may record snippets of audio from homes, potentially enabling companies to gather whole new types of data for analysis. Data security threats, such as above, may hinder the growth of the market.

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