Healthcare Virtual Assistants Market: Evolution
Two major user propositions for deploying healthcare virtual assistants (HVAs) are their imprint on reducing the burden of care teams and improved patient experience. HVAs have been instrumental in transforming care delivery equation, wherein communication between patients, providers, and physicians plays a key role. The adoption has been driven by the need to put more information at the hands of patients on one hand, while reducing the administrative tasks physicians are required to carry out in routine clinical practice.
Unarguably, the use cases of healthcare virtually assistants has expanded steadily over the years. HVAs have thus become smarter to understand the users’ intent, context, and the clinical environment.
Strides made in the technologies used for connected devices and the advances made by remote patient care delivery are the key underpinning for the evolution of the healthcare virtual assistants market. The communication has stridently become more productive. In recent times, the growing role of HVAs in patient experience was evident during the outbreaks of COVID-19.
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Healthcare Virtual Assistants Market: Drivers, Current Prospects, Lucrative Avenues
As patients and physicians become increasingly appraised about the benefits of chatbots and healthcare virtual assistants in improving care delivery, they will be increasingly integrated with the healthcare system. Strides made in digital healthcare platforms are fueling the prospects of the healthcare virtual assistants market. Healthcare providers leveraging the electronic health records to improve the patient experience are keenly looking toward harnessing the benefits of chatbots and healthcare virtual assistants.
The need for automating high-quality clinical documentation has boosted the market prospects of healthcare virtual assistants. HRAs have been found to reduce physician’s burnout while reducing the time they spend documenting care. All the time saved could be used to make productive conversation with their patients.
The rapid penetration of mobile technologies in care delivery is a key anchor for expanding the potential of the healthcare virtual assistants market. Hospitals are increasingly leveraging chatbots in improving customer service. HVAs deployments have been fueled on the back of the growing trend of healthcare consumerism. Patients, payers, and providers in the healthcare industry are increasingly embracing AI-enabled virtual assistants, thereby opening up a vast avenue for technology developers in the healthcare virtual assistants market.
Healthcare Virtual Assistants Market: Competition Landscape and Key Developments
Organizations making a shift from fee-for-service reimbursement to value-based care has unleashed a new market potential for AI-powered healthcare virtual assistants. Several players in the healthcare virtual assistants market are offering artificial intelligence (AI)-enabled tools to help users take advantage of the constant learning expected from such systems.
Technology companies and software developers are witnessing the growing role of the payer from a transactional customer engagement to an experience-based model. HVAs have become pivotal in charting better experiences for patients, given the trend of growing spending of the healthcare industry on value-based payment programs. Top players are keen on spending on healthcare accelerator programs which will motivate healthcare clients to adopt virtual assistants. A glaring case in point is Amazon. Such developments will spur the pace of product innovation in the healthcare virtual assistants market are
Some of the key players in the healthcare virtual assistants market are Babylon Healthcare Services Ltd., HealthTap Inc., Verint Systems Inc. Infermedica, eGain Corporation, Sensly, Microsoft, and Nuance Communications Inc.
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Healthcare Virtual Assistants Market: Regional Landscape
Globally, North America and Europe have witnessed sizable lucrative opportunities for players in the healthcare virtual assistants market. The growth of the North America market is fueled by the rapidly increasing adoption of machine learning-enabled virtual assistants. Europe has also made rapid strides, underpinned by the regulatory push for deployment of digital health technologies in the healthcare sector over the years.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.