Medical Virtual Assistant Market Size to Grow USD 2668.4 Million by 2029 at a CAGR of 27.9% | Valuates Reports

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Jun 10, 2024, 12:00 ET

BANGALORE, India, June 10, 2024 /PRNewswire/ -- Medical Virtual Assistant Market is Segmented by Type (Virtual Health Coaches, Virtual Health Coaches, Medical Transcription and Dictation Assistants), by Application (Telemedicine, Electronic Health Records, Medication Management).

The Global Medical Virtual Assistant market is projected to reach USD 2668.4 Million in 2029, increasing from USD 487 Million in 2022, with a CAGR of 27.9% during the period of 2023 to 2029.

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Major Factors driving the growth of Medical Virtual Assistant market:

The growing desire for individualized patient experiences, affordable healthcare solutions, and the expanding use of AI and machine learning technologies in the healthcare industry are the main factors propelling the growth of the medical virtual assistant market. The growth of the market is further aided by the rise in telehealth services, the spread of smart devices, and the requirement for effective management of a large volume of healthcare data. The growing number of chronic illnesses that need to be regularly monitored and managed, together with government programs promoting digital health, are major factors driving the use of medical virtual assistants.

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TRENDS INFLUENCING THE GROWTH OF MEDICAL VIRTUAL ASSISTANT MARKET:

Because chatbots in telemedicine improve patient engagement, expedite administrative chores, and increase accessibility to healthcare services, they are a major factor driving the growth of the Medical Virtual Assistant (MVA) industry. These AI-powered solutions provide round-the-clock engagement, enabling patients to make appointments, get reminders, and get first-hand medical advice without requiring assistance from a person. Chatbots relieve the workload of healthcare personnel by automating repetitive procedures, freeing them up to concentrate on more difficult situations. Furthermore, chatbots make it easier to monitor and follow up with patients remotely, which is especially important when it comes to treating chronic illnesses and post-operative care. The smooth incorporation of AI in healthcare enhances patient experience and maximizes operational efficiency, which propels MVA acceptance and growth in the telemedicine space.

Virtual health coaches, who offer patients individualized, readily available, and ongoing assistance in their pursuit of better health and wellbeing, are a major factor propelling the Medical Virtual Assistant (MVA) industry's expansion. These AI-powered coaches handle topics including managing weight, quitting smoking, managing chronic diseases, and mental health. They also provide personalized health advice, behavior modification techniques, and motivational support. Virtual Health Coaches may provide individualized programs that adjust to each patient's requirements and development by utilizing modern data analytics and machine learning. This individualized strategy broadens the scope of healthcare services outside conventional locations while also improving patient participation and adherence to health programs. As a result, by avoiding hospital readmissions and improving condition management, virtual health coaches contribute to lower healthcare expenses.

The market for medical virtual assistants is significantly driven by the rising need for individualized healthcare solutions. Today's patients want personalized healthcare services based on their unique requirements, preferences, and medical backgrounds. In order to give individualized advice and treatment regimens, medical virtual assistants can examine patient data, including genetic information, medical history, and lifestyle variables. Enhancing patient engagement and results, they may arrange appointments, remind patients to take their meds, and provide customized health advice. Virtual assistants are a desirable alternative for consumers and healthcare practitioners alike because they offer a degree of customisation that is hard to attain with conventional healthcare models.

Another important element driving the rise in demand for medical virtual assistants is the growing expense of healthcare. There is growing demand on healthcare providers to save expenses without sacrificing or raising the standard of treatment. By automating repetitive processes like appointment scheduling, invoicing, and patient follow-ups, medical virtual assistants can aid in achieving this and free up healthcare professionals to concentrate on more intricate and crucial areas of patient care. Virtual assistants may help healthcare companies save costs and distribute resources more efficiently, which will eventually improve patient care and satisfaction. They do this by increasing operational efficiency and lowering administrative responsibilities.

Medical virtual assistant adoption is mostly being driven by the global lack of medical professionals, such as physicians, nurses, and other medical workers. The number of patients and available healthcare professionals is not keeping up with the growing demand for healthcare services. By taking on some of the mundane and administrative responsibilities that would otherwise fall on healthcare professionals, medical virtual assistants can aid in filling this gap. As a result, patient outcomes and general efficiency are improved and medical professionals may concentrate on directly caring for patients. Furthermore, in locations that are underserved or distant, where access to medical experts may be limited, virtual assistants might offer assistance.

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MEDICAL VIRTUAL ASSISTANT MARKET SHARE:

Due to its robust healthcare system, extensive digital use, and government support for telehealth, North America now leads the world. Companies like Sensely, Babylon Healthcare, and Buoy Health thrive in this environment. Europe is not far behind, driven by aging populations, government initiatives promoting digital healthcare solutions, and rising telehealth awareness. Here, Infermedica and Your.MD are significant players.

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Key Companies:

● MVA

● Healthtap, Inc.

● Companies

● Your

● Sensely, Inc.

● Buoy Health

● Infermedica

● Babylon Healthcare Services

● Baidu

● Ada Digital Health

● PACT Care

● Woebot Labs

● GYANT.Com

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