Latin America Healthcare Virtual Assistants Market Size
As per latest market Insights, the Latin American Healthcare Virtual Assistants Market was valued at USD 481.3 Million in 2016 and It is expected to grow at a CAGR of 6.60% during the forecast period 2016–2021 to reach a value of around USD 665.90 Million.
Growth Opportunities, Challenges and Restraints of Latin America Healthcare Virtual Assistants Market:
Factors such as the increasing number of smartphone users, the growing use of healthcare applications, the increasing demand for quality healthcare delivery, and the increasing prevalence of chronic disorders are driving the majority of the healthcare virtual assistant market in Latin America. The growing focus on developing conversational virtual assistant tools and multi-language support in healthcare virtual assistant devices are also expected to provide growth possibilities for players in the market. However, the absence of structured data in the healthcare industry and concerns about data privacy are expected to restrain the growth of this market to a specified extent during the forecast period.
The growth of this regional market will be added to the factors such as increasing adoption of IoT, increasing internet connectivity and smartphone devices, growing focus on patient engagement, shortage of healthcare professionals, and growing burden of lifestyle diseases and need of reducing healthcare costs. Nevertheless, a lack of awareness among healthcare professionals, data isolation and security awareness may hinder the growth of this market to a certain extent.
Chatbot share dominated the regional and global healthcare virtual assistants’ market in 2018, owing to rising advancement in natural language processing & machine learning models, increasing demand for self-service, increasing availability, low-cost, and great demand in the healthcare industry by physicians, nurses, and patients at different levels.
Virtual assistants provided meaningful solutions to the healthcare industry to fulfil the need of the customers. Growing adoption of IoT, growing internet connectivity and smartphone devices, growing focus on patient engagement, shortage of healthcare professionals, and growing burden of lifestyle diseases and need of decreasing healthcare costs are the major factors propelling the growth of the Latin American healthcare virtual assistant market.
Increasing internet connectivity and the growing adoption of smartphones and mobile platforms play a pivotal role in ensuring the adoption and use of chatbots. This has ensured a growing number of consumers to access healthcare services, and also considerably broadened the reach of said services. According to data issued by Anthem Insurance Companies, Inc., in May 2017, around 52% of the smartphone users accessed health information using mobile apps; 26.0% of doctors say apps are the most effective ways to engage with patients, and nearly 93.0% of doctors believe mobile apps can improve results of care delivery.
Smart devices equipped with excellent technologies such as virtual assistants can enable critical communications among various stakeholders in the healthcare industry, including doctor-patient interactions. Thus, increasing use of smartphones among patients and amongst medical professionals is expected to assist the majority of the virtual assistant market in the healthcare industry.
Regional Existence of Latin America Healthcare Virtual Assistants Market
on the basis of geography, the Latin American healthcare virtual assistants’ market is classified under various regions namely, Argentina, Brazil, and Mexico. Increasing preference for minimally invasive procedures, developing public-private funding and government assistance for cancer research, technological advances in the field of healthcare virtual assistants, and increasing government investments and funding for interventional and related cancer research are any of the main factors driving the growth of this market in Latin American nations.
Some of the promising companies leading the Latin America Healthcare Virtual Assistants Market:
- Nuance Communications Inc.
- eGain Corporation
- Kognito Solutions LLC
- HealthTap Inc.
- Verint Systems Inc.
- Babylon Healthcare Services Ltd
- CSS Corporation
This research report includes following segmentation for the Latin America Healthcare Virtual Assistants Market size and forecast 2021
Latin America Healthcare Virtual Assistants Market - By Product
Latin America Healthcare Virtual Assistants Market - By User Interface
- Automatic Speech Recognition
- Text to Speech
- Text Based
Latin America Healthcare Virtual Assistants Market - By End User
- Healthcare Payers
- Healthcare Providers
Latin America Healthcare Virtual Assistants Market - By Region