NORTH AMERICA HEALTHCARE VIRTUAL ASSISTANTS MARKET ANALYSIS

Market Challenges And Opportunities

North America Healthcare Virtual Assistants Market: Drivers

Growing prevalence of chronic disease is a prime factor fostering growth of the North America healthcare virtual assistants market. According to the American College of Cardiology Foundation, in 2018, CHD was the major cause of death, owing to cardiovascular disease (CVD), followed by stroke, high BP, heart failure, and other CVDs contribution share of 16.8%, 9.4%, 9.0%, and 17.9% respectively. By 2035, nearly 130 million adults in the US are feared to have CVD.

Increasing aging population and growing investment in healthcare sector in the region is again anticipated to foster market growth. According to the Centers for Disease Control and Prevention, U.S. health care spending grew 9.7 percent in 2020, reaching $4.1 trillion or $12,530 per person.  As a share of the nation's Gross Domestic Product, health spending accounted for 19.7 percent.

Figure 2 North America Healthcare Virtual Assistants Market Share (%) in Terms of Value, by Component, 2021

North America Healthcare Virtual Assistants Market: Restraints

Security and privacy issue of sensitive health data recorded by these device is expected to restrict the adoption of healthcare virtual assistants. This is expected to hinder the market growth.

Unaddressed regulatory concern associated with privacy, security, data ownership, and consent is again expected hamper the growth of the market.

North America Healthcare Virtual Assistants Market: Opportunities

Growing usage of smartphone among consumer is expected to bring potential growth opportunities. Moreover, increasing implementation of IoT healthcare in the region is again expected to shape the market growth. For instance, in November 2018, GE Healthcare announced new applications and smart devices built on Edison - a platform that helps accelerate the development and adoption of Artificial Intelligence (AI) technology and empower providers to deliver faster, more precise care.

Expansion of healthcare facilities across remote location is expected to offer growth environment for the market over the forecast period. Moreover, expansion of IoT and connected healthcare services in remote location will further favour the market growth.