|Status : Published||Published On : Oct, 2021||Report Code : VRHC1239||Industry : Healthcare||Available Format :||Page : 200|
The global chatbots in healthcare market are anticipated to grow at a substantial rate from USD 156.5 million in 2020 to USD 578.56 million by 2027, registering a CAGR of 24.23% during the forecast period 2021-2027. Chatbots is software that is used to establish a conversation between human and artificial intelligence. The increasing hospital cost savings owing to the adoption of chatbots in the healthcare sector will fuel the growth of the market.
The increasing internet connectivity, adoption of smart devices, rising inpatient waiting time, and lack of effective patient management globally are the factors that boost the growth of chatbots in the healthcare market. Thus, chatbots are becoming popular with the user-friendly approach and are used in wide applications in various sectors.
The COVID-19 outbreak has led to tremendous growth in the chatbots healthcare market as institutions are promoting remote service and chatbots service is one of them. The healthcare chatbots were used to book medical services, real-time chat with doctors, take health suggestions, etc. and virtual assistance was crucial for the growth of chatbots in the healthcare market. For instance, the Ministry of Health in India has launched a chatbot on Facebook messenger named "corona Helpdesk" for updates about COVID-19.
Insight by Component
Based on the component, the chatbots in healthcare market are segmented into software and services. Of both the components, the software segment dominates the market owing to its wide usage and less operating cost. Moreover, the increasing penetration of the internet and a growing number of smartphone users as chatbots are user friendly and all-time available will contribute to the growth of the software segment in the global chatbots in the healthcare market.
Insight by Deployment Model
Based on the deployment model the chatbots in healthcare market are divided into the on-premise model and a cloud-based model. The cloud-based model is anticipated to lead the market during the forecast period owing to advantages offered by chatbots like cloud-based chatbots requiring less initial investment, accessible, hassle-free integration with multiple channels, and less customization.
Insight by Application
Based on application, the chatbots in healthcare market are segmented into medical triage, customer service and administration, mental health, health and fitness, patient engagement, and others (clinical trials, medical reminder, chatbot in research, and chatbots in medical procedures). Medical triage is anticipated to hold the largest share during the forecast period 2021-2027 owing to its wide usage in pre-diagnosis by inquiring about the symptoms and medical history-related questions.
Insight by End-User
Based on end-user, the global chatbots in healthcare market are segmented into patients, providers, payers, and others. The patient segment dominates the market as they are the primary users of healthcare. Moreover, ease in accessibility for professional guidance, quick redressal of patients’ queries, and one-step solutions for various problems will lead the chatbots in the healthcare market globally. The patients access the healthcare chatbots on medical sites, social media pages, and can ask for virtual healthcare assistants to obtain healthcare information according to their symptoms.
The technological development in AI and machine learning, development in voice recognition systems, product launch of advanced chatbots by industry players are the industry trends in the healthcare chatbots market.
Chatbots in healthcare play a pivotal role to identify symptoms of patients and help them to provide a proper diagnosis, schedule their appointments with specified specialists, etc. The growing adoption of smartphones and optimum internet connectivity, rising prevalence of chronic diseases, development in NLP and speech recognition, demand for virtual health assistance, and patients’ faith in chatbots are the key factors propelling the growth of chatbots in the healthcare market. Moreover, the increasing demand for chatbots to reduce the burden on healthcare infrastructure, mounting need for cost optimization, and customer experience enhancement, continuous innovations and technological advancement in the healthcare industry will fuel the growth of the market.
Lack of professionals for chatbot development, raising concerns about data privacy, lack of awareness and misconception are the challenges faced by chatbots in the healthcare market globally. Moreover, a large number of people globally is still beyond the reach of smartphones and internet services which is acting as a restraint to the healthcare chatbots market.
The increasing social media platform-oriented chatbots and rising cloud-based models are the opportunities in the chatbots healthcare market. Furthermore, healthcare chatbots can enhance healthcare facilities as it includes mental health, diagnostics, and patient engagement with outside medical facilities, resulting in providing promising opportunities in the chatbots healthcare market.
Europe is anticipated to dominate the market owing to the increasing number of collaborations by industry players and healthcare providers to implement chatbots in healthcare market. Moreover, rising awareness and benefits associated with healthcare chatbots, rise inpatient waiting time, and lack of efficient patient engagement in the region
North America is anticipated to have a high CAGR during the forecast period owing to the increasing internet connectivity and smartphone adoption, rising demand for virtual health assistance in the region.
The strategies followed by chatbots in healthcare market include product launch, acquisitions, collaborations & partnerships, R&D activities to have a competitive edge in the market.
HealthTap, Inc, (US) entered into partnership with Bupa (UK). HealthTap’s proprietary Health Operating System HOPES, and its AI-powered apps will enable Bupa’s digital experiences and enhance speed, convenience, and quality of care for its customers.
Baidu (China) acquired Kitt.ai (US) to provide developers with a platform to build chatbots based on AI and NLP technology.
Some of the key players operating in the chatbots in healthcare market: Babylon Inc., HealthTap, Inc., Baidu, Inc., Sensely, Inc., Woebot Health, Ada Health GmbH, Your.MD Ltd. UK, Buoy Health, Inc., PACT Care BV., and GYANT.com, Inc.
Source: VynZ Research