New York, USA, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Healthcare Chatbots Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Healthcare Chatbots Market Information By Component, Deployment, Application, End-User, And Region - Forecast till 2027", the market will reach USD 543.65 million by 2027, at 19.5% CAGR during the forecast period.
Market Synopsis
A chatbot communicates with people via text chat by applying artificial intelligence and rules. Companies that create chatbot applications for doctors and patients have seen growth in the healthcare market. Additionally, healthcare payers use chatbots to establish relationships with potential customers. Systems called healthcare chatbots to assist individuals with their inquiries. Utilizing cutting-edge technology, this program helps physicians respond to patients' minor concerns. This idea has saved the clinical team a significant amount of time, allowing staff members to concentrate more intently on their tasks. These digital assistants are in high demand in the healthcare industry due to the automation of many workflows using advanced technology.
One of the main factors fueling the market's expansion is the rising need for virtual medical assistants. Growing patient wait times, ineffective patient interaction, increased acceptance of healthcare chatbots, and increasing demands for healthcare chatbots due to growing demand for medical help are all factors in the industry's increased innovation and technological advancement. These chatbots, which patients use to check their symptoms, find clinics, or make appointments, are cloud-based or on-premise solutions. Additionally, healthcare payers employ chatbots in the healthcare industry to build relationships with new clients.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 543.65 Million |
| CAGR | 19.5% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, Deployment, Application and end-user |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing internet penetration among the masses and rising the number of smartphone users worldwide |
| Technological advancements in the healthcare sector |
Healthcare Chatbots Market Competitive Landscape:
The distinguished competitors in the healthcare chatbots market are:
- Sensely, Inc. (U.S.)
- HealthTap, Inc. (U.S.)
- Babylon Health (U.K.)
- M.D. (U.K.)
- Buoy Health, Inc. (U.S.)
- Infermedica (Poland)
- PACT Care B.V. (The Netherlands)
- Ada Health GmbH (Germany)
- Woebot Labs, Inc. (U.S.)
- COM, Inc. (U.S.)
Healthcare Chatbots Market Dynamics:
Market Drivers:
Increasing patient waiting times, ineffective patient engagement, increased use of healthcare chatbots, and growing preference for healthcare chatbots are all contributing factors to the market's expansion. The necessity for virtual health help is another important driver. A significant aspect driving the growth of the healthcare chatbot market is the rise in hospital cost savings brought on by using healthcare chatbots globally. Another element that supports the market's expansion is the rise in internet access and the use of smart devices. Additionally, the market for healthcare chatbots is growing due to a rise in patient wait times and a lack of effective patient management globally.
The market for healthcare chatbots is primarily driven by the rising demand for virtual health assistance and the expanding number of partnerships between major industry players and health professionals to install chatbots in different nations. Additionally, growing cloud-based models and chatbots focused on social media platforms will open up new potential for the market for healthcare chatbots.
Market Restraints:
However, among other things, the industry's growth will be hindered by growing data privacy concerns. In addition, the market for healthcare chatbots will face additional challenges from a lack of experience in chatbot development and growing ignorance and misconceptions. Other issues like poor usability and restricted use are also growth-restricting elements that will improve with technological development. Additionally, a sizable portion of the population who are not computer savvy is denied its advantages due to the need for technological understanding for functioning. Additionally, a significant portion of the world's population is still out of reach of cellphones and reasonably priced Internet access, which is a huge barrier to the industry.
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COVID 19 Analysis
On a worldwide scale, it is predicted that the growth rate will accelerate. Due to widespread lockdowns and social isolation laws, medical professionals and patients prefer talking over the phone or using healthcare chatbots. Since economies in Southeast Asia & the Pacific, and Europe have historically shown high adoption rates, these technologies can probably meet the surge in patient demand. Because customers and medical professionals have now grasped the potential of applications that were previously not gaining traction, adoption of new solutions is expected to decline.
Healthcare Chatbots Market Segmentation
By component, the market includes software and services.
By application, the market includes medication assistance, appointment scheduling & medical guidance.
By end-user, the market includes patients, healthcare providers, and insurance companies.
By deployment, the market includes on-premise and cloud-based.
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Healthcare Chatbots Market Regional Insights
Due to the increasing number of partnerships between major industry players and healthcare providers for the deployment of healthcare chatbots in various countries, widespread public awareness of the advantages of healthcare chatbots, an increase in patient waiting times, and a dearth of effective patient engagement in this region, Europe currently holds a monopoly on the market for healthcare chatbots. The populace in this area is tech-savvy and has a high literacy rate, making it the leading market. Additionally, strong collaborations between technical service providers and medical institutions have improved the realism and knowledge of chatbots. Additionally, expanding healthcare infrastructure spending is promoting market expansion. The market for healthcare chatbots is predicted to increase in North America because of the region's developing internet connectivity, adoption of smart devices, and growing need for virtual medical support.
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Additionally, the high patient wait times support the expansion of the North American market for global healthcare chatbots. On the other hand, due to a rise in awareness surrounding the usage of healthcare chatbots, Asia-Pacific is predicted to increase at the quickest rate during the projected period. Market expansion in developing nations like Malaysia, China, and others is fueled by the life sciences sector, which is continually evolving. The main growth drivers are the expansion of smartphones and rising technological improvements. Additionally, a rising literacy rate and easy access to the internet are fueling the expansion. Over the projection period, the Middle East and Africa segments are anticipated to develop moderately. Healthcare chatbots are projected to gain market share in the Middle East because of the region's high per capita disposable income and the brisk expansion of the hospitality industry.
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