Healthcare Chatbots Market Forecasts to 2028 – Global Analysis By Component (Software and Services), Deployment (On-Premise and Cloud-Based), Application, End User and By Geography

Healthcare Chatbots Market Forecasts to 2028 – Global Analysis By Component (Software and Services), Deployment (On-Premise and Cloud-Based), Application, End User and By Geography

According to Stratistics MRC, the Global Healthcare Chatbots Market is accounted for $212.68 million in 2022 and is expected to reach $497.11 million by 2028 growing at a CAGR of 15.20% during the forecast period. Healthcare chatbots provide services such as symptom checks, appointment scheduling, medication help, and medical counseling. It creates broader applicability and more approachable methods for the healthcare sector. It handles all patient inquiries and concentrates on life-threatening circumstances. Healthcare chatbots can offer round-the-clock mental health support. They are a great way to provide patients with the information and data they need efficiently and conveniently. It lowers the expenses involved with medical care and offers prompt assistance in an emergency.

According to the Anthem Insurance Companies, Inc. (US) reports, in May 2017, around 52% of smartphone users gather health information using mobile apps, 36% of doctors say apps are the most effective way to engage with patients and 93% of doctors believe mobile apps can improve health.

Market Dynamics

Driver:

Surge in internet connectivity and smart device adoption

With the proliferation of internet connections and smart devices like smart phones, laptops, and tablets, chatbot use and popularity are on the rise. The chatbots were sought for notifications and pop-ups due to the increase in smart device users. Healthcare chatbots are commonly used by over 67% of people. The availability of more devices with chatbots helps customers with a range of healthcare issues, which in turn has propelled the demand for the industry.

Restraint

Lack of expertise for chatbots development

Before integrating AI into their ecosystem, the majority of healthcare institutions would need to completely restructure their business models. To work, it requires extremely effective knowledge. The help and replies may be limited by a lack of knowledge. Poor user experiences can be brought on by chatbots that are emotionless or have trouble comprehending humans. Users may experience frustration or misunderstanding. As a result, the brand or product gains a bad reputation, which hampers the market expansion.

Opportunity

Raising need for virtual health assistance

Healthcare chatbots provide patients with virtual medical consultations and advices so they can avoid leaving the cosiness of their homes to get professional assistance. Healthcare professionals and patients can communicate via text-based online chat with the use of chatbots. It might provide information about overall health or treatment options for specific conditions. It makes maintaining records effective. The virtual assistants also aid in maintaining records which is fuelling the market growth.

Threat

Concerns regarding data privacy

Chatbots are often connected to the internet, they are susceptible to hacking and online assaults. Personal data may be taken from a chatbot system through hacking, and the chatbot may then be used to propagate malware or perform online assaults. A company's systems can become infected with malware and ransomware, which can disclose data or kidnap it. These factors are hindering the market growth.

Covid-19 Impact

The covid pandemic has a positive impact on chatbots. Major organizations like the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC) have started using chatbots to communicate information, make recommendations for behavior, and provide emotional support to the patients. The potential for chatbots to save lives has never been more apparent than during the COVID-19 outbreak.

The healthcare providers segment is expected to be the largest during the forecast period

The healthcare providers segment is estimated to have a lucrative growth, due to improved quality and reduced costs. Clinicians, physicians, and healthcare organizations are examples of healthcare providers. To make important judgments, healthcare professionals must detect disorders and evaluate a vast amount of healthcare data. Chatbots aid in accurate illness detection and improved treatment options, which are fueling the segment's expansion.

The insurance companies segment is expected to have the highest CAGR during the forecast period

The insurance companies segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the rising collaborations with healthcare chatbots. To direct customers and staff toward the proper medical treatment and help them prevent excessive medical expenses, insurance firms need access to medical information. The need for healthcare chatbots to assess healthcare payment is growing as a result. Innovative solutions that help insurance businesses promote, increase the number of their clients, and satisfy unmet client needs.

Region with largest share

North America is projected to hold the largest market share during the forecast period owing to the widespread availability of the service. This region is anticipated to dominate the market because to the increased acceptance of mobility solutions in healthcare systems, the rising need for virtual support, more disposable income, and significant expenditures in the research and development of sophisticated healthcare chatbots. The lengthy patient wait times help to fuel the expansion of the global healthcare chatbot industry.

Region with highest CAGR

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the increasing internet connectivity and smart device adoption. This limited the availability of healthcare resources to address a growing patient population. This region has the major market players. They are making technological advancements in artificial intelligence of chatbots to reduce healthcare costs and increasing demand for virtual health assistance.

Key players in the market

Some of the key players profiled in the Healthcare Chatbots Market include Sense.ly Inc, Buoy Health, Inc, Your.MD, Infermedica Sp. z o.o, Ariana, Ada Digital Health Ltd., Babylon Healthcare Service Limited, GYANT.Com, Inc, Microsoft, PACT Care B.V., Creative Virtual, Nuance Communications, Inc, Inbenta Technologies Inc, Next IT Corp, CX Company and Synthetix Ltd.

Key Developments

In June 2022, AI-powered health platform Buoy Health (Buoy) announced the official launch of its healthcare marketplace. It includes more than three dozen care solutions that span comprehensive physical, mental, and specialized health needs. This new offering connects users with an ever-growing marketplace of digital health options.

In October 2021, Babylon, a world leading digital-first, value-based care company announced a collaboration to explore opportunities to improve the accessibility, affordability and quality of healthcare for people across the world by using their combined AI, Machine Learning and Cloud technologies.

Components Covered:
• Software
• Services

Deployments Covered:
• On-Premise
• Cloud-Based

Applications Covered:
• Medical Guidance
• Medication Assistance
• Appointment Scheduling
• Symptoms Check
• Other Applications

End Users Covered:
• Patients
• Healthcare Providers
• Insurance Companies
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements