Healthcare Chatbots Market

Healthcare Chatbots Market Size (2023 to 2028)

The global healthcare chatbots market size is forecasted to be worth USD 391.75 million by 2028 from USD 142.5 million in 2023, growing at a CAGR of 22.4% from 2023 to 2028.

Chatbots are software applications that employ machine learning methods, such as natural language processing (NLP), to stimulate and participate in a conversation with a user to offer patients real-time support. Chatbots are quickly becoming an indispensable part of daily lives. It is utilized in nearly every business, including retail, news media, social networking, banking, and customer service. According to a salesforce poll, 86% of consumers prefer talking to a chatbot rather than filling out an internet form. It has also become an important aspect of the healthcare business. In 1966, ELIZA was the first chatbot used in healthcare, simulating a psychotherapist using pattern matching and answer selection. But chatbots now assist in symptom diagnosis, mental healthcare consulting, dietary information and tracking, and other tasks. Healthcare payers, providers, and medical assistants use AI-enabled chatbots to save money on healthcare and enhance patient care results.

MARKET DRIVERS:

Increasing connectivity with smart device usage is expected to increase the usage of healthcare chatbots, which is estimated to drive the global healthcare chatbots market during the forecast period.

Rising internet connectivity and smart device penetration are major factors propelling the global healthcare chatbots market forward. Chatbot popularity and use increase as internet connections and smart devices such as smartphones, laptops, and tablets become more widely available. Until March 2021, the internet penetration rate in Asia was at 62 %, 88 % in Europe, and 90 % in North America. According to Drift, 64 % of internet users believe that the best characteristic of chatbots is their availability 24/7. Furthermore, with the growing number of smart device users, the chatbot was requested for alerts and pop-ups. According to Statista, the number of unique mobile internet users in 2020 was 4.28 billion, and more than 90% of the worldwide internet population has to access the internet via a mobile device. At the same time, the number of tablet users in the world was around 1.26 billion by 2020. Furthermore, as technology advances, so does the adoption of chatbots. In 2019, over 67% of people utilized chatbots, and 40% of people used bots regularly, whereas 70 % had favorable chatbot experiences. As more devices with chatbots become available, they assist consumers with a variety of healthcare difficulties, and as a result, the healthcare chatbot industry is expanding.

The growth of technology in healthcare chatbots propels the healthcare chatbots market even more.

To interact with patients, technologically enhanced chatbots become intensely clever. As healthcare becomes more automated, chatbots via online methods for dealing with consumer inquiries and client retention grow. The use of AI in healthcare chatbots has proven to be a game-changing breakthrough for the healthcare business. The ABBI is the world's first AI medical marijuana Chatbot, specializing in medical cannabis prescriptions for patients suffering from seizures, headaches, anxiety, and PTSD, as well as cancer and chronic pain. Some chatbots, such as Woebot, not only give self-diagnosis but also act as digital therapists. Voice technologies like Amazon Alexa, Google Assistant, and Siri have had a major influence on the day-to-day lives of persons with disabilities in recent years.

MARKET RESTRAINTS:

User privacy and myths regarding chatbots setback the usage of healthcare chatbots, which is predicted to restrain the growth rate of the healthcare chatbots market.

Nonetheless, user privacy concerns and misunderstandings regarding chatbots are impeding business expansion. Many people are hesitant to provide personal information or the status of their disease with chatbots. Patients like to meet with doctors directly and describe their issues. Furthermore, many patients believe that chatbots can communicate for themselves. This would imply that they have the ability to construct language and are hence creative. Another common myth is that chatbots are harmful. People believe they are displacing humans and giving poor service. These variables influence the growth of the healthcare chatbot industry.

Impact of COVID-19 on the global healthcare chatbots market:

Covid-19 has swept healthcare and proved a shortage of medical personnel compared to the population. As a result, healthcare chatbots are on the increase, particularly in the current pandemic circumstances. People were obliged to stay home due to the pandemic's lockdown and social distancing. If a patient requires a consultation, he or she is likely to use healthcare chatbots. This curated information is made possible via conversational chatbots. Information may be tailored to the user's needs, which is hard to do while looking for COVID-19 data online using search engines. COVA, a button-based chatbot recently introduced, helps patients with arthritis and musculoskeletal diseases access important COVID-19 information promptly and 24/7. This reduces the pressure on healthcare facilities, and if required, patient visits to doctors avoid needless visits; further, these chatbots can provide digital remedies.

Furthermore, reaching out and doing covid – 19 testing for individuals who exhibit symptoms is dangerous for healthcare providers, and with a big patient pool, it is also time-consuming. In this case, AI-enabled chatbots are required, where these chatbots may be taught knowledge based on coronavirus symptoms and therapies. When patients interact with these chatbots, they may be directed to the next step in the process. But, when researchers study, they discover new symptoms, which must be incorporated into the ML training data for a bot to provide an appropriate evaluation of a user's symptoms at any given moment, which may be time-consuming for software developers.

Furthermore, many firms are building particularly covid-19 chatbots to increase awareness among patients. Patients may address their health concerns on these chatbots so they do not fear coronavirus infection. For example, Healthians developed a chatbot to increase awareness about the coronavirus in March 2020. Consumers can ask questions and receive verified answers, while Molina Healthcare introduced its Coronavirus Chatbot for members seeking information on COVID-19 risk factors and their risk profiles. Not just businesses, but even the government, are taking measures in the chatbot industry. For example, the World Health Organization has established a Facebook Messenger version of its WHO Health Alert program, which provides real-time and accurate information on COVID-19 via Facebook's worldwide reach. Even the Centers for Disease Control and Prevention (CDC) has an AI-powered bot on its website that may assist in testing for coronavirus infections.

Additionally, many patients and their families are presently experiencing a lack of plasma for covid – 19 infected individuals. The patients' families are attempting to seek a plasma donor in every manner imaginable. Some are successful, but others are not because their message was not delivered to the donor. As a result, NGOs, individuals, and organizations are assisting persons in need of plasma. For this, NGOs, individuals, and organizations are helping to assist people seeking plasma. Sapio Smart Healthcare, a branch of government consultancy business Sapio Analytics, has introduced Sutra, a smart chatbot that connects users to certified plasma donors and healthcare centers in their vicinity. Individuals seeking plasma donors may send a message to +91 7977358349 on WhatsApp. The chatbot will ask for different data and assist individuals who do not have access to digital networks and platforms.

REPORT COVERAGE:

This research report on the global healthcare chatbots market has been segmented and sub-segmented into the following categories.

Healthcare Chatbots Market - By Component:

• Software
• Services

Based on the component, due to the increased need for retaining healthcare data acquired by these chatbots by offering sufficient security with the help of advanced software components, the Software segment is poised to hold the highest healthcare chatbots market share. The revenue generated by chatbot solutions, excluding services such as consulting, designing, programming, system integration, deployment, support, and maintenance, is included in the chatbot market for software. Most chatbot providers earn money through a subscription-based pricing model, and most of them provide a free version that may be upgraded to a monthly or annual subscription model. The rise in smartphone use and growing awareness of self-monitoring measures in health and disease management contribute to the growth of the chatbot software market. Improved technological features in chatbot software, such as Natural Language Processing, multilingual capabilities, interference engine, cloud-based deployment, mobile platform compatibility, and a single point of search, drive the software segment's growth.

Healthcare Chatbots Market - By Deployment Model:

• On-premise Model
• Cloud-based Model

Based on the deployment model, due to the various advantages of different types of chatbots, the Cloud-based segment occupied the largest share and is also the fastest expanding sector over the forecast period. Compared to on-premise chatbots, cloud-based chatbots need less initial investment, are more accessible, and require less customization.

Healthcare Chatbots Market - By Application:

• Symptom checking & Medication Assistance
• Appointment Scheduling & Medical Guidance

Based on the application, due to the growth in internet usage and the amount of medical information available at the patient level, the Symptoms checking & Medication Assistance segment had the largest healthcare chatbot market share. Furthermore, due to the need to reduce patient waiting times and efficient use of healthcare resources, appointment scheduling and monitoring are predicted to increase at the fastest rate throughout the forecast period.

Healthcare Chatbots Market - By End-User:

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

Based on End-User, the patients segment is the largest end-users of healthcare chatbots. The growing use of healthcare chatbots by physicians and hospitals to improve patient engagement propels the healthcare chatbots market ahead. Patients utilize symptom checks and medical triage applications to gain a better understanding of their diseases. They can use medical websites, mobile devices, and social media pages to access healthcare chatbots and then communicate with virtual healthcare assistants to get the information they need depending on their symptoms. Healthcare chatbots communicate with visitors to a website, providing a probable diagnosis, assisting in searching for specialists, scheduling appointments, and improving access to the proper treatment.

Healthcare Chatbots Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Based on the region, the North American healthcare chatbot market held the largest share of the global market in 2020. This trend is projected to continue due to the widespread availability of the service. Furthermore, in North America, the long patient wait time contributes to the growth of the global healthcare chatbot market. Because of the increased adoption of mobility solutions in healthcare systems, the growing need for virtual support, higher disposable income, and substantial investments in the research and development of advanced healthcare chatbots, the North American region is expected to lead the market.

Due to increased awareness about the usage of healthcare chatbots, Asia-Pacific is expected to expand at the quickest rate throughout the forecast period. The ever-changing life science industry fuels the market's rise in developing economies such as India, China, Malaysia, and others. The global healthcare chatbot market is driven by factors such as increasing internet connectivity and smart device adoption, limited availability of healthcare resources to address a growing patient population, technological advancements in artificial intelligence, chatbots to reduce healthcare costs, and increasing demand for virtual health assistance.

KEY MARKET PARTICIPANTS:

The key players operating in the global healthcare chatbots market profiled in this report are Sensely, PACT Care BV, Buoy Health, HealthTap, Ada Health GmbH, Orbita, COM, Inc, Infermedica, Your.MD, Baidu, Inc., GYANT.COM, INC., Ariana, Microsoft, Next IT Corp., eGain, Philips, Creative Virtual and Nuance Communications.

These players concentrate on various strategies like product launches, partnerships or collaborations, acquisitions, and mergers.

RECENT MARKET DEVELOPMENTS:

• On 29 March 2021, Philips collaborated with Orbita to create conversational voice and chatbot apps to augment its telemedicine capabilities. The collaborative development agreement uses Orbita's technology, which has been used to digital health apps that improve the patient experience and boost efficiency throughout the health continuum.
• On 15 April 2021, Microsoft announced the acquisition of Nuance Communications, the world's biggest independent voice recognition company serving the healthcare and corporate customer service industries. Nuance Healthcare Technologies provides healthcare-specific AI models to enable chatbots, extract information, and proactively interact and expand Microsoft's capabilities.