July 19, 2024
Healthcare Chatbots Market

Healthcare Chatbots Market Is Expected To Be Flourished By Growing Adoption Of Virtual Healthcare Services Around The World

Healthcare chatbots are artificially intelligent chat software programs capable of conversing with patients, answering questions and providing medical advice to meet their needs. They leverage technologies such as deep learning, natural language processing and predictive analytics. Major healthcare entities and hospitals are integrating chatbots to supplement doctors and frontline staff, as well as deliver round the clock virtual assistance to patients. They are being used for appointment scheduling, insurance verification, medical advice for common ailments and tracking patient records. The global healthcare chatbots market is estimated to be valued at US$ 230 Mn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing Adoption of Virtual Healthcare Services Around the World: Increasing preference towards virtual healthcare services for getting medical assistance remotely through digital mediums, owing to benefits such as convenience and affordability is driving adoption of healthcare chatbots. They facilitate interactive communication with patients in providing basic medical counselling as well as addressing general health-related queries. This reduces burden on healthcare providers and also solves issue of lack of access to healthcare in remote areas. Rising investments by major companies in development of more advanced chatbot capabilities is also fueling the market growth.

The convenience of accessing healthcare services remotely through digital mediums is a major factor boosting adoption of healthcare chatbots globally. They help address issues of lack of accessibility of healthcare in remote areas as well as lack of adequate medical staff. The growing usage of smartphones and internet penetration has enabled widespread availability of virtual healthcare services using such technologies. Chatbots are being deployed by healthcare organizations to provide round the clock basic medical counselling to patients for common ailments as well as to address general health-related queries. They help augment doctors and healthcare staff capability by handling basic interactions with patients. This allows human personnel to focus on complex cases. Growing preference for virtual healthcare services is expected to continue driving the demand for healthcare chatbots over the forecast period.

Segment Analysis

The Healthcare Chatbots Market Growth is segmented into solution and service. The service segment dominates the market as companies are increasingly adopting chatbots to enhance customer experience and reduce operational costs. The service segment helps organizations design, develop, integrate and maintain chatbots as per their requirements.

PEST Analysis

Political: Governments across countries are promoting digital health solutions to make healthcare accessible and affordable for citizens. This is positively impacting the adoption of healthcare chatbots.
Economic: Rising healthcare costs is a major concern globally. Chatbots help reduce healthcare costs by providing self-service options to patients for common medical queries without requiring direct physician consultations.
Social: Younger population is more comfortable with technologies like chatbots. They often use social media platforms and prefer self-service options for healthcare needs which is driving demand for chatbots.
Technological: Advancements in AI, ML and NLP technologies have enabled development of sophisticated human-like chatbots. This has increased capabilities of chatbots to understand medical cases better and provide personalized healthcare services.

Key Takeaways

The global healthcare chatbots market is expected to witness high growth.

Regional Analysis:

North America dominates the market currently due to advancements in healthcare IT infrastructure and presence of major players. The Asia Pacific region is expected to grow at the fastest pace due to increasing investments by government and private players for digitizing healthcare sector.

Key players operating in the healthcare chatbots market are Ironscales, Cofense (PhishMe), Infosec Institute, KnowBe4, PhishLabs, Wombat Security Technologies, Barracuda Networks, Mimecast, Proofpoint, CyberFish, DataEndure, FireEye, Smooth Phish, Votiro, XM Cyber, Lucidworks, Digital Defense, Getlabs, Avanan, Greathorn. Companies are focusing on developing more sophisticated chatbots using AI/ML for personalized healthcare assistance and to stay competitive in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it