ID: MRFR/MED/5014-CR | January 2018 | Region: Global | 107 pages
The program which assists patients regarding any queries is healthcare chatbots. With the help of the latest technology, this program helps in replying to the patients regarding their petty issues. Due to this invention, a lot of time has been saved for the clinical staff and as a result, they can focus more attentively on their jobs. The demand for these virtual assistants has been emerged in the healthcare sector owing to the automation of various workflow with advanced technology.
The market demand of healthcare chatbots stood at USD 100.46 million in 2019 and is expected to grow approximately about USD 316.85 million by 2027 with a high CAGR of 21.10% during the estimated period from 2018 to 2023 as per the records of Market Research Future (MRFR). The main factor responsible for the growth of the healthcare chatbots market is the rise of various chronic diseases. Another factor responsible is the lack of medical experts to handle health-related petty queries.
COVID 19 Analysis
The global pandemic of COVID 19 has put the lives of the people in great danger. Because of this COVID 19, we came to know that there is a lack of medical experts all over the world. Also, because of the misinformation and various conspiracy theories, the pandemic curve had to keep on rising. So to overcome this situation, digital tools have become necessary for providing adequate information to people across the globe.
Because of the lack of expertise in the medical field, it became necessary to fill this gap. Not only this but this digital healthcare chatbots initiative is also supported by the World Health Organization. WHO has to spend a lot of capital so that healthcare chatbots can be made available in multiple languages during the COVID 19 pandemic. And due to this initiative, it has reached up to 1 billion people all over the world in their native languages.
The major factor driving the growth of healthcare chatbots in the global market is the trust towards chatbots by the patients. Because of this trust, the number of downloads of healthcare chatbots has increased many times. Also, the changing lanes in patient engagement can be seen with the emergence of telehealth and remote healthcare. In the past, it has been seen that approximately 52% of patients get their health data with the use of healthcare chatbots and approximately 36% approve the usage of healthcare chatbots in treating their patients.
Owing to the increase in the chronic disease rate and the lack of expertise staff it acts as an opportunity for the healthcare chatbots market. Also, medical healthcare chatbots have the potential to improve the healthcare facility aa it also includes mental health, diagnostics, and patients engagement with outside medical facilities. All these factors show a bright future for the healthcare chatbots market in the future.
Although healthcare chatbots are a boom to the economy, some factors restrict its growth in the global market. The major factor is user privacy. Some patients may not feel comfortable sharing their personal information with the chatbots. Another factor is the lack of skilled healthcare IT professionals which further leads to cyber-attacks. These factors hinder the growth of healthcare chatbots in the global market.
Value Chain Analysis
The healthcare chatbots market is growing at a high speed due to this global pandemic and lack of expertise in the medical department. There are numerous advantages that healthcare chatbots added to society. With the invention of healthcare chatbots, there is an ease of doctors access just with a push of a button. Now we have to spend less money and less time on unnecessary treatments and tests. They are ultimately reducing the hospital’s wait times, hospital readmission, and consultation times. Healthcare chatbots even provide treatments to their patients and there is no need to visit doctors.
The healthcare chatbots market in the global market is categorized based on the components, deployment, applications, and key end-users.
Based on the components
The healthcare chatbots market is divided based on components into software and services.
Based on the deployment
The healthcare chatbots market is divided based on deployment into two major forms that are on-premise-based and cloud-based.
Based on the applications
The healthcare chatbots market is divided based on application into medication assistance and appointment scheduling and medical guidance.
Based on the end-users
The healthcare chatbots market is divided based on key end-users into patients, healthcare providers, insurance companies, and many others.
The healthcare chatbots market in the global market is segmented based on the regions into Europe, the Americas, Asia-Pacific, the Middle East, and Africa. Out of all these regions, the Europe region shows the highest growth rate owing to more awareness about technology advancement and high adoption of virtual assistants. America region is not lagging much, owing to the huge investment in Artificial Intelligence there is a robust increase in the growth of the healthcare chatbots market in this region.
The Asia-Pacific region is also growing at a very fast rate because of the advancement in technology and there is an expectation of a high growth rate in the healthcare sector because of increasing awareness about chatbots in the region. This growth can be seen in countries like India, Japan, and China.
Some of the major key players in the healthcare chatbots market in the global market are as follows:
These giant players in the healthcare chatbots market globally making a huge investment in research and development for the up-gradation of existing products and to manufacture a new product with special new innovative features to gain a competitive edge in the global market during the forecasted period from 2018 to 2023.
This global healthcare chatbots market research report contains the following:
This report comprises of the impact of the global pandemic of COVID 19 on the lives of the people and how technology has proven to be the boom in this situation. Various drivers, opportunities, restraints in the global healthcare chatbots market are mentioned. Also, the expected growth in the global healthcare chatbots market is estimated and mentioned.
These healthcare chatbots are only possible because of the expert analysis of skilled researchers of Market Research Future (MRFR), who have integrated technology with healthcare. This consists of two stages primary and secondary. Under primary, data is collected originally from patient’s interview, and in secondary, there is a microcosmic view of an industry.
Hospitals and clinics, healthcare IT solution providers, healthcare IT vendors, healthcare IT service providers, diagnostic laboratories, healthcare payers, government institutes, market research and consulting firms, venture capitalists and investors, and many others.
Frequently Asked Questions (FAQ) :
Healthcare Chatbots Market could achieve a valuation of USD 316.85 million by 2023.
Healthcare Chatbots Market would grow with 21.10% CAGR during the forecast period of 2020 to 2027.
Lack of expert hands and data privacy concerns can hold back the Global Healthcare Chatbots Market growth.
Americas would drive the global Healthcare Chatbots Market ahead.
Inclusion of telehealth and growing remote healthcare demands to drive the Healthcare Chatbots Market.