Number of pages: 100 | Report Format: PDF | Published date: March 24, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global healthcare chatbots market was valued at US$ 237 million in 2022 and is expected to register a revenue CAGR of 18.9% to reach US$ 949 million by 2031.
Healthcare Chatbots Market Fundamentals
The global healthcare chatbots market is driven by several factors, including the growing adoption of chatbots to improve patient engagement and experience, reduce healthcare costs, and increase access to healthcare services, particularly in remote or underserved areas. Furthermore, the COVID-19 pandemic has sped up the development of telehealth and digital healthcare services, including chatbots, as patients look for different ways to obtain healthcare without contracting the virus. Another factor driving the revenue growth of the healthcare chatbots market is the growing investment in healthcare IT. The healthcare industry is becoming increasingly digital, and chatbots are an important part of this trend. Advancements in artificial intelligence (AI) and natural language processing (NLP) technologies are expected to further fuel the revenue growth of the Healthcare Chatbots Market.
North America is the largest market for healthcare chatbots, followed by Europe and Asia Pacific. The increasing prevalence of chronic diseases, rising healthcare costs, and growing use of cutting-edge technology drive market revenue growth in these regions.
A healthcare chatbot is an AI-powered computer program that uses NLP and machine learning (ML) algorithms to interact with patients, provide them with medical advice or assistance, and support their healthcare needs. These chatbots can simulate conversations with patients and respond to their queries, helping them to manage their health more effectively. They can perform various tasks, including scheduling appointments, reminding patients to take their medication, offering mental health support, and providing personalized recommendations based on patient’s symptoms, medical history, and other relevant data. The usage of healthcare chatbots can improve patient engagement, increase accessibility to healthcare services, and reduce healthcare costs while providing patients with high-quality care.
Healthcare Chatbots Market Dynamics
The increasing demand for virtual healthcare services is driving the revenue growth of the healthcare chatbots market. Chatbots offer patients access to medical advice and support around the clock, without needing in-person consultations, which is highly appealing to consumers. Chatbots are integrating with other healthcare technologies, such as electronic health records (EHRs), telemedicine platforms, and wearable devices. This enables chatbots to access and analyze patient data more effectively, providing more personalized and accurate advice and support. Incorporating advanced technologies, such as AI and NLP, is increasing the demand for healthcare chatbots. This enables the healthcare chatbot to provide patients with more accurate, personalized advice and support. Healthcare providers are increasingly focused on improving patient engagement and satisfaction. Chatbots can help achieve this by providing patients access to personalized care and support, improving their overall healthcare experience.
Healthcare chatbots are used as virtual assistants for healthcare providers. These chatbots can assist with tasks, such as scheduling appointments, managing patient data, and answering patient queries, propelling the revenue growth of the healthcare chatbots market. The regulatory support for telemedicine from various governments and regulatory bodies positively influences the healthcare chatbots market. With their growing acceptance of virtual healthcare services, including chatbots, healthcare providers are increasingly adopting chatbots to provide better patient care.
However, the data privacy and security concerns related to healthcare chatbots are restricting the revenue growth of the healthcare chatbots market. The lack of awareness and expertise is also hampering the revenue growth of the healthcare chatbots market.
Healthcare Chatbots Market Ecosystem
The global healthcare chatbots market is analyzed from five perspectives: component, application, deployment model, end-user, and region.
Healthcare Chatbots Market by Component
Based on the component, the global healthcare chatbots market is segmented into software and services.
The software segment accounts for the largest revenue share of the healthcare chatbots market. Software-based chatbots can be easily integrated into existing healthcare systems and workflows, reducing the need for additional hardware and infrastructure. This can help to streamline operations and improve efficiency. With ongoing advancements in AI and NLP technologies, software-based chatbots are becoming increasingly sophisticated and capable of providing patients with personalized and accurate advice and support. Software-based chatbots are highly flexible and can be easily customized to meet the specific needs of healthcare providers and patients. This allows healthcare organizations to tailor chatbots to their unique requirements, improving the patient experience.
Healthcare Chatbots Market by Application
Based on the application, the global healthcare chatbots market is segmented into symptoms check, appointment scheduling & monitoring, medical & drug information assistance, and others.
The symptoms check segment accounted for a considerable revenue share of the healthcare chatbots market. Patients can easily access symptom check chatbots from their mobile devices or computers without having to schedule a doctor’s appointment or travel to a clinic, increasing the demand for symptoms check chatbots. Moreover, symptom-check chatbots can use AI and ML algorithms to provide personalized recommendations based on a patient’s symptoms and medical history. Symptom check chatbots can help detect health issues early on by identifying symptoms and recommending appropriate medical attention, potentially leading to better health outcomes. Symptom check chatbots are often free or low-cost compared to traditional medical consultations, making them an accessible option for patients with limited financial resources.
The appointment scheduling & monitoring segment is expected to experience the fastest revenue growth rate during the forecast period, as it addresses a critical need in the healthcare industry - improving patient access to care and enhancing patient engagement. Appointment scheduling chatbots can help reduce administrative costs for healthcare organizations by automating appointment scheduling and reminders. Monitoring chatbots can help patients manage chronic conditions by providing ongoing support and guidance, potentially leading to improved health outcomes. Many patients prefer using digital tools, such as chatbots, for scheduling appointments and monitoring their health, making this segment an attractive option for healthcare organizations. Monitoring chatbots can help patients track their health status and receive personalized recommendations for improving their health, which is also expected to boost segmental revenue growth.
Healthcare Chatbots Market by Deployment Model
Based on the deployment model, the global healthcare chatbots market is segmented into the on-premises model and cloud-based model.
The cloud-based model segment dominates the healthcare chatbots market with the highest revenue share. Cloud-based chatbots can be easily scaled up or down based on the demand. This means that healthcare organizations can quickly add more capacity during peak times, such as during a pandemic, without investing in additional hardware or software. Cloud-based chatbots do not require organizations to invest in expensive hardware or software licenses. This makes it a cost-effective solution for healthcare organizations of all sizes. Cloud-based chatbots are accessible from any location with an internet connection. Hence, healthcare institutions can utilize chatbots to support patients and healthcare workers in isolated or underserved regions. Cloud-based chatbots can use cutting-edge AI tools, such as ML and NLP, to provide patients with tailored and intelligent responses, driving segment revenue growth. To offer a seamless experience for patients and healthcare professionals, cloud-based chatbots can be linked with already-in-use healthcare IT systems, such as EHRs.
Healthcare Chatbots Market by End-user
Based on the end-user, the global healthcare chatbots market is segmented into patients, healthcare providers, insurance companies, and others.
The patients segment accounted for the prominent revenue share of the healthcare chatbots market, as patients are the primary users of healthcare services and chatbots. Patients can easily access chatbots from their mobile devices or computers without having to schedule a doctor’s appointment or travel to a clinic. Chatbots are often free or low-cost compared to traditional medical consultations, making them an accessible option for patients with limited financial resources. Chatbots can empower patients by providing them with information and resources to manage their health actively. They can help patients manage their health conditions by providing education, tracking symptoms, and reminding them to take their medications.
Healthcare Chatbots Market by Region
Geographically, the global healthcare chatbots market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America region dominated the healthcare chatbots market with the largest revenue share in 2022. North America is home to some of the most advanced technology companies in the world, and these companies are at the forefront of developing and implementing chatbot technology in healthcare. Patients in North America are generally comfortable with using digital technology to manage their health, and healthcare organizations have quickly adopted chatbots to improve patient outcomes and reduce costs, thus boosting regional revenue growth. North America has a large healthcare market, with a high demand for innovative solutions to improve patient outcomes and reduce costs. This has created a favorable environment for chatbot developers to introduce their products and services. North American companies and investors have shown a strong interest in investing in healthcare technology, including chatbots. This has enabled chatbot developers to receive the necessary funding to develop and scale their products. Moreover, the regulatory environment in North America is generally supportive of healthcare innovation, and regulatory agencies have been open to working with chatbot developers to ensure compliance with healthcare regulations.
Healthcare Chatbots Market Competitive Landscape
The prominent players operating in the global healthcare chatbots market are:
Healthcare Chatbots Market Strategic Developments
The global healthcare chatbots market is driven by several factors, including the growing adoption of chatbots to improve patient engagement and experience, reduce healthcare costs, and increase accessibility to healthcare services.
The factors such as data privacy and security concerns and lack of awareness about healthcare chatbots are some of the restricting factors of the market revenue growth.
The prominent players operating in the global healthcare chatbots market are Your.MD, PACT Care BV, HealthTap, Inc., Sensely, Inc., and Ada Digital Health Ltd.
The global healthcare chatbots market is estimated to be valued at US$ 949 million by 2031.
The healthcare chatbots market is estimated to register a revenue CAGR of 18.9% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain