The global Healthcare Chatbots Market is estimated to surpass $742 million mark by 2026 growing at an estimated CAGR of more than 24.5% during the forecast period 2021 to 2026. At present, chatbots are adopted among the developed countries such as North and Europe, and is yet to witness widespread adoption in emerging countries, where doctors and other healthcare providers are still reluctant to adopt advanced healthcare solutions. Data privacy concerns and a lack of sufficiently skilled personnel to develop healthcare chatbots also serve to affect market growth to a certain extent. At present however, the healthcare chatbots market is at a nascent stage and is expected to grow in the near future.
Healthcare Chatbots Market Segment Analysis - By Deployment
On Premises technology dominates the Healthcare Chatbots market, however cloud technology is projected to have a significantly higher growth rate during the forecast period. AI technology has also been increasingly deployed using cloud technology in recent years by companies across the healthcare sector as a patient assistance Healthcare Chatbots that employs NLP and machine learning to understand what the most commonly asked questions are, and become more efficient at providing healthcare related answers. This adoption has been particularly prevalent in North America. However, the security issues surrounding cloud technology has limited cloud adoption not just related to chatbots but most software technology in the healthcare sector.
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Healthcare Chatbots Market Segment Analysis - By Application
With a growth in the global population, there is an acute shortage of doctors. This has led to a lot of physical and mental stress for many doctors, leading to medical errors in decision-making in certain cases. Chatbots could help alleviate the strain placed on doctors. This has led to increased demand for chatbot deployment for preliminary symptom checking and patient assistance. This will relieve the first line of healthcare workflow thus allowing hospitals to handle the influx of patients despite the doctor shortage. Healthcare chatbots currently seem to be a mix of both patient-only (apps that help a patient track and make sense of health data) and patient-clinician applications (apps that connect the two groups, for diagnosis, treatment, etc)
Healthcare Chatbots Market Segment Analysis - By Geography
APAC will be the fastest growing market for Healthcare Chatbots driven by rising demand from patient care in the region. However the market is very much in the nascent stage in this region with doctors and hospitals still hesitant to adopt chatbot technology. Growing number of hospitals and insurance companies are adopting emerging technologies such as Healthcare Chatbotss in the North American and European market. Healthcare Chatbotss support companies by saving more than 30 percent of patient service expenses by shifting reaction times and freeing doctors or more difficult job. The Healthcare Chatbotss in APAC will show a significant growth due to the rate of technology adoptions & the rising interest shown by insurance companies in the emerging technology. Moreover, the rise of messaging applications & advances in artificial intelligence (AI) for the healthcare sectors has created a perfect environment for Healthcare Chatbotss to flourish in that is forecasted to propel the Healthcare Chatbotss market growth.
Healthcare Chatbots Market Drivers
Need for Cost Optimization
The geriatric population is rising worldwide and requires frequent health check-ups to ensure comfortable living. For such patients and others as well, the use of chatbots can reduce a number of redundant activities and enhance precision, including the scheduling of appointments, following-up on appointments, and medication reminder offers, among others. Due to the doctor shortage as well, the utilization of chatbots can significantly reduce the staff cost associated as chatbots can act as the first level of defense in terms of patient monitoring and symptom checking. Consequently, the overall cost of treatment and response time is reduced, while the patient experience is improved.
Real Time Monitoring for Patient Support and Satisfaction
The most famous Healthcare Chatbots is a conversational Healthcare Chatbots, majorly used for conversations with patients. It can also be used efficiently to facilitate background processes or provide patients and hospitals with proactive data. This technology is set to drive the adoption of patient service automation based on the data collected and will propel the Healthcare Chatbotss market as well. The Healthcare Chatbots can significantly add value to the patient service department. In addition, patient support tools such as live chat, help desk, or symptom checking should already have Healthcare Chatbotss introduced when dealing with patients as the first line of defense.
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Healthcare Chatbots Market Challenges
Security of Patient Information & Cost
This significant concern about the implementation of AI in the healthcare fields, is a continuing problem regarding the security of patient information. Healthcare Chatbotss used in the sector contain information on patient health records, treatment processes, insurance details and patient history that challenges data protection and security concerns in an industry where data protection is of prime importance. A big issue with these machine-controlled services is that a minor ransomware intrusion will interrupt software programmes and service providers' activities, which can lead to anarchy. While AI technology is innovative and forward-looking, these innovations are not afforded to small health service providers because they need a massive investment. Machines like Healthcare Chatbotss are limited to answering basic questions. This technologies use the keywords of the questions to have responses. When there is an incident & complicated situation that needs to be worked out, patients still focus on the human workforce.
Healthcare Chatbots Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Healthcare Chatbots Market. ISensely, Inc., Your.MD, Buoy Health, Inc, Infermedica, PACT Care BV, HealthTap, Inc., Babylon Health, Ada Health GmbH, Woebot Labs, Inc., and GYANT.COM, Inc and others are considered to be the key players of the Healthcare Chatbots Market
Acquisitions/Technology Launches/Partnerships
Babylon Health received total funding of $550m in 2019 to develop its chatbot Ask Babylon which is developing an artificial intelligence-driven healthcare platform for medical professionals that includes a consumer-facing chatbot
Intrado Corporation, a global leader in technology-enabled services, announced today that it has acquired Asparia, Inc., a leading provider of patient engagement solutions for health systems, hospitals, and medical practices.
Key Takeaways
Enhanced technological features are anticipated to stimulate market growth in Healthcare Chatbotss software such as Natural Language Processor (NLP), multilingual, interference engine, metrics, cloud-based implementation, application programming interface (API), mobile platform compatibility, analytics, multichannel, and single-point search.
Healthcare Chatbotss are renewing the way hospitals interact with patients and offering instant, on-demand assistance solution. The Healthcare Chatbotss are significantly fostering engagement between hospitals and patients to provide better functionality for both of them.
Changing patient and clinician behavior with a chat interface is a hard problem, and one that won’t be solved overnight. However rising investment in this sector combined with technological advancement will propel market demand.
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