HEALTHCARE CHATBOTS INDUSTRY INSIGHTS
The global healthcare chatbots market size to reach USD 517.96 million by 2026, growing at a CAGR of 27.17% during the forecast period.
The healthcare industry is adopting chatbots to automate repetitive tasks and save costs and resources. The chatbot designing and the development processes based on the best practice will help the healthcare industry achieve the targeted goals and offer the full potential services.
Several industries are exploring the bigger advantages that chatbots can provide to their businesses. In this context, AI-driven bots are widely popularized in different sectors. The high acceptance of Artificial intelligence-based bots that transform the customer experience by delivering more personalized services boosts the market growth.
The social media platform usage is ideal for online chatbots and provides significant benefits to the organization. Healthcare chatbots played a significant role in keeping the patients, and the population informed about all the crucial information regarding the COVID-19 pandemic.
- Around 60%-70% of industry professionals believe that chatbots will outperform mobile applications in the upcoming years.
- According to Frost and Sullivan, it is stated that 90% of the US hospitals will use AI and chatbots to save lives and improve the quality of care by 2025.
- 4 billion people are using messaging apps and are eager to communicate with chatbots, surging the market growth.
- In 2020, North America accounted for 42.5% of the global healthcare chatbots market share as this region has higher dominance.
HEALTHCARE CHATBOTS GROWTH FACTORS
- Wide adoption of mHealth applications and increasing awareness are the significant factors contributing to the growth of the healthcare chatbots market in North America.
- The increased acceptance of the 4G and the upcoming implementation for the 5G network spectrum also significantly contribute to the growth.
- It is estimated that more than 90% of physicians use smartphones. This is expected to increase the usage of chatbots across the healthcare industry.
- The increase in chronic diseases is one of the significant factors driving the market's growth across the globe.
This research report includes a detailed segmentation by:
- Mode of Delivery
INSIGHTS BY END-USERS
The Healthcare chatbots market by healthcare providers segment is expected to reach an incremental growth of USD 241.70 million by 2026.
Healthcare providers are the dominant users. Hospitals are the major revenue contributors among all healthcare providers. It is estimated that a nearly 50% reduction in the cost of treatment and 30-40% improvement in outcomes can be achieved through the AI-driven bots in the hospitals, according to Frost & Sullivan.
The advent of the COVID-19 pandemic positively impacts the global healthcare chatbots market, as the patients are avoiding overcrowding during the pandemic in the hospitals. The adoption of virtual visits and virtual appointments are highly popularized among patients, and the penetration of healthcare bots is increasing rapidly.
INSIGHTS BY MODE OF DELIVERY
The global healthcare chatbots market by cloud-based segment is growing at a CAGR of 28.97% during the forecast period.
The growing trend of adopting cloud-based software is gaining high traction in the global healthcare chatbots market. Cloud-based technologies play a significant role in positioning healthcare in the digital landscape and are increasing the adoption of healthcare bots. The adoption rate of cloud-based technology is high compared to on-premise. Cloud-based solutions simplify the healthcare chatbot's development process and offer integration with multiple channels with flexibility in services and data storage capabilities.
INSIGHTS BY COMPONENTS
The global healthcare chatbots market by software services type will witness an incremental growth of USD 286.17 million by 2026
The software services segment will dominate the global healthcare chatbots market by component. APAC, Europe, and North America are the top contributor in the software services market. The AI software-based bots have the potential not only to understand the patients' intent, no matter how the questions are phrased but also to have far more potential to deliver accurate answers.
INSIGHTS BY APPLICATION
The symptom checking and medication assistance in the global healthcare segment accounted for 59.37% of the market share in 2020.
Mediktor is the world's most advanced and accurate symptom checker for pre-diagnosis and decision-making support. It is an AI-based solution that users can easily interact with the chatbots describing their symptoms in the natural language. The chatbots in healthcare are developed with huge capabilities to offer services to the patients in appointment scheduling. Patients can also get medical guidance at the same time.
INSIGHTS BY GEOGRAPHY
In 2020, North America accounted for a share of 42.5% in the global healthcare chatbots market.
North America is the major revenue contributor to the healthcare chatbots market and offers significant growth opportunities for both the local and global players. The high penetration of telehealth services in the entire North American region is beneficial and has the huge potential in promoting the upcoming growth in the industry. The favorable initiatives by the government in supporting digital health and are expected to increase the adoption of healthcare bots across North America.
Canada has robust ICT information and the communication sector profile, which is the most significant factor that helps in driving the market. Canada is investing in deploying itself as a world-leading destination for AI innovation.
Most of the global healthcare chatbots players are from the North American and the European region.
The global market is gaining attention with the widely popularized regional and global players offering chatbot services in the healthcare industry. Several countries across the globe are increasing and focusing on the adoption of healthcare chatbots, which is expected to give a significant rise to the entry of new players. The market is highly competitive as the existing players offer similar solutions at substantially low prices without any service differentiation to end-users. Ada Health, Babylon, Baidu, Buoy Health, GYANT, HealthTap, Infermedica, PACT Care, Sensely, and Your.MD. are the key players in the healthcare chatbots market.
The global healthcare chatbots market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by End-Users
- Healthcare Providers
Segmentation by Mode of Delivery
Segmentation by Components
Segmentation by Application
- Symptom Checking & Medication Guidance
- Appointment Booking & Medical Guidance
Segmentation by Geography
- North America
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia