Healthcare chatbots facilitate timely and efficient delivery of healthcare services by providing patients easy access to basic medical information and advice through conversational interfaces. Chatbots help address basic health queries of patients and alleviate workload of healthcare workers, allowing them to focus on complex medical cases. They offer convenient options to patients to receive important updates regarding their healthcare, book appointments, order prescription refills and receive diagnosis from the comfort of their homes.
The global Healthcare Chatbots Market is estimated to be valued at Us$ 264.96 Bn in 2023 and is expected to exhibit a CAGR Of 7.0% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing adoption of artificial intelligence (AI) technology in the healthcare industry has been a key factor driving the adoption of chatbots. AI assists chatbots to receive, analyze and comprehend patients’ health conditions and provide quick diagnosis and advice. As AI capabilities continue to grow potent, an increasing number of healthcare organizations are leveraging chatbots integrated with AI technologies to address a wide spectrum of healthcare needs. For instance, chatbots can now understand medical terminologies, access past health records and diagnose potential health issues even without any human intervention. Their self-learning abilities further help improve clinical outcomes. Such advantages have increased the application scope of AI-infused healthcare chatbots and accelerated their demand globally.
SWOT Analysis
Strength: Healthcare chatbots can help improve access to care as they can operate 24/7 and address common medical concerns. They are cost-effective compared to hiring additional human staff.
Weakness: Chatbots have limited medical knowledge and inability to diagnose complex diseases. Data privacy and security is also a concern while using chatbots for sensitive healthcare information.
Opportunity: Growing adoption of AI and analytics in healthcare sectors is creating opportunities for chatbot developers. The pandemic has highlighted the need for virtual healthcare assistance which chatbots can fulfill.
Threats: Lack of trust in chatbot’s capabilities could reduce their acceptance. Technological challenges around natural language processing may affect user experience. Regulatory concerns around chatbots replacing human doctors and nurses.
Key Takeaways
The Global Healthcare Chatbots Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 264.96 billion by 2024 registering a CAGR of 7.0% during the forecast period.
Regional analysis –
North America region currently dominates the global market due to growing funding for healthcare AI and digital technologies in the US and Canada. Asia Pacific is expected to be the fastest-growing regional market, led by increasing internet penetration, growing demand for virtual healthcare solutions and sizable patient volumes in countries like China and India.
Key players –
Key players operating in the healthcare chatbots market include 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. Major players are focusing on developing advanced conversational abilities for virtual healthcare assistants to offer seamless customer experience.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
