Increasing internet connectivity and the high adoption of smartphones have broadened the reach of virtual assistant services especially virtual health platforms such as healthcare chatbots.
The healthcare providers and patients are the major revenue contributors to the global healthcare chatbots market with a share of 58% and 24% respectively, in 2020.
Constant advancements and the implementation of new platforms such as telehealth in the healthcare sector is key for the increasing usage of chatbots in the healthcare industry. As a result, the global healthcare chatbots market is anticipated to witness an absolute growth of around 323% during the forecast period
North America is likely to witness the highest incremental growth of around USD 177 million during the forecast period due to the high acceptance of telehealth platforms and increase in reimbursement options for virtual health in the region.
Vendors are actively engaged in incorporating artificial intelligence & machine learning technologies to improve and enhance the efficiency of healthcare chatbots for resolving various queries of users without the need for physical consultation with physicians
Cloud-based healthcare chatbots are gaining significant traction among end-users as they simplify the healthcare chatbots development process offer integration with multiple channels, and data storage capabilities and this segment is likely to witness an absolute growth of around 360% during the forecast period.
Market Size & Forecast by Revenue | 2020−2026
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by end-users, mode of delivery, component, application, and geography
Competitive Landscape – 10 key vendors and 15 other vendors
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 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.
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.
Healthcare Chatbots Market by End-Users
Healthcare Chatbots Market by Mode of Delivery
Healthcare Chatbots Market by Components
Healthcare Chatbots Market by Application
Symptom Checking & Medication Guidance
Appointment Booking & Medical Guidance
Healthcare Chatbots Market – Dynamics
There is an increased demand for AI-based chatbots to deliver a superior customer experience since these chatbots are faster and convenient, and users value them as they are intuitive and highly responsive. These chatbots not only provide a more personalized customer experience but also offer highly valuable customer information, help enterprises and businesses better understand their customers, and offer superior services to drive business growth. Artificial intelligence-based chatbots transform the customer experience by delivering more personalized services. A better understanding of customers is possible through AI-based chatbots. As customers or patients want an experience that is faster and convenient, developers are consistently focussing on bringing realistic experiences to customers. In this context, AI-based chatbots are widely being popularized to provide better customer interaction.
Key Drivers and Trends fueling Market Growth:
Advancements in Chatbots Through NLP
Increased Acceptance/Awareness of Chatbots due to COVID-19
High Demand for Mobile Health Apps
Growing Internet Connectivity & Smartphone Penetration
Healthcare Chatbots Market – Geography
Globally, North America is the major revenue contributor to the healthcare chatbots market and offers significant growth opportunities for both the local and global players as well. In 2020, North America accounted for a share of 42.51% in the global healthcare chatbots market. This region dominates the global healthcare chatbots market due to the wide adoption of chatbots in countries like the US. In addition, the deep penetration of telehealth services in the North American region is beneficial and has huge potential in promoting the growth of the chatbots market as these chatbots improve access to healthcare for people living in remote and rural areas of North America. The market in North America is growing at a healthy rate when compared to the other regions and is likely to dominate the market in terms of growth during the forecast period.
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.