by The Healthcare Chatbots Market is estimated to be valued at US$ 230.0 Mn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Healthcare chatbots are conversational agents powered by artificial intelligence that assist users by answering their medical queries. They are designed help patients understand their condition, treatment plans, prescription details and answer general health related questions. Chatbots reduce pressure on clinics and hospitals by resolving minor medical issues of patients and freeing up time for doctors to focus on complex cases.
Market key trends:
Adoption of artificial intelligence and machine learning technologies is expected to be a major trend fueling growth of the healthcare chatbots market. AI enables chatbots to become more personalized and intuitive with interactions. They can grasp patient history, context and intent of questions to provide better assistance. Chatbot capabilities are also expanding from basic diagnostic queries to mental health support, appointment scheduling, billing assistance and disease monitoring. Growing emphasis on self-service and virtual healthcare amid pandemic is driving integration of chatbots across various healthcare domains like hospitals, insurance providers and pharmaceutical companies.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the healthcare chatbots market is moderate. The market is currently gaining popularity due to increased demand for AI-based healthcare services. However, the market requires high R&D investment and expertise to develop human-like intelligent chatbots.
Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers have a wide range of healthcare chatbot options from various vendors and can switch between chatbots based on pricing and features.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key suppliers include AI platform developers, healthcare professionals, and chatbot engineers. Suppliers have specialized skills but the number of suppliers is increasing.
Threat of new substitutes: The threat of substitutes is moderate. While other AI technologies have the potential to replace some functionalities of healthcare chatbots, they are yet to match the full conversational capabilities of human-like chatbots.
Competitive rivalry: The competitive rivalry is intense as the market is growing rapidly.
SWOT Analysis
Strength: Healthcare chatbots offer 24/7 availability to answer patients’ queries which reduce burden on healthcare facilities. They provide privacy and anonymity to users while seeking health information.
Weakness: Lack of human empathy is a limitation as chatbots cannot feel human emotions. Accuracy of responses also depends on the quality of training data provided.
Opportunity: Growing internet connectivity and adoption of mobile health apps provide a platform to integrate chatbots. The pandemic has accelerated demand for telehealth and virtual care services.
Threats: Privacy and security of personal health data shared with chatbots is a concern. Technical limitations may lead to incorrect medical diagnoses.
Key Takeaways
The Global Healthcare Chatbots Market Growth is expected to witness high growth of 14% over the forecast period of 2023 to 2030, due to increasing demand for virtual healthcare services. The market size for 2023 is estimated at US$ 230.0 Mn.
On a regional scale, North America dominated the global market in 2022 owing to high technology adoption and healthcare spending in the US and Canada. However, Asia Pacific is expected to exhibit the highest CAGR during the forecast period. This can be attributed to rising internet connectivity, increasing investments by chatbot developers and growing medical tourism in countries such as India and China.
Key players operating in the Healthcare Chatbots Market include ADA Digital Health Ltd., Buoy Health, Inc., Gyant.com, Inc., Infermedica, Microsoft, and Babylon Healthcare Service Limited, among others. Major players are focusing on product launches and partnerships with healthcare organizations to integrate their chatbots across various digital platforms and medical facilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
