Healthcare Chatbots Market Trends, Growth and Size Analysis By Component (Software, Services), Deployment (On-premise, Cloud-based), Application (Medication Assistance, Appointment Scheduling & Medical Guidance), End-user (Patients, Healthcare Providers, Insurance Companies) and Region, Global Forecast till 2027
Healthcare Chatbots Market Overview
The alerting landscape of the healthcare sector has changed even more drastically in the course of the COVID- 19 pandemic last year, creating needs that were not realized before. Reports created by MRFR detail the developments of the industry that can be expected in the market through the forecast period. The healthcare chatbots market is anticipated to tap an income of USD 316.85 million at 21.10% CAGR by 2027.
The need for social distancing and access to resources with information about healthcare information has significantly boosted the healthcare chatbots market. The growing development of telehealth and remote healthcare concepts is estimated to accelerate the healthcare chatbots market share in the upcoming years.
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Healthcare Chatbots Market Segmentation
The segmental study of the healthcare chatbots market is conducted on the basis of components, deployment, application region, and end-users. The end-users’ segment of the healthcare chatbots market comprises of patients, insurance companies, healthcare providers, and others. The regions included in the healthcare chatbots market are Europe, the Americas, Asia Pacific, and other notable regions. The components segment of the healthcare chatbots market is divided into software and services. The deployment segment of the healthcare chatbots market is split into cloud-based and on-premise. The application segment of the healthcare chatbots market consists of appointment scheduling, medication assistance, and guidance.
Healthcare Chatbots Market Regional Insights
The regional insight into the healthcare chatbots market encompasses Europe, the Americas, Asia Pacific, and other notable regions. The European healthcare chatbots market governed the global market with an approximate 40.3% share. The European region’s healthcare chatbots market is growing due to the high occurrence of lasting diseases and enhanced implementation of bots to alleviate the load of hospitals. Also, the ability to boost the revenue may motivate the regional healthcare chatbots market in the forecast period. In addition, financing to accelerate the progress of artificial intelligence is a vital reason that can facilitate healthcare chatbots market progress. The Americas healthcare chatbots market is spurred by improved financial backing for AI and the implementation of chatbots to augment the prevailing medical setup are projected to facilitate the market augmentation. The APAC region’s healthcare chatbots market is driven due to proposals by governments in the region to fast-track the advancement of AI and the actions of drug manufacturers who are developing their chatbots to deal with business and other queries.
Healthcare Chatbots Market Competitive Outlook
The optimism about COVID-19 related treatment methods such as the vaccines being rolled out in various regions is estimated to further improve the overall sentiment in the market. The overall development prospects of the market players are estimated to improve steadily with the effect of the COVID-19 pandemic reducing. The entry of global players in key developing regional markets is predicted to have a favorable effect that will ripple into other areas of the market as well. The role of governmental bodies in facilitating the development of the market is estimated to be vital through the grant of special incentives to attract global titans to certain regions and contribute to the development of the market in the forecast period. The improvement in core industries performance on a global scale is estimated to fast track the development of the worldwide market in the upcoming period. Furthermore, the presence of better trade relations between several nations is estimated to offer more options for growth in the upcoming period.
The renowned players in the healthcare chatbots market are PACT Care BV (The Netherlands), Ada Health GmbH (Germany), Your.MD (U.K.), Babylon Health (U.K.), Buoy Health, Inc. (U.S.), Infermedica (Poland), HealthTap, Inc. (U.S.), Woebot Labs, Inc. (U.S.), Sensely, Inc. (U.S.), and GYANT.COM, Inc. (U.S.).
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Healthcare Chatbots Industry Updates:
Humana and IBM Watson Health are working together to deliver the insurer’s Employer Group memberships with access to a conversational AI product. The product called the IBM Watson Assistant for Health Benefits is a cloud-based virtual assistant and is AI-enabled. The AI assistant offers users info about member claims, coverage, paybacks, referrals, and healthcare cost approximations. The partnership among the payer and technology business is drawing near as the use of AI chatbots is mounting, though curiosity in AI-powered digital assistants was rising before 2020, with the Covid-19 pandemic accelerating its use over the past year.
Google presented DialogFlow CX for customer service use that comprises pre-built bots for verticals such as financial services, healthcare, telecommunications, retail, and travel. Encompassed in Google DialogFlow CX is assistance for 20 languages to each agent, backing for up to 40,000 “intents,” or kinds of statements an employee or customer might ask throughout a chat, and backing for virtual private cloud services that link bots to on-premises uses such as CRM and ERP systems.
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