by Healthcare chatbots are artificial intelligence (AI)-powered chat systems that use natural language processing and machine learning to answer questions, offer assistance and guide patients through various healthcare processes. By analysing huge amounts of medical data, healthcare chatbots can provide clinically validated responses at scale to common patient queries. They help streamline administrative tasks for providers and create more efficient, accessible and affordable care experiences for patients.
Healthcare chatbots offer a variety of benefits for users. They are available 24/7 to answer basic medical questions, direct patients to relevant health information, help manage appointments and prescriptions, monitor chronic conditions, provide symptom checkers and even assist with making insurance claims. This allows patients immediate access to standard medical advice without the need for an in-person visit, reducing wait times andcosts. For providers, chatbots reduce workload by automating routine communications and tasks. This frees up clinicians’ time to focus more on direct complex patient needs.
The global Healthcare Chatbots Market is estimated to be valued at US$ 230 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the healthcare chatbots market is their growing capability to effectively triage patients. Through integration with electronic health records and continual machine learning, chatbots are gaining better understanding of medical terminology and ability to evaluate patient symptoms, risks and history to determine the most appropriate response or direct them to relevant care. This triaging function helps prioritize patients based on need and ensures those requiring urgent attention can access care seamlessly.
Porter’s Analysis
Threat of new entrants: The healthcare chatbots market requires significant investment in research and development to develop advanced bot technologies. Established players have strong technological capabilities and financial resources which pose a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as chatbots provide cost-effective alternatives for healthcare organizations to address customer queries. However, buyers have options to choose from multiple chatbot vendors.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many technology companies offering chatbot development platforms and services. Switching costs are also low.
Threat of new substitutes: Chatbots compete with other customer support platforms like virtual assistants and live chat. However, chatbots offer 24/7 availability and can handle high volume of queries without human intervention.
Competitive rivalry: The market consists of global as well as regional players. Players compete based on technologies offered, functional capabilities, compliance with regulations, and pricing.
Key Takeaways
The global Healthcare Chatbots Market Growth is expected to witness high growth over the forecast period.
Regional Analysis:
North America dominates the market currently due to prevalence of chronic diseases, growing geriatric population and focus on reducing healthcare costs in the region. The healthcare industry in the US and Canada is rapidly adopting chatbot technologies to provide virtual care and customer self-service capabilities.
Key players operating in the Healthcare Chatbots market are Ironscales, Cofense (PhishMe), Infosec Institute, KnowBe4, PhishLabs, Wombat Security Technologies, Barracuda Networks, Mimecast, and Proofpoint. These players are focusing on developing conversational AI and NLP capabilities in their chatbots to make them efficient in handling medical queries. They are also targeting hospitals, insurance providers, and pharmacy chains for business expansions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
