Healthcare Chatbots Market Share to Grow to USD 1369.3 Million by 2034, at 18.30% CAGR: Prophecy Market Insights

“Healthcare Chatbots Market” from 2024-2034 with covered segments By Deployment Model (Cloud – Based and On- Premise), By Component (Service, and Software), By Application (Symptom Checking, Medication Assistance, Appointment Scheduling, and Medical Guidance), By End User (Patient, Healthcare Providers, and Insurance Companies), and By Regional Forecast, 2024-2034), which provides the perfect mix of market strategies, and industrial expertise with new cutting-edge technology to give the best experience.

Covina, July 09, 2024 (GLOBE NEWSWIRE) — The study concludes that the global healthcare chatbots market size and share is expected to grow at a CAGR of 18.30% between 2024 and 2034. The market revenue of US$ 255.4 Million in 2024 is expected to grow up to US$ 1369.3 Million by 2034. Growing demand for virtual health assistance is a major determinant driving the market growth.

Healthcare Chatbots Market Report Overview

Healthcare chatbots are also conversationalists, working mainly on the rules of machine learning by artificial intelligence. Other than engaging in conversation with humans, it does routine operations like sending emails, lead generation, activity result analysis, or giving answers. In the last decade, the activity of engagement by chatbots and other artificial intelligence applications related to the industry was a revolution, helping schedule appointments, and it helped to guide rehab patients in times of critical illnesses. Medical chatbots are basically conversational AI tools that work to facilitate plain communication between insurance companies, health caregivers, and patients. These can be very helpful in giving relevant information on healthcare to the right stakeholders at the right time.

They help doctors by handling frequent, monotonous tasks like answering questions raised by patients about their illnesses and overcoming inconvenience in making appointments, etc. This, in turn, saves doctors time to indulge in more complex medical cases. They also provide doctors with quicker access to information and history of patients’ illnesses for executing finer, more efficient decisions. There are numerous types of chatbots: speech bots, rule-based, hybrid, AI-powered, predictive, and conversational. Each has a different function, depending on the needs of the user and the complexity of the application. Financially, chatbots can save money for both medical professionals and the healthcare system by avoiding in-person appointments with some patients. Besides, deferrals are opening up time for other activities or to see patients who get into more serious difficulties.

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Our Free Sample Report includes:

  • Overview & introduction of market study
  • Revenue and CAGR of the market 
  • Drivers & Restrains factors of the market 
  • Major key players in the market 
  • Regional analysis of the market with a detailed graph
  • Detailed segmentation in tabular form of market 
  • Recent developments/news of the market 
  • Opportunities & Challenges of the Market

Competitive Landscape:

The Healthcare chatbot market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.

Some of the Key Market Players:

  • Babylon Health
  • Healthjoy
  • HealthTap
  • GYANT.Com, Inc
  • Sensely Company’s
  • Lifelink Inc
  • Buy Health, Inc
  • Woebot Labs, Inc
  • Wysa Ltd
  • Kik Interactive, Inc
  • Your. MD

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Analyst View:

AI-driven conversationalists, also called healthcare chatbots, are the game-changers in the healthcare sector for going beyond simple activities like repeating chores of email sending, lead generation, and answering questions. They support patients with life-threatening illnesses in scheduling appointments and act as a mediator between a patient and an insurance company or healthcare provider. There exist several types, and then the advancements that have transpired in AI and NLP have made chatbots more proactive for the accurate answering of queries, better understanding of human-made natural languages, and hence giving out personalized responses. This can be set up on-premises or offered as a cloud-based setup, the latter being more cost-effective and scalable for meeting the needs.

Healthcare Chatbots Market: Report Scope

Report Attributes Details
Market value in 2024 US$ 255.4 Million
Market value in 2034 US$ 1369.3 Million
CAGR 18.30% from 2024 – 2034
Base year 2023
Historical data 2019-2022
Forecast period 2024-2034

Market Dynamics:

Drivers:

Developments in Natural Language Processing and AI

  • The advancement in current artificial intelligence and natural language processing motivates the development of chatbots in healthcare, which gives the ability to answer individually, understand natural languages, and get better preciseness in interpreting requests. They use transformer models and neural network models to improve conversational skills, and better user experience is indicated by the possibility of text, audio inputs, and even visual data, incurring visual data. Symptom triage, medication adherence tracking, and tailored health advice are some other, deeper tasks these chatbots can undertake.

Affordable Healthcare Options

  • Affordable healthcare solutions are offered by healthcare chatbots because they make repetitive procedures more fluent, expand access to healthcare, and offer personalized treatment. Exactly; this would serve to bridge some gap that exists in the places of healthcare access order by rendering individual treatment, including counseling and symptom checking. Further, it can assist in the improvement of patient care on medication to a great level by lowering the likelihood of issues and improving health outcomes. All in all, chatbots in healthcare have bright prospects for making health accessible.

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Market Trends:

Growing Need for Constant Access to Medical Care

  • Increased pressure for access to healthcare at all times has resulted in the adoption of healthcare chatbots. They offer personalized advice and access without any time limits, thereby eradicating using office hours to access care and long waiting queues. They may as well increase access to care in areas where it is limited by offering some advice and remote support. What is even more, chatbots can help with health conditions in many different ways, certainly including prescription reminders, preventive care, and recommendations. It does this by optimizing proactive health outcomes and engaging patients using patient-provided data and AI algorithms.

Segmentation:

Healthcare Chatbots Market is segmented based on Component, Deployment Mode, Application, and Region.

Component Insights

  • Healthcare chatbots are AI-fueled software applications that can be built to aid various patient services: appointment scheduling, symptom assessment, patient support, monitoring health, and mental health support. The vital role in the provision of these are the offered platforms—Yellow ai, Acropolium, Engati—based on advanced AI, NLP, and integration features. Features include easy integration into EHR, with customizable templates and due emphasis on data security and scalability. They certainly can’t replace human doctors in any way, but they may help in executing hassle-free routine tasks related to health care and free up time for a provider to give more complex care. The future for healthcare chatbot emissions seems very bright as they become more sophisticated and easily fit into the digital healthcare ecosystem.

Deployment Mode Insights

  • Healthcare chatbots can be deployed in either a cloud-based or on-premises model. Both have their distinct advantages. Cloud-based models give scalability, cost efficiency, and accessibility, while the on-premises model extends better control over sensitive patient data, customization options, reliability, and compliance. The choice depends on how sensitive the data is that will be handled by the customer and the compliance needs and IT resources involved. Most healthcare organizations choose a hybrid approach in these matters: running core chatbot functionality in the cloud while keeping the most sensitive data on-premises.

Application Insights

  • They are able to check symptoms, provide medication and appointment scheduling, and give general advice on different healthcare issues. The bots are able to analyze symptoms that the patient reports, send reminders, track adherence, and provide informational guidance concerning prescriptions and over-the-counter medications. They are also tasked with booking, rescheduling, and canceling appointments when a need arises. The latest in the game is the enhanced capabilities empowered by advanced AI, through leading platforms like Yellow.ai, Acropolium, and Engati, for improved and time-investment patient engagement, thus allowing time for the provider to focus on advanced care.

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Recent Development:

  • In March 2024, China unveils a ChatGPT-like medical chatbot service. Its national research institute has built a chatbot based on Meta’s LLM which can answer doctors’ questions with up to 95% accuracy. Hong Kong-based Centre for Artificial Intelligence and Robotics (CAIR) under the Chinese Academy of Sciences (CAS), one of China’s national research institutes, has developed a large language model-based chatbot to assist doctors in making medical diagnoses and treatments.
  • In October 2023, Microsoft announced new AI chatbot, features for doctors, and pathologists. Continuing its big artificial intelligence push, Microsoft announced new healthcare tools in Azure AI on Tuesday, including a generative AI chatbot, Text Analytics for health, and three new models within Azure AI Health Insights.

Regional Insights

  • North America: The increasing adoption of smart devices, venture capital investments, and an increased number of therapy of chatbots are the key drivers for North America’s healthcare chatbot market. The US is a big market that is due to the requirement for digital health technologies. The need for improvements in patient engagement, access to care, and quality of life are imperative drivers in this market. Canada grows at a substantial rate in this market, impelled by the government’s initiatives. Key market players covered in the report include Your.MD, HealthTap, Sensely, Buy Health, and GYANT.Com. These companies offer AI-powered chatbots across functionalities of symptom checking, medical guidance, virtual care platforms, clinical triage, and appointment scheduling. The market is expected to grow at a higher scale in the years ahead.
  • Asia Pacific: The healthcare chatbots market will grow at an accelerated rate in the Asia-Pacific region, which is driven by the increase in demand for virtual healthcare services and digital health technologies from the rising populous countries in the region, such as China, Japan, and India. These countries drive growth primarily due to their large patient populations coupled with resulting needs for better and easier access to health care. Some of the major companies operating in this market are Infermedica, Your.MD, Sensely, and Buy Health. It serves the strong adoption of on-premise chatbot deployments and is growing in applications in scenarios such as symptom checking and appointment scheduling.

Browse Detail Report on “Healthcare Chatbots Market, By Deployment Model (Cloud – Based and On-Premise), By Component (Service, and Software), By Application (Symptom Checking, Medication Assistance, Appointment Scheduling, and Medical Guidance), By End User (Patient, Healthcare Providers, and Insurance Companies), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis, and Forecast till 2034” with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Healthcare-Chatbots-Market-594

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