Healthcare Chatbots Market size is projected to experience significant growth from 2019 to 2025. Rising adoption of internet facilities for healthcare treatment will augment the industry growth substantially. Growing use of smartphones and devices for tracking healthcare information is expected to positively influence demand for mobile applications and software. Recently developed applications are highly efficient and provides easy access to data. In addition, mobile applications developed specifically for patient’s convenience are the most effective medium to gather healthcare information and enhance patient engagement. Currently, elderly population base in developed economies rely on smart devices equipped with advanced chatbot tools that are able solve critical communication issues in healthcare systems. Thus, growing reliance and preference of medical applications and software that are capable of resolving patient’s issues will augment the healthcare chatbot market.
Growing applications of healthcare chatbots will escalate the industry growth in forthcoming years. Virtual assistance provided by chatbots saves time and makes life easier through automated customer support. For instance, WeChat bots developed by Tencent can book an appointment with doctors and also helps in secure money transfer. Moreover, applications can remind users about medications and provides live tracking of patient’s health status. Therefore, growing dependence and adoption of healthcare chatbots for monitoring patient’s health is expected to drive the industry growth. However, lack of awareness for virtual assistance tools in developing and under developed countries may hamper the market growth.
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Healthcare software segment held considerable share during analysis timeframe. Availability of advanced applications for patients and healthcare providers will boost the segmental growth. Average patient spends around 30 minutes to find out right service available for them. Chatbot software facilitate a fully conventional discovery of services and enables seamless patient scheduling. Moreover, this software enables providers to track health specialists and arrange referrals through a single conversation. Thus, availability of such software that enhance user’s experience will augment the segment growth in coming years.
Cloud-based segment will show robust growth during analysis timeframe. Healthcare industry is moving to cloud based IT solutions to improve the quality of healthcare services being provided. Every component of healthcare industry is benefited by advantages offered by the cloud-based solutions. For instance, health insurance companies mainly rely on software and solutions that are capable of providing virtual assistance. Also, cloud solutions assist healthcare payers in checking their existing coverage and tracking claims status. Moreover, cloud-based software helps physicians and doctors to simplify billing enquiries and authorizations process by using AI technologies in healthcare. Thus, increasing advantage of cloud-based systems will augment the segmental growth.
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Medical assistance and symptoms checking applications will show lucrative growth during forecast timeframe. Prompt and correct diagnosis is vital for emergency medical conditions. Healthcare chatbots can provide internal record keeping that enables healthcare providers to make right decisions in right time. Moreover, chatbots helps to receive important patient data such as checkup reports, prescribed medications and allergy report that allows healthcare professional to save their time for searching patient records. For instance, Baidu Doctor app is designed to communicate with patients and collect information about their health. Advent of such applications that surges the segmental growth.
Hospitals segment is projected to witness immense growth in the upcoming years. Hospitals handle huge medical data including patient information, inventory required by hospitals, claims data and patient health records. Increasing patient inflow in the hospitals will create huge demand for healthcare chatbot software as it provides virtual assistance for managing healthcare facilities. For instance, according to American Hospital Association (AHA), in 2019, number of hospital admissions in the U.S. is over 36 million that will positively impact the segmental growth.
U.S. healthcare chatbots market dominates North America region and is expected to have exponential growth during the forecast years. Insurance providers such as Medicare and Medicaid reduce operational cost of surgeries that leads to patient inflow in the hospitals and ambulatory surgical center. Therefore, ongoing increase in the number of patients is expected to drive the demand for interoperability software for management of hospital operation. Moreover, high awareness regarding availability of chatbots among patients for medical assistance and appointment scheduling will further stimulate the country growth.
Eminent industry players in the Healthcare Chatbots market include Your.MD, HealthTap, Buoy Health, Baidu, Ada Digital Health Ltd, Babylon Healthcare Service, Infermedica, Avaamo, Quick Base and PACT Care. These players focus on innovative product launch as well as mergers, acquisitions and collaborations to expand existing product portfolio and strengthen its market position. For instance, in July 2017, Baidu acquired Kitt, a Seattle based company to develop chatbots.