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| Global Healthcare Chatbots Market Growth |
The global 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 AI-powered digital platforms that utilize natural
language processing and machine learning to mimic human conversations through
interactive dialogues. They are primarily designed to provide quick healthcare
information to users, conduct symptom checkers and make preliminary diagnoses.
Growing investment from healthcare organizations in next-gen digital healthcare
solutions and rising awareness among consumers about AI-driven care are acting
as major growth influencers of the market.
Market key trends:
One of the key trends witnessed in the market is growing popularity of chatbots
as virtual healthcare assistants. Integration of advanced technologies such as
deep learning and natural language processing has enabled chatbots to have
seamless conversations, gather contextual information and provide informed
responses to user queries related to wellness, diseases, treatment options,
etc. This has augmented their use as personalized healthcare advisors.
Furthermore, emergence of multilingual chatbots that can understand and
communicate in multiple languages is also gaining traction among global users
and healthcare providers aiming for wider outreach.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in healthcare
chatbots market as it requires huge investments for research and development
along with regulatory approvals. However, existence of potential opportunities
is attracting new players in this emerging market.
Bargaining power of buyers: The bargaining power of buyers is high in Global
Healthcare Chatbots Market Growth since chatbots are easily
substitutable and buyers can switch between various healthcare chatbot
providers.
Bargaining power of suppliers: Suppliers have low bargaining power due to
availability of numerous software developers, cloud storage services, and other
technology providers in healthcare chatbots market.
Threat of new substitutes: The threat of substitutes is low as healthcare
chatbots offer unique advantages over traditional healthcare services through
virtual assistance and round the clock availability.
Competitive rivalry: Healthcare chatbots market witnesses moderate competition
due to presence of numerous global as well as regional players.
Key Takeaways
The global Healthcare Chatbots Market is expected to witness high growth,
exhibiting a CAGR of 14% over the
forecast period, due to increasing demand for virtual healthcare assistance
amid COVID pandemic.
Regional analysis: North America dominated the global healthcare chatbots
market in 2022 and is expected to continue its dominance during the forecast
period. This is attributed to rising adoption of advanced technologies and
presence of key market players in the region. Asia Pacific is expected to
witness fastest growth over 2023-2030 owing to growing internet penetration,
rising medical tourism, and increasing investments by regional healthcare
chatbot providers.
Key players: Key players operating in the healthcare chatbots market are ADA
Digital Health Ltd., Buoy Health, Inc., Gyant.com, Inc., Infermedica,
Microsoft, and Babylon Healthcare Service Limited, among others. Microsoft has
a strong presence in healthcare chatbots market through its cloud-based
healthcare bot building platform called Healthcare Bot Service aimed at healthcare
organizations and providers.
For more insights, read- https://www.newsanalyticspro.com/healthcare-chatbots-market-size/