Healthcare Chatbots Market Report

The global healthcare chatbots market is expected to benefit from rising need for remote patient monitoring and to increase patient access to critical healthcare information. Healthcare providers use healthcare chatbots for remote medical diagnosis and prescribing treatments and medications to patients at home or remotely located. Healthcare chatbots also help in simplifying healthcare reimbursement and insurance claim procedures. Yet, there are more factors anticipated to provide growth to the global market.

Growing interest of giant tech companies in developing AI tools and virtual assistants for the healthcare industry is predicted to improve the demand for healthcare chatbots. In July 2019, Microsoft formed a strategic alliance with Providence St. Joseph Health to advance digital healthcare transformation. This partnership is expected to give a strong push to Microsoft’s new HIPAA-compliant secure communications tools built on its Azure cloud platform. These tools can be used to develop healthcare chatbots and healthcare-oriented virtual assistants.

Need for Virtual Assistance in Healthcare to Contribute to Rise in Demand

Growing requirement of virtual assistance in the healthcare industry is expected to create rewarding sales opportunities for healthcare chatbot companies. Rising adoption of smart technology in healthcare could be a leading factor helping with the growth of the global healthcare chatbots market. Increasing internet connectivity in developing regions is anticipated to support the global market growth in future. Addition of advanced features such as application programming interface, multilingual capabilities, and natural language processing is predicted to increase the adoption of healthcare chatbots.

Collaboration with Healthcare Providers to Help Players Increase Brand Visibility

Some of the key players of the global healthcare chatbots market are Your.MD Limited, GYANT.COM, INC., Baidu, Inc., Woebot Labs, Inc., and Buoy Health, Inc. Vendors are predicted to launch new products and upgrade their existing technologies to strengthen their market presence. High investment in research and development is another business strategy that vendors could adopt to achieve a position of strength in the global market. In August 2019, Babylon Health, a UK-based telehealth chatbot provider, raised around $550 million in Series C funding led by Saudi Arabia’s Public Investment Fund. The funding will help the startup to add to its AI capabilities and further expand into the US and Asia markets.

Vendors are expected to partner with healthcare providers to increase the visibility of their products and services. In April 2019, GYANT, a US provider of medical AI solutions for healthcare providers, payers, and employers and pharmas, was chosen to become part of the MedTech Accelerator cohort formed by the Mayo Clinic and Arizona State University. The selection will allow GYANT to collaborate with successful US medical researchers and mentors.

Key Takeaways

●   Increasing use of smart technology in healthcare institutions to bode well for the global healthcare chatbots market

●   On-premise to become a prominent deployment segment in the coming years

●   Application of healthcare chatbots in symptom checking to increase during the forecast period

●   Europe to gain from rising number of partnerships between vendors and healthcare providers

By Deployment

●   On-premise

●   Cloud-based

By Application

●   Appointment Management

●   Symptom Checking

●   Coverage and Claims Management

●   Medication Assistance and Guidance

By End User

●   Patients

●   Healthcare Providers

●   Healthcare Payers

Among deployment segments, cloud-based is projected to show quicker growth in the global healthcare chatbots market, whereas on-premise is forecast to secure a substantial market share in future. Analysts expect symptom checking to gain significant growth in the global market. Among end users, patients are anticipated to collect a remarkable market share because of the increasing need for continuous monitoring of their medication and health.

By Region

Trailed by North America, Europe is foreseen to exhibit strong growth in the global healthcare chatbots market. Increasing awareness about the benefits of using healthcare chatbots could be one of the leading factors augmenting the demand in Europe. High use of healthcare chatbots and growing number of partnerships and collaborations between vendors and healthcare institutions are expected to further push the market growth in Europe. According to market experts, adoption of healthcare chatbots is relatively slower in developing countries.

Pricing Analysis

The report on the global healthcare chatbots market offers comprehensive price analysis to help vendors set competitive prices for their products. Price analysis is not limited to just competitor pricing assessment. It also helps with repricing, product price comparison, and identification of key market rivals in terms of price. Players use it to stay ahead of the competition and develop a successful pricing strategy. Price analysis could be extremely important to expand profit margins, increase sales, and improve marketing efforts.

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