Healthcare chatbots are artificial intelligence powered software that can understand natural language conversations and provide information to users along with addressing their queries related to various healthcare topics. Chatbots help simplify healthcare information access for patients, improve customer support services, reduce hospital wait times, and aid in better management of medical records and appointments. With adoption of AI and integration of chatbots in healthcare organizations, patients can get quick medical advice and answers to common health and wellness questions from their mobile phones.
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 Opportunity
Chatbots have potential to significantly reduce healthcare costs by simplifying access to healthcare services and information for minor health issues. Chatbots can address a large number of basic patient queries without requiring consultation with doctors, thereby reducing unnecessary visits to clinics and hospitals. As chatbots continue advancing in their ability to comprehend health issues and provide quick diagnosis, they are well positioned to lower costs associated with healthcare delivery by streamlining communication between patients and providers. Estimates suggest that wide adoption of chatbots can potentially reduce up to 20% of healthcare expenditure in developed markets through virtual consultation and basic health advisory services.
Porter's Analysis
Threat of new entrants: The healthcare chatbots market has moderate threat of new entrants as it requires significant capital investment for R&D and technology development. However, several startups are entering this space by developing niche solutions.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as there are various chatbot solution providers in the market. Buyers can negotiate on price and demand additional features.
Bargaining power of suppliers: The bargaining power of suppliers is low to medium since raw materials required for developing chatbots like hardware, software etc. are easily available. However, specialized technology and tools providers hold some bargaining power.
Threat of new substitutes: Threat from substitutes is low as there are no direct substitutes for healthcare chatbots. However, alternatives like teleconsultation can be considered as substitutes.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players offering varied healthcare chatbot solutions.
SWOT Analysis
Strengths: Healthcare chatbots offer 24x7 availability, cost savings, and personalized patient experience. Chatbots ensure convenience, privacy and collect insights from interactions.
Weaknesses: Initial high investment costs, lack of personalized human touch, and inability to handle complex medical queries are key weaknesses. Data privacy and security is also a concern.
Opportunities: Growing telehealth trend, increasing internet penetration, and rise in healthcare costs present significant growth opportunities. Chatbots can help overcome doctor shortages.
Threats: Technical glitches, poor user experience and lack of interoperability with different health systems are threats. Regulatory uncertainty around data privacy is also a challenge.
Key Takeaways
The global Healthcare Chatbots Market Growth is expected to witness high growth over the forecast period driven by growing need for self-service patient engagement tools and shortage of healthcare professionals.
Regional analysis indicates the Asia Pacific region is poised to grow at the fastest pace during the projection period. This can be attributed to increasing internet penetration, burgeoning medical tourism industry and rising disposable incomes in developing countries like India, China and Indonesia.
Key players operating in the healthcare chatbots market are Ironscales, Cofense (PhishMe), Infosec Institute, KnowBe4, PhishLabs, Wombat Security Technologies, Barracuda Networks, Mimecast, Proofpoint, CyberFish, DataEndure, FireEye, Smooth Phish, Votiro, XM Cyber, Lucidworks, Digital Defense, Getlabs, Avanan, Greathorn. The major players are focusing on new product innovations and mergers & acquisitions to expand their global presence.
For more insights, read- https://www.newsanalyticspro.com/healthcare-chatbots-market-trends-size-and-share-analysis/
