The global chatbots in healthcare market are anticipated to grow at a substantial rate from USD 156.5 million in 2020 to USD 578.56 million by 2027, registering a CAGR of 24.23% during the forecast period 2021-2027. Chatbots is software that is used to establish a conversation between human and artificial intelligence. The increasing hospital cost savings owing to the adoption of chatbots in the healthcare sector will fuel the growth of the market.

Chatbots in healthcare play a pivotal role to identify symptoms of patients and help them to provide a proper diagnosis, schedule their appointments with specified specialists, etc. The growing adoption of smartphones and optimum internet connectivity, rising prevalence of chronic diseases, development in NLP and speech recognition, demand for virtual health assistance, and patients’ faith in chatbots are the key factors propelling the growth of chatbots in the healthcare market. Moreover, the increasing demand for chatbots to reduce the burden on healthcare infrastructure, mounting need for cost optimization, and customer experience enhancement, continuous innovations and technological advancement in the healthcare industry will fuel the growth of the market.

The increasing social media platform-oriented chatbots and rising cloud-based models are the opportunities in the chatbots healthcare market. Furthermore, healthcare chatbots can enhance healthcare facilities as it includes mental health, diagnostics, and patient engagement with outside medical facilities, resulting in providing promising opportunities in the chatbots healthcare market.

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Europe is anticipated to dominate the market owing to the increasing number of collaborations by industry players and healthcare providers to implement chatbots in healthcare market. Moreover, rising awareness and benefits associated with healthcare chatbots, rise inpatient waiting time, and lack of efficient patient engagement in the region

North America is anticipated to have a high CAGR during the forecast period owing to the increasing internet connectivity and smartphone adoption, rising demand for virtual health assistance in the region.

The strategies followed by chatbots in healthcare market include product launch, acquisitions, collaborations & partnerships, R&D activities to have a competitive edge in the market.

HealthTap, Inc, (US) entered into partnership with Bupa (UK). HealthTap’s proprietary Health Operating System HOPES, and its AI-powered apps will enable Bupa’s digital experiences and enhance speed, convenience, and quality of care for its customers.

Baidu (China) acquired Kitt.ai (US) to provide developers with a platform to build chatbots based on AI and NLP technology.

Some of the key players operating in the chatbots in healthcare market: Babylon Inc., HealthTap, Inc., Baidu, Inc., Sensely, Inc., Woebot Health, Ada Health GmbH, Your.MD Ltd. UK, Buoy Health, Inc., PACT Care BV., and GYANT.com, Inc.

Source: VynZ Research