(PharmaNewsWire.Com, June 06, 2020 ) Data privacy concerns and a lack of sufficiently skilled personnel to develop healthcare chatbots also serve to affect market growth to a certain extent.
At present, chatbots are adopted among the developed countries such as North and Europe, and is yet to witness widespread adoption in emerging countries, where doctors and other healthcare providers are still reluctant to adopt advanced healthcare solutions.
Rising internet connectivity and smart device adoption drive the market growth
Rising Internet connectivity and the growing adoption of smartphones and mobile platforms play a key role in ensuring the adoption and use of chatbots. This has ensured growing numbers of consumers to access healthcare services, and also greatly broadened the reach of said services. According to data published by Anthem Insurance Companies, Inc. (US) in May 2017, around 52% of smartphone users gather health information using mobile apps; 36% of doctors say apps are the most effective way to engage with patients; and 93% of doctors believe mobile apps can improve health. Smart devices equipped with advanced chatbot tools solve many mission-critical communication issues in healthcare. Thus, an increase in overall smartphone and device adoption will favor the growth of the global healthcare chatbots industry.
What is growth of healthcare chatbots market?
The global healthcare chatbots market is projected to reach USD 314.3 million by 2023 from USD 122.0 million by 2018, at a CAGR of 20.8% from 2018 to 2023. The growth of the healthcare chatbots market is mainly driven by rising Internet connectivity and smart device adoption, company initiatives to boost the healthcare chatbots, and the need for virtual assistance The report segments the healthcare chatbots market by component, deployment model, application, end user, and region.
Based on component, the healthcare chatbots market is segmented into software and services. The software segment is expected to account for a larger share in 2018 as compared to the services segment. Enhanced technological features in chatbot software, such as Natural Language Processing (NLP), multilingual capabilities, interference engine, cloud-based deployment, Application Programming Interface (API), mobile platform compatibility, and single point of search is propelling the growth of the software segment
Which geographical region is healthcare chatbots market is covered?
Europe is expected to lead the healthcare chatbots market, followed by North America. However, North America is expected to register the highest CAGR during the forecast period. The high growth in North America can be attributed to the growing number of therapy chatbots, rising adoption of smart devices, and growth in venture capital investments to develop advanced chatbots.
Concerns regarding data privacy pose a major challenge for the market. Chatbots are used for various applications in healthcare industry. Chatbots use software that applies AI to process language from interactions between humans and virtual assistants. As chatbots are actively being implemented, data security & privacy is one of the major challenges faced by the market. Patient data contain personal, private, or confidential information and requires strict safeguards to prevent its misuse.
Patient data is protected under federal laws in many countries, and any breaches or failures to maintain its integrity can result in legal and financial penalties. Since chatbots used for patient care require access to multiple data sets, it is mandatory for AI-based tools such as chatbots to adhere to all data security protocols implemented by government and regulatory authorities. This is a very difficult task as most AI-based platforms are consolidated and require extensive computing power owing to which patient data, or part of it, can be required to reside in a vendor’s data set.
The healthcare chatbots market is marked by the presence of several established as well as emerging players.
Prominent players offering healthcare chatbots are
Your.MD (UK), HealthTap, Inc. (US), Sensely, Inc. (US), Buoy Health, Inc. (US), Infermedica (Poland), Babylon Healthcare Service Limited (UK), Baidu, Inc. (China), Ada Digital Health Ltd. (Germany), PACT Care BV (Netherlands), Woebot Labs, Inc. (US), and GYANT.Com, Inc. (US).
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