HEALTHCARE CHATBOTS MARKET ANALYSIS

Market Challenges And Opportunities

Global Healthcare Chatbots Market Drivers:

Increasing use of healthcare chatbots to boost market growth

One of the key factors expected to augment the growth of the global healthcare chatbots market over the forecast period is the increasing use of healthcare chatbots across the world. The need for healthcare chatbot is on the rise due to the increase in demand for virtual health assistance. In July 2021, Sapio Smart Healthcare developed a chatbot that assists patients from rural and remote areas in India. The AKS Sapio Med Bot is designed to understand the "local and personal" concerns of a patient, assisting them in seeking treatment before getting medical consultations. Sapio seeks to build a comprehensive and accessible healthcare system in small towns and villages across India.

The outbreak of COVID-19 to underpin market growth

Another factor which is driving the growth of the global healthcare chatbots market is the outbreak of COVID-19 (pandemic). For instance, the pandemic has increased the use of healthcare chatbot. Over 1000 COVID-19-specific chatbots have been built on Microsoft's chatbot formation program alone, according to the World Economic Forum. In May 2021, Sapio Analytics and Government of India announced the launch of the SUTRA smart chatbot that helps people with COVID-19 in locating nearby verified plasma donors and healthcare centres. A chatbot is made for people from small towns and those without access to digital platforms and networks.

Global Healthcare Chatbots Market Opportunities:

Rise in focus on providing better healthcare is expected to provide significant growth opportunities for players in the healthcare chatbots market. For instance, people worldwide are using several AI enabled healthcare services to better understand their health conditions. In March 2022, WhatsApp announced the launch of a new Artificial Intelligence (AI)-based health education chatbot, called Bol Behen, designed particularly for women in India in collaboration with non-profit Girl Effect. This initiative was developed with the goal of assisting adolescent girls and women who do have questions about their general health and sexual well-being.

Increasing Internet access and increase in smartphone penetration around the world is expected to offer significant growth opportunities for players in the healthcare chatbots market. For instance, rising Internet connectivity and growing adoption of smartphones and mobile platforms play a key role in ensuring the adoption and use of healthcare chatbots. A 2021 national survey commissioned by Woebot Health found that consumers have shown an interest in the empathic dialogue available 24/7 through an AI-powered mental health chatbot. Around 22% of adults had used a mental health chatbot and 47% said they would be interested in using one if needed.

Global Healthcare Chatbots Market Restraints:

Concerns regarding data privacy to hinder market growth

One of the key factors expected to hamper the growth of the global healthcare chatbots market is the concerns regarding the data privacy. Healthcare chatbots offer several benefits for both patients and healthcare providers. However, the data collected by the chatbots is vulnerable and open to attacks in the cases where the data is not well maintained. For instance, poor-coding, human errors, and lack of protection can lead to issues related to data privacy. Chatbots are vulnerable to hacking, which leads to exposure of secure customer data, which is highly sensitive and confidential.

Lack of acceptance or integration to hamper market growth

Another factor which is hampering the growth of the global healthcare chatbots market is the lack of acceptance or integration of chatbot. Despite all the promising features, healthcare chatbots still face several challenges like negative perceptions about their ability to provide accurate information and secure users’ privacy, and lack of interest on part of users. Concerns regarding data privacy, accuracy, cybersecurity, lack of empathy, and technological maturity are some potential factors associated with the delay in chatbot acceptability or integration.