Healthcare chatbots are artificial intelligence (AI)-powered programs that assist patients with queries. A new report on the global Healthcare chatbots market, published by Market Research Future (MRFR), evaluates that this market could mark an aggrandizement at 21.10% CAGR between 2018 and 2023. In terms of value, the market can be worth the USD 316.85 Mn by the end of the forecast period.
A remarkable market driving factor of the Global Healthcare Chatbots Market is growing trust towards chatbots by patients, which is evident due to increeasing number of healthcare mobile applications. Other market driving factors include emergence of telehealth, remote healthcare, and increasing number of doctors using mobile applications for treating patients. However, shortage of skilled healthcare IT professionals and the concerns of data privacy can create hurdles in the market growth.
Market Top Key Player Analysis
Major players in the global healthcare chatbots market include Ada Health GmbH (Germany), Babylon Health (UK), Buoy Health Inc. (USA), GYANT.COM, Inc. (USA), HealthTap Inc. (USA), Infermedica (Poland), PACT Care BV (The Netherlands), Sensely Inc. (USA), Woebot Labs Inc. (USA), and Your MD (UK).
Intended Audience
- Hospitals & Clinics
- Healthcare IT Solution Providers
- Healthcare IT Vendors
- Healthcare IT Service Providers
- Diagnostic Laboratories
- Healthcare Payers
- Government Institutes
- Market Research and Consulting Firms
- Venture Capitalists and Investors
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The global healthcare chatbots market size is predicted to balloon to USD 316.85 million by 2023 in the back of increasing automation of workflows and processes in the medical industry. Increased number of downloads of healthcare mobile applications are evidence of the direction of the market. Major hospital chains are relying on intelligent virtual assistants to provide correct medical guidance to patients.
Increasing prevalence of chronic diseases has led to rapid adoption of healthcare chatbots. These bots assist doctors in rapid diagnosis while understanding the symptoms of patients. Lack of skilled physicians and doctors has paved the way for the healthcare chatbots market to expand successfully. In addition, rising number of investments for further development of AI is likely to provide the market a much-needed impetus. Developing economies with a paucity of healthcare services can provide room for the market to expand.
Market Segmentation
The global healthcare chatbots market segmentation covers application, component, deployment, and end-user. MRFR‘s take on the market allows an in-depth look into various facets of the market.
The application-based segmentation of this healthcare chatbots market covers medication assistance and appointment scheduling & medical guidance. Medication assistance segment holds the 85% market share and it can be worth USD 268.60 Mn by 2023. Healthcare chatbots are being increasingly used for organizing healthcare records and for tackling patient engagement. Holding the 15% share in the market, the appointment scheduling & medical guidance can be worth USD 48.25 Mn by 2023 due to the use of virtual assistants for reducing response times.
Regarding component, the healthcare chatbots market has been segmented into services and software. Holding the 82.1% of market share, the software segment can be worth USD 264.07 Mn while growing 21.40% CAGR. Powered by AI and natural language processing (NLP), software can provide relevant and unbiased data. Service segment can be worth USD 52.77 Mn by 2023, growing at 21.40% CAGR.
Based on the deployment, the healthcare chatbots market has been segmented into cloud deployment and on-premise deployment. The on-premise segment holds 64.6% of the market and it can be worth USD 203.36 Mn by 2023. The benefits of on-premise deployment include lowered operational expenditure costs and efficiency & customization for providing personalized care services. The cloud deployment segment holds the 35.4% of market share and it can be worth USD 113.48 Mn by 2023. Along with storage, cloud deployment makes the retrieval of clinical and non-clinical data records easy.
In the context of end-users, the market has been segmented into healthcare providers, insurance companies, patients, and others. Holding the lion’s share of 58.4%, patients segment dominates the market due to the need for real-time diagnosis that healthcare chatbots can offer. Healthcare chatbots can also alert patients to take medications at right time and report in case of missed dosage. The second largest market share of 28.7% is held by healthcare providers whose market worth by 2023 can be USD 92.11 Mn. During the forecast period, it can grow at 21.34% CAGR. The insurance companies segment holds 8.5% market share whereas, the s segment holds 4.4% of the market share.
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Latest Industry News
- UK-based telehealth chatbot Babylon Health is set to secure USD 100 Mn to USD 500 million investment from Saudi Arabia’s state-owned investment fund. 1 AUG 2019
Regional Segmentation
The Americas (North America& South America), Asia Pacific, and the Middle East & Africa (MEA).
By the end of forecast period, Europe is expected to continue to dominate the global market and its market worth is going to be USD 129.36 Mn. Europe holds the 40.3% share in the global market. The key factors contributing to the market growth in this region include adoption of healthcare chatbots to mitigate the burden of hospitals, investments to expedite the development of AI, high density of population, high disposable income, and increasing prevalence of chronic diseases. Many important market players are based in Europe. Due to technological advancement, economic development, and availability of advanced medical facilities, Western Europe is a bigger regional market segment compared to Eastern Europe. In this region, the greatest country-specific markets are France, Germany, Italy, Spain, and the UK. An analysis of the remaining countries in Western Europe featured in this report estimates the huge contribution to market revenue from some other countries. Some revenue also comes from Eastern Europe.
The Americas is another significant. Many important market players are based in North America, especially in USA and technologically North America is more advanced than Europe. Due to the reasons same as Europe, North America is a bigger regional market segment, compared to South America. After USA, Canada is the most eventful country-specific market. By 2023, the total worth of the Americas market can be USD 117.18 Mn.
During the forecast period, the Asia Pacific region can rise at 21.16% CAGR and by 2023, its market worth can be USD 60.48 Mn. In this region, the market is growing due to initiatives by governments of Asian countries to accelerate development of AI. Drug manufacturers are also developing their own chatbot to deal with various queries that potential customers can ask on company websites. The essential country-specific markets in this region are Australia, China, India, Japan, and South Korea. An analysis of the remaining countries in the Asia Pacific region featured in this report estimates the huge contribution to market revenue from some other countries.
In the MEA region, the market holds small share in global market due to the less emphasis on improving healthcare, limited availability of technology, a lack of awareness, and poor economies.
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Market Factor Analysis
5.1 Value Chain Analysis
5.1.1 Inputs
5.1.2 Software Development Processes
5.1.3 Output
5.1.4 Marketing And Distribution
5.1.5 Post-Selling Services
5.2 Porters Five Forces Analysis
5.2.1 Bargaining Power Of Suppliers
5.2.2 Bargaining Power Of Buyers
5.2.3 Threat Of New Entrants
5.2.4 Threat Of Substitutes
5.2.5 Rivalry
5.3 Investment Opportunity Analysis
5.4 Pricing Analysis
…To be Continued.
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