Healthcare Chatbot Market: Global Share, Size, Growth, Trends & Outlook ( 2022 – 2032 )
Artificial Intelligence has been paving its way in almost every sector in the world that could possibly be imagined. Its application in today’s modern era is endless. One such application of AI has been in the healthcare sector, in the form of chatbots. These chatbots are software programs that are embedded in online systems such as websites, mobile applications, etc., and which assist the patients via auditory or textual methods with various queries they may have such as checking symptoms, locating clinics, scheduling appointments, and other applications that are on the rise. The global market of these chatbots is estimated to reach somewhere around $345.3 million by the year 2026 with a compelling CAGR of around 14.5% during the period 2019-2026.
The growth of this market is attributed towards various factors including rising internet connectivity and smart device adoption, rising number of patient population worldwide, rise in hospital cost savings due to use of healthcare chatbots, need for virtual health assistance, a rise of chronic diseases, lack of medical experts to handle queries, etc.
Moreover, the rise noticed in downloads of healthcare mobile applications has signaled that a high level of trust is induced towards the chatbots by patients. In addition, the emergence of telehealth and remote healthcare is further evidence of the changing lanes in patient engagement and related fields. Chatbots, prove to be beneficial in reducing the burden on the clinical staff and let them focus on their jobs.
Furthermore, the market could anticipate growth with the introduction and promotion of cloud-based models. There are currently three types of cloud computing models and they are software, infrastructure, and platform as a service. The implementation of these cloud-computing model systems is all expected to boost the global market for chatbots at a global level.
However, the concerns related to data privacy and the lack of sufficiently skilled personnel to develop healthcare chatbots hinder the growth of this market. But, the increase in patient waiting time and lack of efficient patient management across the globe, rise in awareness, the introduction of chatbots based on social media platforms, automation of various workflow processes in the healthcare sector is likely to propel the demand for these virtual assistants in the near future.
HEALTHCARE CHATBOT MARKET SEGMENTATION:
By Targeted Audience:
- Healthcare IT Solution Providers
- Healthcare IT Vendors
- Healthcare IT Service Providers
- Hospitals and Physician Offices
- Diagnostic Laboratories
- Healthcare Payers
- Government Institutes
- Market Research and Consulting Firms
- Venture Capitalists and Investors
- Symptoms Check
- Medical & Drug Information Assistance
- Appointment Scheduling & Monitoring
- Other Applications
- Healthcare Providers
- Healthcare Payers
- Other End Users
- North America
- Latin America
- Middle East & Africa
Currently, Europe accounts for the highest market share in the global healthcare chatbots market in terms of revenue. This can be attributed to the growing awareness and benefits of healthcare chatbots, in the region.
However, the North American market for healthcare chatbots is expected to grow at the highest CAGR. The high growth in North America can be attributed to the increased adoption of mobility solutions in healthcare systems, rising demand for virtual assistance, increased disposable income, rising adoption of smart devices apps to gather healthcare information, high adoption of social network embedded chatbots, and growth in venture capital investments to develop advanced chatbots.
The Asia Pacific region is also expected to show a notable growth in the healthcare chatbots market owing to the increase in awareness, increasing number of healthcare infrastructure, constantly evolving life science, etc. in the emerging economies of the Asia Pacific region such as Japan, India, China, etc.
FEW KEY PLAYERS IN HEALTHCARE CHATBOT MARKET:
- Woebot Labs, Inc. (US)
- MD (UK)
- PACT Care BV (Netherlands)
- Com, Inc. (US)
- Babylon Healthcare Service Limited (UK)
- Infermedica (Poland)
- Other Players
- In July 2017, Baidu (China) acquired Kitt.ai (US) to provide developers with a platform to build chatbots based on AI and NLP technology.
- In June 2018, Bupa (UK), an insurance provider, entered into a partnership with Babylon (UK) to provide artificial intelligence-powered health services to all its corporate business clients. The end-users can access around-the-clock health advice through Bupa in the UK.
- In January 2018, 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.
- In Oct 2020, 98point6, which provides primary care in 50 states to more than 3 million patients, connecting them in real-time to its doctors alongside an AI-powered chatbot, texts, and digital images, raised a $118 million in Series E round led by private equity giant L Catterton and late-stage investment firm Activant Capital.
Timeline Considered for Analysis:
2019: Estimated Year
2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global Healthcare Chatbot market by the following segments:
- Targeted Audience
- End User
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Healthcare Chatbot Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which submarket will make the most significant contribution to the market?
- What are the market opportunities for existing and entry level players?
- What are various long-term and short-term strategies adopted by the market players?