Healthcare Chatbots Market Research Report – Forecast to 2027

Healthcare Chatbots Market Research Report: by Component (Software, Services), By Deployment (On-premise, Cloud-based), By Application (Medication Assistance, Appointment Scheduling & Medical Guidance), by End-user (Patients, Healthcare Providers, Insurance Companies, Others) and Region - Global Forecast till 2027

ID: MRFR/MED/5014-CR | January 2018 | Region: Global | 107 pages

Healthcare Chatbots Market Overview


The program which assists patients regarding any queries is healthcare chatbots. With the help of the latest technology, this program helps in replying to the patients regarding their petty issues. Due to this invention, a lot of time has been saved for the clinical staff and as a result, they can focus more attentively on their jobs. The demand for these virtual assistants has been emerged in the healthcare sector owing to the automation of various workflow with advanced technology.


The market demand of healthcare chatbots is expected to reach approximately about USD 543.65 million by 2026 with a high CAGR of 19.5% during the estimated period from 2020 to 2026 as per the records of Market Research Future (MRFR). The main factor responsible for the growth of the market is the rise of various chronic diseases. Another factor responsible is the lack of medical experts to handle health-related petty queries.


COVID 19 Analysis


The global pandemic of COVID 19 has put the lives of the people in great danger. Because of this COVID 19, we came to know that there is a lack of medical experts all over the world. Also, because of the misinformation and various conspiracy theories, the pandemic curve had to keep on rising. So to overcome this situation, digital tools have become necessary for providing adequate information to people across the globe.


Because of the lack of expertise in the medical field, it became necessary to fill this gap. Not only this but this digital healthcare chatbots initiative is also supported by the World Health Organization. WHO has to spend a lot of capital so that healthcare chatbots can be made available in multiple languages during the COVID 19 pandemic. And due to this initiative, it has reached up to 1 billion people all over the world in their native languages.


Market Dynamics


Drivers


The major factor driving the growth of healthcare chatbots in the global market is the trust towards chatbots by the patients. Because of this trust, the number of downloads of healthcare chatbots has increased many times. Also, the changing lanes in patient engagement can be seen with the emergence of telehealth and remote healthcare. In the past, it has been seen that approximately 52% of patients get their health data with the use of healthcare chatbots and approximately 36% approve the usage of healthcare chatbots in treating their patients.


Opportunities


Owing to the increase in the chronic disease rate and the lack of expertise staff it acts as an opportunity for the healthcare chatbots market. Also, medical healthcare chatbots have the potential to improve the healthcare facility aa it also includes mental health, diagnostics, and patients engagement with outside medical facilities. All these factors show a bright future for the market in the future.


Restraints


Although healthcare chatbots are a boom to the economy, some factors restrict its growth in the global market. The major factor is user privacy. Some patients may not feel comfortable sharing their personal information with the chatbots. Another factor is the lack of skilled healthcare IT professionals which further leads to cyber-attacks. These factors hinder the growth of healthcare chatbots in the global market.


Value Chain Analysis


The healthcare chatbots market is growing at a high speed due to this global pandemic and lack of expertise in the medical department. There are numerous advantages that healthcare chatbots added to society. With the invention of healthcare chatbots, there is an ease of doctors access just with a push of a button. Now we have to spend less money and less time on unnecessary treatments and tests. They are ultimately reducing the hospital’s wait times, hospital readmission, and consultation times. Healthcare chatbots even provide treatments to their patients and there is no need to visit doctors.


Market Segmentation



  • The healthcare chatbots market in the global market is categorized based on the components, deployment, applications, and key end-users.


Based on the components



  • The healthcare chatbots market is divided based on components into software and services.


Based on the deployment



  • The healthcare chatbots market is divided based on deployment into two major forms that are on-premise-based and cloud-based.


Based on the applications



  • The healthcare chatbots market is divided based on application into medication assistance and appointment scheduling and medical guidance.


Based on the end-users



  • The healthcare chatbots market is divided based on key end-users into patients, healthcare providers, insurance companies, and many others.


Regional Analysis


The healthcare chatbots market in the global market is segmented based on the regions into Europe, the Americas, Asia-Pacific, the Middle East, and Africa. Out of all these regions, the Europe region shows the highest growth rate owing to more awareness about technology advancement and high adoption of virtual assistants. America region is not lagging much, owing to the huge investment in Artificial Intelligence there is a robust increase in the growth of the healthcare chatbots market in this region.


The Asia-Pacific region is also growing at a very fast rate because of the advancement in technology and there is an expectation of a high growth rate in the healthcare sector because of increasing awareness about chatbots in the region. This growth can be seen in countries like India, Japan, and China.


Competitive Landscape


Some of the major key players are as follows:



  • Sensely, Inc. (U.S.)

  • MD (U.K.)

  • Buoy Health, Inc. (U.S.)

  • Infermedica (Poland)

  • PACT Care BV (The Netherlands)

  • HealthTap, Inc. (U.S.)

  • Babylon Health (U.K.)

  • Ada Health GmbH (Germany)

  • Woebot Labs, Inc. (U.S.)

  • COM, Inc. (U.S.)


These giant players in the healthcare chatbots market globally making a huge investment in research and development for the up-gradation of existing products and to manufacture a new product with special new innovative features to gain a competitive edge in the global market during the forecasted period from 2018 to 2023.


Recent Developments



  • Because of the increasing use of smartphones and the tremendous increase in internet connectivity, now people are moving towards chatbots to solve their queries. Patients usually prefer chatbots in case of symptoms specification, or to make recommendations for medical conditions, even for scheduling an appointment with a doctor.

  • The advancement in speech recognition and natural language processing (NLP), has to lead the development of Artificial Intelligence and virtual assistants like Amazon Alexa and Google Assistant. They help in many areas like patient monitoring and communicating.

  • The development of the healthcare chatbots market has saved costs many times and has enhanced the user experience.

  • The population is increasing at a fast rate, as a result, there is a lack of medical expertise and with the invention of medical healthcare chatbots, this problem is also solved.

  • Many organizations like WHO are taking significant initiatives to increase the market share of the healthcare chatbots market.


Report Overview


This healthcare chatbots market research report contains the following:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


This report comprises of the impact of the global pandemic of COVID 19 on the lives of the people and how technology has proven to be the boom in this situation. Various drivers, opportunities, restraints in the healthcare chatbots market are mentioned. Also, the expected growth in the market is estimated and mentioned.


Research Methodology


These healthcare chatbots are only possible because of the expert analysis of skilled researchers of Market Research Future (MRFR), who have integrated technology with healthcare. This consists of two stages primary and secondary. Under primary, data is collected originally from patient’s interview, and in secondary, there is a microcosmic view of an industry.


Users


Hospitals and 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, and many others.


 



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 543.65 Million
  CAGR   19.5% (2020-2026)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Component, Deployment, Application, End-user and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Sensely, Inc. (U.S.), MD (U.K.), Buoy Health, Inc. (U.S.), Infermedica (Poland), PACT Care BV (The Netherlands), HealthTap, Inc. (U.S.), Babylon Health (U.K.), Ada Health GmbH (Germany), Woebot Labs, Inc. (U.S.), COM, Inc. (U.S.)
  Key Market Opportunities   Owing to the increase in the chronic disease rate and the lack of expertise staff it acts as an opportunity
  Key Market Drivers   Trust towards chatbots by the patients increased downloads of healthcare chatbots


Frequently Asked Questions (FAQ) :


Healthcare Chatbots Market could achieve a valuation of USD 543.65 Million by 2023.

Healthcare Chatbots Market would grow with 19.5% CAGR during the forecast period of 2020 to 2026.

Lack of expert hands and data privacy concerns can hold back the Global Healthcare Chatbots Market growth.

Americas would drive the global Healthcare Chatbots Market ahead.

Inclusion of telehealth and growing remote healthcare demands to drive the Healthcare Chatbots Market.