ID: MRFR/MED/5014-CR | January 2018 | Region: Global | 107 pages
The healthcare chatbots market is expected to reach approximately about USD 543.65 million by 2027 with a high CAGR of 19.5% during the estimated period from 2020 to 2027 as per the records of Market Research Future (MRFR). Healthcare chatbots are an innovative approach to address the queries of patients or health enthusiasts. Chatbots are text or speech-based conversational agents which respond to a user's queries through a programmed chat or using AI-based tools.
Chatbots are becoming increasingly popular with the development of user-friendly approaches and with wide applications in different sectors. Healthcare chatbots perform functions like medical guidance, appointment scheduling, medication assistant, symptom checking, etc. The rise in trust of people towards such virtual assistants is helping the market to grow at a faster rate. The healthcare chatbots market is estimated to grow at a Compound Annual Growth Rate ( CAGR ) of 19.5% over the forecast period.
Rapid technological advancements are likely to make healthcare facilities more affordable and comfortable. With the rise in smartphone users and increasing penetration of affordable internet in different regions, the healthcare chatbots market saw a boom in recent years. Moreover, chatbots are being more humane and efficient with such advancements and are capable of performing various functions. The healthcare chatbots market value is anticipated to be worth USD 543.65 million by the end of the current forecast in 2026.
Covid 19 Analysis
The healthcare chatbot market gave a positive growth response during the covid 19 pandemic. Many institutions began promoting remote services and one major among those services is the chatbots service. Therefore, many activities went online and the market saw a rapid increase in the number of chatbots users. The healthcare chatbots were actively used for booking medical services, real-time chatting with doctors, getting health suggestions, etc. Moreover, this period saw a rise in the trust of people in chatbots and other virtual assistants which will greatly help in further market expansion. For instance, the WHO chatbot meant for providing information in covid 19 reached more than 12 million people within its first month of operation.
The rise in the number of smartphone users worldwide and increasing internet penetration among the masses are the major factors driving the growth of the healthcare chatbots market. There is a rising need for chatbots to lessen the burden on healthcare infrastructure. These chatbots can perform wide functions from grievance redressal to medical guidance, and therefore have huge market potential.
With increasing technological advancements in the healthcare sector, healthcare chatbots are becoming more user-friendly and informative. Moreover, with increasing literacy rate and technological adaptation people's trust towards virtual assistants is also increasing. Therefore, it will bring a positive impact on the growth of the healthcare chatbots market too.
Lack of awareness and misconceptions about chatbots is the major growth restraining factor for the healthcare chatbots market. Moreover, the requirement of technological knowledge for operation deprives a large population who are not technology friendly of its benefits. Furthermore, a large segment of the global population is still beyond the reach of smartphones and affordable Internet services which is a major hindrance to the market.
Data privacy and security are still a matter of huge concern for the global internet users which will affect the healthcare chatbots market. The other concerns such as less user-friendliness and limited use are too growth restricting factors that will improve with technological advancements.
Healthcare chatbots are interactive online query redressal systems for patients and health enthusiasts. Chatbots are interactive software applications that interact with a user on a text messaging or text to speech platform using artificial intelligence or language processors. These chatbots are nowadays utilized in different sectors for functions such as customer service, information gathering, and request routing, etc.
The type of chatbots can range from basic limited bots to complex bots that use AI to respond to users' queries. The basic bots work on a predefined input-output system until the query is addressed. Whereas complex bots utilize artificial intelligence tools to understand a user's keywords and respond to them accordingly.
This report aims to provide a complete overview of the healthcare chatbots market. The specific objectives of this market report are given below:
The software Segment leads the market owing to its wide applicability and lesser operating costs. The rising number of smartphone users and wider penetration of the internet is increasing the market growth. The properties like user-friendliness and all-time availability are the major advantages promoting the growth of the software segment.
By deployment type
Cloud-based deployment is anticipated to lead the market over the forecast period. It offers greater interactiveness than the other type. Moreover, cloud-based deployment is cost-effective and offers hassle-free integration with multiple channels.
The symptom checking and medication assistance segment dominates the application market. The increasing number of smartphone users and better internet availability is bringing more people to use a self-health monitoring system. The instant availability of such facilities through chatbots is the major growth-promoting factor.
The patients are the primary users of the healthcare chatbots and therefore lead the end-user segment. Easy accessibility to professional guidance is the major growth driving factor. Moreover, quick redressal of patients' queries and one-step solutions for many problems is increasing the adoption rate among patients.
The different regional markets for the healthcare chatbots market are:
Europe is the leading regional market for the healthcare chatbots market. The high literacy rate and technology-friendly population make this region the dominant market. Moreover, close links between medical institutes with technological service providers have made chatbots more realistic and informative. Moreover, increasing spending on healthcare infrastructure is also boosting market growth.
Americas is the second-largest and fastest-growing market. The increasing trust in virtual assistants and the rising adoption rate of technology are major growth-promoting factors in this region. Moreover, high technological advancements and better technology and medical infrastructure are creating a favorable platform for the growth of the healthcare chatbots market.
Asia-Pacific is also a fast-growing regional segment. Rising technological advancements and increasing penetration of smartphones are the major growth drivers. Moreover, increasing literacy rate and accessibility to the internet are also propelling the growth. The Middle East and Africa segment are expected to show moderate growth over the forecast period. The high disposable income of people in the Middle East and the rapid growth of the hospitality sector are likely to increase the healthcare chatbots market share in this region.
The major global companies playing a key role in the healthcare chatbots market are :
This report will be beneficial for every stakeholder of the healthcare chatbots market such as :
This report provides an in-depth analysis of the healthcare chatbots market in terms of current value and future forecast. We have also highlighted the problems and prospects of the given market.
Moreover, the technological analysis section of the report gives details about the technological know-how of the product. Furthermore, this report contains a detailed analysis of every segment of the global healthcare chatbots market for the current forecast period. This report has also highlighted the key players and the current developments in the healthcare chatbots market.
|Market Size||USD 543.65 Million|
|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.