Healthcare Chatbots Market Progressively Hold CAGR of 21.10% in Forthcoming Years | Emerging Trends, Business Opportunities, Future Challenges and Regional Growth Analysis, Forecast To 2023

September 05 23:09 2019
Healthcare Chatbots Market Progressively Hold CAGR of 21.10% in Forthcoming Years | Emerging Trends, Business Opportunities, Future Challenges and Regional Growth Analysis, Forecast To 2023

Healthcare Chatbots Market
Healthcare Chatbots Market Global Trends, Industry Growth 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 2023

Healthcare Chatbots Market Overview

Market Research Future (MRFR) provides insight into the healthcare chatbots market in its latest report, expecting it to attain the valuation of 316.85 million by 2023. It is projected to rise at a growth rate of 21.10% CAGR, during the forecast period (2018-2023). Healthcare Chatbots Market Wins Big with Boosted Demand for Cloud-Based Models Surge in Internet Use to Fare Well the Global Industry Emerges as the Most Lucrative Regional Opportunities

Prominent Companies

The prominent companies in the worldwide healthcare chatbots market include,

Sensely Inc. (U.S.)

GYANT.COM Inc. (U.S.)

Woebot Labs Inc. (U.S.)

PACT Care BV (The Netherlands)

Your.MD (U.K.)

Buoy Health Inc. (U.S.)

HealthTap Inc. (U.S.)

Ada Health GmbH (Germany)

Babylon Health (U.K.)

Infermedica (Poland)

and others.

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Market Segmentation

The worldwide market for healthcare chatbots has been segmented with respect to component, deployment, application, and end-user.

In terms of component, the market caters to software and services. The software covered close to 82.1% of the total market in 2017, whereas services accumulated the share of around 17.9%. The software segment can expect to achieve 21.40% CAGR during the review period to touch the valuation of roughly USD 264.07 million by 2023. The software’s ability to provide unbiased and relevant data backed by natural language processing (NLP) and artificial intelligence (AI) is likely to maintain its segmental dominance. Furthermore, services segment is poised to generate about USD 52.77 million by 2023.

Deployment-wise, on-premise and cloud-based segments have been covered by the report. Among these, the on-premise segment’s coverage in the healthcare chatbots market was about 64.6% in 2017, while the cloud-based segment managed to retain 35.4%. On-premise offers exceptional qualities like efficiency and customization to provide personalized care services. On top of that, the cheap operational expenditure makes this type of deployment more profitable for end-users. As a result, the segment can expect to reach at the valuation of USD 203.36 million by 2023. Additionally, the cloud-based deployment could expect to be worth USD 113.48 million by 2023 on account of quicker retrieval of clinical and non-clinical data records as well as their storage.

With context to application, the segments are medication assistance and appointment scheduling & medical guidance. The larger portion of the market is under the medication assistance segment which was around 85% in 2017, while the appointment scheduling & medical guidance segment could obtain around 15% of the total market. The former is expected to double its value from USD 85.43 million in 2017 to USD 268.60 million by the end of the review period. The main reason responsible for this is the rising use of healthcare chatbots to handle patient engagement along with organizes healthcare records. While the latter will be touching the valuation of USD 48.25 million by 2023 as a result of the increasing use of virtual assistants to reduce response times.

The end-users in the market are patients, healthcare providers, insurance companies and others. The patients segment accounted for 58.4% share in 2017, trailed by healthcare providers that covered about 28.7% and the insurance companies obtained roughly 8.5% of the total market. Patients have been identified as the biggest end-user owing to the demand for real-time diagnosis. Besides, chatbots help remind patients to take their medicines on time and also report if the dose is missed which ensures the health of patients. The report also reveals that the healthcare providers segment can demonstrate 21.34% CAGR to reach USD 92.11 million by 2023.

LIST OF TABLES

TABLE 1 LIST OF ASSUMPTIONS

TABLE 2 GLOBAL HEALTHCARE CHATBOTS MARKET, BY COMPONENT, 2015–2023 (USD MILLION)

TABLE 3 GLOBAL HEALTHCARE CHATBOTS MARKET FOR SOFTWARE, BY REGION, 2015–2023 (USD MILLION)

TABLE 4 GLOBAL HEALTHCARE CHATBOTS MARKET FOR SERVICES, BY REGION, 2015–2023 (USD MILLION)

TABLE 5 GLOBAL HEALTHCARE CHATBOTS MARKET, BY DEPLOYMENT, 2015–2023 (USD MILLION)

TABLE 6 GLOBAL HEALTHCARE CHATBOTS MARKET FOR ON-PREMISE, BY REGION, 2015–2023 (USD MILLION)

TABLE 7 GLOBAL HEALTHCARE CHATBOTS MARKET FOR CLOUD-BASED, BY REGION, 2015–2023 (USD MILLION)

TABLE 8 GLOBAL HEALTHCARE CHATBOTS MARKET, BY APPLICATION, 2015–2023 (USD MILLION)

To be Continued.

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Regional Insight

The main markets for healthcare chatbots are Europe, Asia Pacific (APAC), the Middle East & Africa (MEA) and the Americas. Europe was the reigning regional market in 2017 with around 40.3% share, whereas North America accounted for 36.4%, APAC seized 19%, and MEA could obtained almost 4.3% of the worldwide market.

Europe healthcare chatbots market can expect to touch the valuation of USD 129.36 million by 2023. The market growth gets major support from the rising prevalence of chronic diseases and the steady adoption of bots for mitigating the burden of hospitals in the region. On top of that, massive investments for expediting the advancement of artificial intelligence are perceived to benefit the market in the ensuing years.

The healthcare chatbots market in the Americas is predicted to come to the valuation of USD 117.18 million by 2023 at a striking CAGR of 21.46%. Huge funding for adoption of chatbots and AI to improve the regional medical infrastructure is believed to favor the market in the years to come.

APAC is set to display CAGR of 21.16% during the conjectured time frame to arrive at the valuation of USD 60.48 million by 2023. The market growth will be evident backed by the rising initiatives by governments for boosting the development of AI. Also, numerous drug manufactures are striving to come up with their own chatbots to handle multiple queries, which can be exemplified by Lupin’s newly launched ‘ANYA’.

MARKET DYNAMICS

Introduction

Drivers

Rising Adoption Rate Of Healthcare Apps

Increasing Prevalence Of Chronic Diseases

Lack Of Physicians In The Presence Of Increasing Healthcare Demands

Rise In Healthcare Funding And Company Initiatives To Boost The Use Of Healthcare Chatbots

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Restraints

Concerns Regarding Data Privacy

Lack Of Awareness And Skilled Healthcare IT Professionals

Opportunity

Need For Healthcare Services In Emerging Economies

Macroeconomics

Many More…

Industry Update

June 2019: Youper, an app featuring mental health chatbot has obtained USD 3 million of funding from Goodwater Capital. These funds will be used to develop Youper’s artificial intelligence-based capabilities, in addition to expanding its user base.

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