Healthcare chatbots are programs that aid patients with their queries and concerns. This drastically reduces the burden upon the shoulders of the clinical staff and lets them completely focus on their job. Realizing the potential of the market, the team at Market Research Future (MRFR) have published a report stating that the Global Healthcare Chatbots Market is expected to attain a CAGR of 21.10% during the forecast period of 2018 to 2023. The market projection in terms of valuation stands at USD 316.85 million by the end of the forecast period. —
Global Healthcare Chatbots Market is set to witness healthy growth in the forthcoming years. The integration of Artificial Intelligence (AI) in the healthcare sector has paved the way for the adoption of chatbots. Additionally, healthcare chatbots are poised to handle complex tasks such as personal monitoring, appointment booking, etc. in an efficient manner and maximize the productivity of the organization. This, in turn, is expected to propel the expansion of the healthcare chatbots market.
The major players in the global healthcare chatbots market are GYANT.COM, Inc. (U.S.), Woebot Labs, Inc. (U.S.), Buoy Health, Inc. (U.S.), Infermedica (Poland), HealthTap, Inc. (U.S.), Babylon Health (U.K.), Sensely, Inc. (U.S.), Ada Health GmbH (Germany), Your.MD (U.K.), and PACT Care BV (The Netherlands).
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The compatibility of chatbots with mobile platforms has accelerated revenue creation for the players of the healthcare chatbots market. The exponential demand for smartphones is prognosticated to drive the growth of the market significantly in the coming years.
February 7th, 2019, Microsoft in its bid to transform how healthcare is delivered and experienced, launched a new tool in the market that allows healthcare companies to create their own AI-powered chatbots and virtual assistants for different services.
In June 2018, 3i Infotech, an IT company, has launched voice chat for selling healthcare and financial products.
In June 2018, Prudential Hong Kong, the global insurance giant, has revamped its healthcare operation and introduced artificial intelligence integrated chatbot claims platform for dealing with healthcare claims.
In September 2018, Kno2®, the company that provides interoperability as a Service in healthcare, has partnered with Microsoft team for providing interoperability for healthcare chatbots.
Healthcare Chatbots Market Market Segmentation
The global healthcare chatbots market is segmented on the following basis: component, application, deployment, and end-users.
By component, the market divides into software and services. Software accounts for the largest market share and is expected to maintain its dominance with the continuous evolution of natural language processing (NLP), AI, and deep learning.
By application, the market includes appointment scheduling, medication assistance, & medical guidance. Medication assistance is the biggest segment out of the mentioned names in this market. The segment is expected to hold on to its dominant position in the forthcoming years.
By deployment, the market divides into cloud and on-premise. The on-premise market segment holds the maximum market share due to its ability to provide personalized solutions to the patients.
By end-user, the market comprises Healthcare Providers, Patients, Insurance companies, and others. Patients hold the market as the biggest end-user followed by healthcare providers.
The key providers of health care services have started the adoption of chatbots for strengthening their footholds in the competitive landscape of the market. It is likely to augment the healthcare chatbots market substantially through the next couple of years. Furthermore, the favorable government policies favoring the advancement of the healthcare infrastructure is expected to complement the expansion of the market in the foreseeable future.
The report provides visions on the leading market players and estimates their current market share. Company information, covering annual revenue, segmental share, geographical presence, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives is also available in the report.
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By region, the global healthcare chatbots market has been segmented into Europe, North America, Asia Pacific, and the Rest of the World. North America is set to witness significant growth over the next couple of years. The factors responsible for favoring the growth of the regional market include rapid technological advancements, increasing adoption of artificial intelligence, consolidation of key players and presence of developed healthcare sector.
Europe is another important growth pocket of the global healthcare chatbot market. Rising healthcare expenditure coupled with increased research and development activities are set to aid the healthcare chatbots market proliferation in the region.
Asia Pacific is a highly lucrative market globally and is expected to remain so in the foreseeable future. The growth trajectory of the healthcare chatbots market in the region is guided by increasing investment in modernization of healthcare facilities and rising demand for advanced technologies in the healthcare sector. Meanwhile, the Middle East & Africa is set to exhibit little growth. The growth of the region is driven by Middle Eastern countries with developed healthcare sectors, while, the economically backward African regions remain impediments to market expansion.
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The inclination towards cost cutting without compromising on the quality of services has accelerated the adoption of the technology in the healthcare sector. Additionally, the large-scale penetration of IT services has further catalyzed the growth of the healthcare chatbots market. The trend is projected to perpetuate over the next couple of years.
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