Overview

Healthcare Chatbots Market is poised to value over USD 340 million by 2027 end with a CAGR of over 20.5% during the forecast period 2020 to 2027.

Rising number of patient population across the world, increasing adoption of mobility solutions in healthcare settings, rising demand for virtual health assistance are some of the crucial factors contributing to the growth of the market. Furthermore, the emergence of cloud-based architecture and the introduction of chatbots based on social media platforms shall provide lucrative opportunities for the healthcare chatbots market growth. However, with issues pertaining the privacy of data, lack of professionals for developing chatbots and lack of awareness posing some challenges, the market is likely to experience some impediment in the growth. Increased connectivity of the internet and the rising acceptance of mobile platforms has played an important role in the easy integration of chatbots in the healthcare systems. As per the statistics provide by the Anthem Insurance Companies Inc., over 45% of smartphone users collect health related data using mobile applications while over 30% of doctors say that mobile applications have created an effective platform for patient engagement. Healthcare chatbots play a crucial role in identifying symptoms of a patient which helps them in providing appropriate health diagnosis, scheduling appointments with the concerned specialist, etc.
The primary task of insurance companies is to access medical information in guiding employees and clients for obtaining proper medical care, thereby avoiding any unwanted medical expenses. This has increased the demand for healthcare chatbots for analysing the medical expenses of patients. This provides lucrative opportunities for chatbot developers in expanding their consumer base which shall boost the growth of the market.

Healthcare Chatbots Market

Market Segmentation:

By Component
•   Software
•   Services
By Deployment Model
•   On-premise Model
•   Cloud-Based Model
By Application
•   Symptom Checking and Medication Assistance
•   Appointment Scheduling and Medical Guidance
By End User
•   Healthcare Providers
•   Healthcare Payers
•   Patients
By Region
•   North America
•   Europe
•   Asia-Pacific
•   Latin America
•   Middle East and Africa

The market is bifurcated into component, deployment model, application, end user and region. The component segment is categorised into software component and services component. The software segment is poised to hold the largest healthcare chatbots market share owing to rising demand for maintaining healthcare data collected by these chatbots by providing appropriate security with the help of advanced software components. The deployment model is divided into on premise model and cloud-based model. The cloud-based model is predicted to lead the market during the forecast period due to the introduction of cloud computing in a variety of applications and industries like healthcare. The application segment is fragmented into symptom checking and medication assistance and appointment scheduling and medical guidance. The symptom checking and medication assistance is anticipated to lead the market owing to the to increase penetration of internet connection and increased smartphone users using the healthcare apps.

Regional Analysis:

The North America region is expected to lead the market owing to the increased adoption of mobility solutions in healthcare systems, rising demand for virtual assistance, increased disposable income and heavy investments in the research and development of advanced healthcare chatbots.

Competitive Landscape:

Some of the prominent players are Infermedica, Sensely, Inc., Ada Digital Health, Ltd., Babylon Healthcare Services Limited, HealthTap, Inc., Your.MD Limited, Baidu Inc., Buoy Health, Inc., Woebot Labs, Inc., and GYANT.COM, INC.

FutureWise Key Takeaways:

• Growth prospects
• SWOT analysis
• Key market trends
• Key data-points affecting market growth

Objectives of the Study:

• To provide with an exhaustive analysis on the global healthcare chatbots market by component, by deployment model, by application, by end user and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East and Africa
• To record, evaluate and analyze competitive landscape mapping- product launches, technological advancements, mergers and expansions

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