Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- Global Healthcare Chatbots Market is likely to attain a size of USD 316.85 Mn at a CAGR of 21.10% by the end of 2023. Market Research Future (MRFR) has thoroughly studied the patterns and trends governing the global healthcare chatbots market over the forecast period of 2018-2023 in an in-depth study.
Chatbots have emerged at the forefront of end user engagement and are increasingly entering the mainstream. The healthcare sector has decided to adopt it for managing high patient volume. In an increasingly complex healthcare environment, characterized by limited availability of resources, chatbots are supporting healthcare professionals enhance patient monitoring.
Vast improvements in natural language processing (NLP) and artificial intelligence (AI) have positioned chatbots as an improved fit for patient engagement. The framework of healthcare chatbots has developed to a great degree in the last few years which lets them comprehend symptoms and body signs of potential illnesses or diseases. A greater part of the global populace is showing keen interest in healthcare mobile applications which is a key driver of the global healthcare chatbots market. Healthcare providers have also demonstrated increased interest in engaging patients through mobile applications. Mobile applications have gained massive popularity as they have also received the nod of doctors and hospitals who have been able to perceive the potential of chatbots in healthcare and advocate such applications for the management of various medical conditions.
Competition Tracking
The healthcare chatbots market is a competitive one with the presence of a multitude of established players, and the influx of new participants is likely to intensify the competition. Existing players are investing heavily in research and development to bring about innovation. various market players are foraying into the healthcare chatbots arena to gain a competitive edge over the market. Some of the eminent players in the global healthcare chatbots market include Woebot Labs, Inc. (U.S.), GYANT.COM, Inc. (U.S.), Babylon Health (U.K.), Ada Health GmbH (Germany), Infermedica (Poland), PACT Care BV (The Netherlands), Your.MD (U.K.), Sensely, Inc. (U.S.), Buoy Health, Inc. (U.S.), and HealthTap, Inc. (U.S.).
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Segmentation
The global healthcare chatbots market has been segmented based on components, deployment, application, and end user.
By components, the global healthcare chatbots market has been segmented into services and software. The software segment is domineering the market and is expected to retain its dominance over the forecast period. Continued evolution of AI, deep learning, and NLP can be credited for the growth of the software segment.
The services segment is also expected to showcase considerable growth over the forecast period. Services play a crucial role in the software installation and upgradation process and is growing in tandem with the software segment.
By deployment, the healthcare chatbots market has been segmented into cloud and on-premise. The on-premise segment captured 64.6% share of the market in 2017 and is the leading segment. Cost-efficiency and ability to offer personalized solutions has made the on-premise segment dominant. However, the cloud segment is also likely to showcase considerable growth over the forecast period. Cloud services are being increasingly deployed by healthcare organizations to scale their services and retrieve important data easily. The cloud segment can accrue USD 113.48 Mn by the end of 2023.
By application, the global healthcare chatbots market has been segmented into medical assistance and appointment scheduling & medical guidance. The medication assistance segment has accumulated the majority share of the market. It is extensively used by patients to keep track of their medication dosage as well as a reminder for consuming the prescribed medicine.
By end users, the healthcare chatbots market has been segmented into patients, healthcare providers, insurance companies, and others. Patients constitute the bulk of the end users. Various mobile applications which are designed for discerning symptoms of diseases are expected to drive segment growth. The patients segment accounted for 58.4% share of the market in 2017, while the healthcare providers segment held a share of 28% of the market. The healthcare providers segment is expected to grow significantly at a CAGR of 21.34% over the forecast period.
Regional Analysis
The Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA) are principal markets for healthcare chatbots.
With the maximum share of 40.3%, Europe dominated the global healthcare chatbots market in 2017. Surging prevalence of chronic diseases and high adoption rate of bots to reduce the burden of diseases on hospitals is boosting the growth of the Europe healthcare chatbots market. Besides, investment on AI and other technologies is also auguring the growth of the market. The Europe market has a predicted valuation of USD 129.36 Mn by 2023.
The Americas market is estimated to advance at a robust CAGR of 21.46% which will be facilitated by increased funding on the development of healthcare infrastructure.
The APAC market is also likely to exhibit rapid growth of 21.16% and reach USD 60.48 Mn by 2023. Public-private partnerships to automatize healthcare is likely to accelerate the growth of the market.
Browse the market data and information spread across 107 pages with 118 data tables and 17 figures of the report “Healthcare Chatbots Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/healthcare-chatbots-market-6476
The healthcare industry is making a gradual shift towards a technologically integrated ecosystem to provide simplified experience to patients. An expanding aged population has resulted in need for continuous care. Healthcare chatbots are progressively being leveraged to address health issues. They are bundled with telemedicine and other digital services to bridge the gap between patients and clinicians is igniting growth within the global healthcare chatbots market.
The healthcare industry is confronted with increasing disease burden which prompts the use of chatbots to fetch health-related patient data and expedite diagnosis. Governments in various countries have endeavored towards handling massive patient volume and improve the delivery of existing healthcare. Outlay of massive amounts of capital on research & development activities by governments for automating the public healthcare system. Making it a feasible option for the common public will further augment the growth of the market.
However, concerns surrounding data security and lack of healthcare professionals with adequate IT skills is likely to constrain the growth of the market over the forecast period.
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