New York, NY, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Healthcare Chatbots Market By Component (Software and Services), By Deployment Model (Cloud-Based Model and On-Premise Model), By End-User (Healthcare Providers, Patients, Insurance Companies, and Others), By Application (Medication Assistance & Symptom Checking and Medical Guidance & Appointment Scheduling), and By Region: Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026”.
“According to the research study, the global Healthcare Chatbots Market was estimated at USD 148 million in 2019 and is expected to reach USD 563 million by 2026. The global Healthcare Chatbots Market is expected to grow at a compound annual growth rate (CAGR) of 21% from 2019 to 2026”.
A chatbot is an AI-powered software adopted by different industries for instant and effective interaction with their clients either in textual or audio format. The industries have included a distinct option on their web-portal or mobile application for conversing with clients. Chatbots play a vital role in the healthcare sector to assist the patients instantly in the state of emergency by the time clinicians are available for primary care and diagnosis. Though health bots can’t conduct authorized diagnoses, their AI memory manages to autonomously presume the disease based on certain symptoms.
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- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Key Market Drivers:
- A sharp increase in the count of internet users
The global internet users’ count has grown substantially in the past several years. In Nigeria- and Bangladesh-like developing economies, the count of internet users has risen by almost 40,000%. China, being the developed and densely populated country, is leading in terms of the maximum number of internet users. Due to excessive internet use, almost everyone prefers chatbot services for interacting with clinicians, thereby influencing the demand for the global healthcare chatbots market. Other significant factors that drive the global market are:
- Significant incorporation of cloud services in the healthcare sector
- Growing demand for health bots in emergencies
- Growing technology acquaintance related to healthcare
Key Market Restraints:
- Data breach & privacy threats
Although health bots are efficient enough to provide medical records in an instant whenever needed, the platform poses a huge risk regarding data breach and violates privacy laws. Other factors hampering the global healthcare chatbots market are:
- Tech expertise shortage for the development of such interactive services
- Lack of awareness cum misconceptions regarding the capabilities of chatbots
Key market players
Some of the key players driving the global healthcare chatbots market are Baidu Inc., Ada Digital Health Ltd., Woebot Labs Inc., Your.MD, Sensely Inc., PACT Care BV, Buoy Health Inc., HealthTap Inc., GYANT.Com Inc., Babylon Healthcare Service Limited, and Infermedica.
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Cloud-based model category anticipates lucrative growth under deployment model segment
Owing to the growing involvement in the development of chatbots, the revenue share of the cloud-based model category is likely to surge in the global healthcare chatbots market during the forecast period.
“Patients” category under the end-user segment holds the major share in the global healthcare chatbots market
Among insurance companies, patients, and healthcare providers, the “patients” category captured over one-third of the global market share in terms of revenue. The key factor pushing the “patients” category is the growing adoption rate of chatbots among patients.
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The research study provides a critical assessment of the global healthcare chatbots industry by logically segmenting the market on the basis of component, deployment model, end-user, application, and regions. Based on the past, present, and future trends, all the segments were analyzed from the bottom up, and the market sizes have been estimated from 2020 to 2026. The regional segmentation of the global healthcare chatbots industry includes the holistic bifurcation of all the five major continents including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The global healthcare chatbots market is segmented based on component, deployment model, end-user, and application. On the basis of components, the market is classified into software and services. By deployment model, the market is bifurcated into the cloud-based model and on-premise model. Based on end-user, the global market is divided into healthcare providers, patients, insurance companies, and others. In terms of application segmentation, the market is bifurcated into medication assistance & symptom checking and medical guidance & appointment scheduling.
Browse the full “Healthcare Chatbots Market By Component (Software and Services), By Deployment Model (Cloud-Based Model and On-Premise Model), By End-User (Healthcare Providers, Patients, Insurance Companies, and Others), By Application (Medication Assistance & Symptom Checking and Medical Guidance & Appointment Scheduling), and By Region: Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026" report at https://www.fnfresearch.com/global-healthcare-chatbots-market-by-component-software-and
In August 2019, Reckitt Benckiser Group PLC, a British multinational company manufacturing healthcare goods the leading global consumer health and hygiene company, announced a partnership as well as its strategic investment in Your.MD ltd. to launchsmart self-care solutions for everyone free of cost.
In August 2018, Buoy Health Inc. and Boston Children's Hospital collaborated to enhance the approach currently used by parents to assess their offspring’s’ health online. As a part of this extensive collaboration contract, the hospital would integrate Buoy’s developed advanced AI health bot into its website.
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The global healthcare chatbots market is segmented as:
Global Healthcare Chatbots Market: Deployment Model Segment Analysis
- Cloud-Based Model
- On-Premise Model
Global Healthcare Chatbots Market: Component Segment Analysis
- Software
- Services
Global Healthcare Chatbots Market: Application Segment Analysis
- Medication Assistance & Symptom Checking
- Medical Guidance & Appointment Scheduling
Global Healthcare Chatbots Market: End-User Segment Analysis
- Healthcare Providers
- Patients
- Insurance Companies
- Others
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