Healthcare Chatbots Market Overview
From performing complex operations with the use of high-end techniques and modern approaches to leveraging the power of IT applications, the Healthcare segment has never shied away from adopting new technologies to enhance the productivity and quality of the sector. The advancing feats of technology are changing the way in which both doctors and patients communicate and how medicinal care is administered. The last few years have seen healthcare chatbots to be highly beneficial for patients, healthcare providers, and the community.
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.
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The automated nature of various workflow processes in the healthcare industry is likely to steer the demand for these technologically-empowered virtual assistants. The rise of chronic-based diseases coupled with the lack of skilled medical professionals to handle patient queries are the two main drivers of the market. Additionally, the steep rise noticed in the number of downloads for mobile healthcare applications over the years has provided us with enough proof concerning the level of trust patients have for chatbots. Add to that, the introduction of telehealth and remote healthcare into the industry further showcases the shifting lanes in patient engagement. This positive change in the industry is believed to fuel the market of healthcare chatbots. However, concerns regarding data privacy and lack of skilled healthcare professionals are capable of hindering the growth of the healthcare chatbots market.
Healthcare Chatbots 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.
Healthcare Chatbots Market Regional Analysis
The regional segmentation of the healthcare chatbots market covers regions like the Americas, Europe, Asia-Pacific, and the Middle East & Africa (MEA).
Europe holds a majority of the market share; however, the Americas region is expected to witness an exemplary growth due to the booming healthcare sector and the need to pull down operational costs. Europe’s dominance in the market can be attributed to the region’s technological awareness and the increasing adoption of virtual assistants.
The Asia-Pacific market for healthcare chatbots is also projected to expand due to the huge patent pool and the presence of a large number of resources therein. The Middle East & Africa (MEA) region is expected to grow at a nominal pace due to lack of awareness and technological advancement in the healthcare sector.
Healthcare Chatbots Market Competitive Analysis
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).
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.
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