Increasing prevalence of chronic diseases and medical emergencies, rising demand for remote monitoring, and advancements in artificial intelligence are some key factors expected to drive global market growth.
Increasing prevalence of chronic diseases and medical emergencies, rising demand for remote monitoring, and advancements in artificial intelligence are some key factors expected to drive global market growth
According to Emergen Research, the global healthcare chatbots market size was USD 145.6 million in 2019 and is expected to reach USD 594.8 million in 2027 and register a robust revenue CAGR of 20.3% during the forecast period, 2020-2027.
Market Dynamics:
Healthcare chatbots are artificial intelligence-powered conversational software that are available on websites, messengers, and standalone apps to stimulate and engage a conversation between users through audio or texts in order to provide real-time assistance. Healthcare providers are beginning to leverage these healthcare chatbots for better patient outcomes and cut unnecessary costs. Factors such as rising need for reducing overall healthcare costs, increasing penetration of high-speed internet services and smart devices, and rising overall healthcare spending are some key factors expected to drive global market revenue growth over the forecast period.
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Healthcare chatbots provide health-related information to patients, dosage and medication management, specific guidance for patients, easy access to doctors, and also solve FAQ type queries including contact details, opening hours, and treatment details among others. These chatbots are also capable of performing tasks such as sending emails, lead generation, result analysis, and marketing. Healthcare chatbots are rapidly gaining popularity among hospitals and clinics owing to rapid advancements in the healthcare sector, increasing demand for automation in healthcare, and rising need for seamless patient management solutions. In addition, increasing awareness about virtual health assistance, increasing literacy rate worldwide, improving healthcare infrastructure, and rising investments in research and development activities are expected to fuel global market growth going ahead.
However, lack of technical knowledge to operate modern devices, limited reach to smartphones and internet connectivity in many rural areas across the globe, and high chances of data leakage due to weak security solutions are some key factors expected to hamper market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Symptom Checking and Medication Assistance Segment to Account for Largest Revenue Share:
The symptom checking and medication assistance segment is expected to account for largest revenue share over the forecast period. Factors such as high patient pool across the globe, increasing awareness about virtual assistance and chatbot solutions, and availability of advanced healthcare chatbots capable of providing accurate information regarding diseases, symptoms, medication and dosage assistance are expected to drive revenue growth of this segment going ahead.
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Healthcare Providers Segment Register Rapid Revenue CAGR:
The healthcare providers segment is expected to register rapid revenue CAGR during the forecast period. Revenue growth can be attributed to factors such as rising need for advanced solutions to manage and analyze large patient data and information and high demand for healthcare chatbots in hospitals and clinics for virtual assistance, managing health records, and improving patient outcomes.
North America to Dominate Other Regions In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period owing to increasing patient pool, rapid advancements in AI and other healthcare technologies, increasing investments to accelerate development of advanced chatbots, and rising awareness about healthcare chatbots. In addition, availability of high-speed internet connectivity, increasing penetration of smartphones, and presence of leading market players are other key factors expected to boost North America market growth during the forecast period.
Major Companies in the Market Include:
- HealthTap, Inc.
- Woebot Labs
- Inbenta Technologies Inc.
- Infermedica Sp. Z o.o
- Ada Health GmbH
- Nuance Communications, Inc.
- Synthetix Ltd.
- PACT Care BV
- Baidu, Inc.
- Next IT Corporation
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For the purpose of this report, Emergen Research has segmented the global healthcare chatbots market on the basis of deployment, component, application, end use, and region:
Deployment Outlook (Revenue, USD Million; 2017-2027)
- Cloud-based
- On-premise
Component Outlook (Revenue, USD Million; 2017-2027)
- Services
- Software
Application Outlook (Revenue, USD Million; 2017-2027)
- Appointment Scheduling & Medical Guidance
- Symptom checking & Medication Assistance
End Use Outlook (Revenue, USD Million; 2017-2027)
- Healthcare Providers
- Patients
- Insurance Companies
- Others
Regional Outlook (Revenue, USD Million; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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