Know More About Healthcare Chatbots Market: Global Analysis and Forecast 2018â??2025
According to the report published by Zion Market Research, the global healthcare Chatbots market was valued at approximately USD 123 million in 2018 and is expected to generate around USD 470 million by 2025, at a CAGR of around 21.2% between 2019 and 2025.
Chatbots are artificial intelligence systems capable of conducting a conversation using textual or auditory methods. Chatbots pass the Turing test as they simulate human behavior during a conversation. A chatbot yields a response based on feedback from a user. Healthcare chatbots help in reducing the burden on physicians in primary care. Healthcare chatbots can connect patients with doctors for diagnosis or treatment.
The increasing penetration of high-speed internet, rising adoption of smart devices, growing need for automated health assistance, increasing awareness regarding technological usage in healthcare, and implementation of cloud-computing systems are likely to drive the global healthcare chatbots market in the future. The number of global internet users has grown exponentially in the last two decades. In countries such as Bangladesh and Nigeria, the rise in internet users is as huge as 40,000%. China has maximum internet users in the world, followed by India and the United States. However, data privacy issues, the absence of expertise for the development of chatbots, and misconceptions regarding chatbots coupled with lack of awareness might restrict the growth of healthcare chatbots market on a global scale.
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The global healthcare chatbots market is fragmented based on the deployment model, component, end-user, and application. By deployment model, the healthcare chatbots market is bifurcated into cloud-based and on-premise. The component segment includes services and software. The software segment held the highest market share in 2018. The end-user segment includes healthcare providers, insurance companies, patients, and others. The patient's segment held a substantial market share in 2018, owing to the rising symptom checker adoption and increasing use of chatbots based adoption by patients. By application, this market includes medical guidance and appointment scheduling and medication assistance and symptom checking. The medical guidance and appointment scheduling segment are expected to grow at the highest CAGR during the estimated time period.
By region, Europe is likely to be the leading region over the forecast time period. This can be attributed to the high internet penetration rate, the presence of the second highest number of internet users in the world (around 16%), increasing collaborations between healthcare providers and vital industry players, and increasing awareness regarding the benefits of healthcare chatbots. North America is anticipated to emerge as the second largest market for healthcare chatbots, owing to the constant innovations in the field of healthcare, early adoption of innovative smart healthcare products, and the availability of latest healthcare infrastructure. The Asia Pacific is projected to propagate at speedy rate in this global market over the forecast time period due to the presence of the highest number of internet users (around 49%), increasing awareness regarding the use of chatbots in the healthcare sector, and increasing per capita healthcare infrastructure.
Some key players of the global healthcare chatbots market are HealthTap, Inc., Your.MD, Buoy Health, Inc., Sensely, Inc., Babylon Healthcare Service Limited, Infermedica, Baidu, Inc., PACT Care BV, Ada Digital Health Ltd., GYANT.Com, Inc., and Woebot Labs, Inc., among others.
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