Healthcare Chatbots Market Worth $703.2 Million by 2025, Says Meticulous Research®
LONDON, April 5, 2019 (Newswire.com) - According to this latest publication from Meticulous Research®, the global healthcare chatbots market is expected to grow at a CAGR of 25.1 percent from 2019 to reach $703.2 million by 2025. Increasing Optimum internet connectivity and rising adoption of smart devices, limited availability to council huge patient population, technology advancements in artificial intelligence, chatbots to reduce the healthcare cost, and increasing demand of virtual health assistance are the key factors driving the growth of the global healthcare chatbots market. However, factors such as data privacy concern, lack of expertise for chatbot development, and lack of awareness and misconception are hindering the growth of this market.
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On the basis of components, the global healthcare chatbots market is broadly segmented into two major segments, namely, software and services. The chatbots market for software includes the revenue derived from chatbot solutions excluding services such as consulting, designing, development, system integration, deployment, support and maintenance. Chatbots providers generally derive revenue from subscription-based pricing model and most of them provide a freemium version that can be upgraded with a monthly or annual subscription model. In 2018, the software segment accounted for the largest share of the global healthcare chatbots market, by component, while the services segment is expected to grow at a higher CAGR during the forecast period.
The services market for chatbots includes consulting, designing, development, system integration, and deployment, support and maintenance services. Service providers help healthcare providers and payers in implementing chatbots technology for efficient operation and maintenance of software solution.
The global healthcare chatbots market is segmented broadly by deployment mode into two major segments namely, on-premise and cloud-based. On-premise solution is the most preferred way to deploy chatbots among healthcare providers and payers. This type of deployment includes purpose-built software installed in systems such as mobile, laptop, tablets, and PCs. In 2018, the on-premise segment accounted for the largest share of the global healthcare chatbots market, by application while the cloud-based solutions segment is expected to grow at a higher CAGR during the forecast period.
On the basis of application, the global healthcare chatbots market is segmented broadly into four major segments namely, symptom checking, medication assistance & guidance, coverage & claims management, and appointment management. In 2018, the symptom checking segment accounted for the largest share of the global healthcare chatbots market, by application and is expected to grow at a CAGR of 22.2 percent during the forecast period.
The global healthcare chatbots market is segmented broadly by end user into three major segments namely, patients, healthcare providers, and healthcare payers. Patients are the most prominent users of healthcare chatbots. Patients mostly use chatbots for symptom checking, medication assistance, schedule appointments, and to take medical guidance. Healthcare chatbots connect patients with physicians for assistance and treatments. In 2018, the patients segment accounted for the largest share of the global healthcare chatbots market, by end users and is expected to grow at a CAGR of 23.0 percent during the forecast period.
On the basis of geography, the healthcare chatbots market is sub-segmented into North America, Europe, Asia-Pacific, and Rest of the World. Europe accounted for the largest share of the global healthcare chatbots market in 2018, while the North American market is expected to grow at the highest CAGR in the next 5-7 years. Factors include a rise in usage of mobile apps to gather healthcare information, high adoption of social network embedded chatbots, and large investments by healthcare technology developers to boost the use of chatbots market in North America.
As of 2018, Infermedica, Sensely, ADA Digital Health, Babylon, and HealthTap dominated the market. Other major players operating in this market include Your.MD, Baidu, Buoy Health PACT Care, Woebot Labs, and GYANT among others.
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Source: Meticulous Market Research Pvt. Ltd.