According to a new market research report titled “Healthcare Chatbots Market by Component, Deployment (On-premise and Cloud-based), Application (Symptom Checking, Medication Assistance and Guidance, Coverage and Claims Management, Appointment Management), End User, and Geography – Global Forecast to 2025”, published by Meticulous Research®, the global healthcare chatbots market is expected to grow at a CAGR of 25.1% from 2019 to reach $703.2 million by 2025.
The growth in the overall healthcare chatbots market is mainly attributed to the increasing optimum internet connectivity and rising adoption of smart devices, limited availability to council huge patient population, technology advancements in artificial intelligence, and increasing demand of virtual health assistance. 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.
On the basis of component, the global healthcare chatbots market is broadly segmented into two major segments, namely, software and services. Chatbots market for software include 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 freemium version which can be upgraded with monthly or annual subscription model. In 2019, the software segment accounted for the largest share of the overall healthcare chatbots market, by component, while the services segment is expected to grow at a higher CAGR during the forecast period.
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On the basis of deployment mode, the overall healthcare chatbots market is broadly segmented 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 2019, 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 broadly segmented into four major segments namely, symptom checking, medication assistance & guidance, coverage & claims management, and appointment management. In 2019, 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% during the forecast period.
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On the basis of end-user, the overall healthcare chatbots market is segmented into three major segments namely, patients, healthcare providers, and healthcare payers. Patients are the most prominent users of healthcare chatbots. They 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 2019, the patients segment accounted for the largest share of the overall healthcare chatbots market, by end-user and is expected to grow at a CAGR of around 23% during the forecast period.
On the basis of geography, the global healthcare chatbots market is sub-segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe accounted for the largest share of the global healthcare chatbots market in 2019, while North American market is expected to grow at the fastest CAGR in the next 5-7 years. Factors such as 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 adoption of chatbots in North America.
As of 2019, Infermedica, Sensely, ADA Digital Health, Babylon, and HealthTap dominated the overall healthcare chatbots market. Other major players operating in this market include Your.MD, Baidu, Buoy Health, PACT Care, Woebot Labs, and GYANT among others.
Scope of healthcare chatbots market Report:
Healthcare Chatbots Market by Component
Healthcare Chatbots Market by Deployment
Healthcare Chatbots Market by Application
- Symptom Checking
- Medication Assistance & Guidance
- Coverage & Claims Management
- Appointment Management
Healthcare Chatbots Market by End User
- Healthcare Providers
- Healthcare Payers
Healthcare Chatbots Market by Geography
- North America
- Rest of Europe
- Asia-Pacific (APAC)
- Rest of the World
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Mr. Khushal Bombe
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