As per the research report, the global Healthcare Chatbots Market is expected to reach the market valuation of US$ 967.7 million by 2027 expanding at a reasonable CAGR of 21.56% during the forecast period (2021-2027) from US$ 183.3 billion in 2019. The global healthcare chatbot market is witnessing an uptick on account of rising internet penetration coupled with the adoption of pf smartphones in developing countries as well. In a study, it was revealed that around 4.66 billion people globally use the internet which is close to 60% of the global population. Moreover, the healthcare facilities, doctors, diagnostics labs, etc. are developing apps and raising venture capital, while some have already launched their chatbots due to the surging cases of COVID-19 and the need for cost optimization and enhanced user experience. The technological advancement in solutions such as advancements in natural language processing (NLP) and speech recognition by the prominent payers is also adding pace to the growth of the market.
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Furthermore, the shortage of physicians across the globe to respond to queries is generating the demand for chatbots in the healthcare sector. As per WHO, there is a global shortage of 4.3 million physicians, nurses, and other health professionals, and the demand for physicians is projected to grow by 17% by 2025, due primarily to the growth in population size and the aging population.
Moreover, a shift towards the sedentary lifestyle coupled with the promulgating elderly population who are more prone to the disease is one of the leading causes of the rising chronic and other related diseases as well is generating the demand for chatbots in healthcare for consultation, checkups, reminders, etc., As per the American Heart Association, 56% of the adults in the United States have been told by the healthcare professional to improve their health and 99% of the Americans need to improve heart health.
The government across countries is investing more in healthcare, which is resulting in improved healthcare infrastructure and digitalization. As per OCED, the government in the United States spend USD 8,032.6 USD per capita in 2015 that increased to USD 9,386.5 USD per capita in 2019 same way in the U.K the government spent 3,043.6 USD per capita in 2015 that increased to USD 3,619.5 USD per capita in 2019.
The global Healthcare chatbots market is highly fragmented. The availability of numerous global and local players across regions makes the industry highly competitive. The key players with a considerable market share in the industry are Baidu, Sensely, Ada Digital Health Ltd, Babylon Health, Tencent, HealthTap, Infermedica, Buoy Health, Your.MD (Healthily) and Woebot Labs. Several M&A’s along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst component type, the software segment holds the major share”
Based on the components, the market is fragmented into software and service. The software segment dominated the market with a share of 81.9% in 2019 and is expected to maintain its dominance during the forecast period on account of the deployment of healthcare chatbots across healthcare facilities and increased consumer preference for the use of chatbots due to the benefits such as time savings, flexibility, etc.
“Amongst deployment type, on-cloud is expected to dominate the market during the analyzed period”
Based on the deployment type, the market is segmented into on-premise and on-cloud. In 2019, on-cloud deployment grabbed the major market share and accounted for 69.7% of the market revenue share. Surging spending on the cloud across healthcare facilities owing to the benefits such as easy deployment, upgraded software, etc. are resulting in the growing market share for the segment. Moreover, the on-premise segment is expected to grow with a CAGR of around 19.7% during the forecast period of 2021-27.
“Amongst application, medical triage is expected to dominate the market during the analyzed period”
Based on the application, the market is segmented into Medical Triage, Customer Service and Administration, Mental Health, Health and Fitness, Patient Engagement and Others (Clinical Trials, Medical Reminder, Chatbot in Research, Chatbots in Medical Procedures). In 2019, the Medical Triage segment grabbed the major market share and accounted for 37.8% of the market revenue share. Moreover, the mental health segment is expected to grow with a CAGR of around 21.6% during the forecast period of 2021-27.
“North America represents one of the largest markets of the healthcare chatbots market”
For a better understanding of the market dynamics of the healthcare chatbot market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), Middle East and Africa (UAE, Saudi Arabia, Rest of the Middle East and Africa) and Latin America (Mexico, Brazil, Rest of Latin America) has been conducted. North America dominated the market and generated revenue of US$ 41.6 billion in 2019 owing to the escalating healthcare IT investment in the countries such as the U.S and Canada. Moreover, the presence of well-established players and the latest technology upgraded software and services make the region dominant across the globe.
The Healthcare Chatbots Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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