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Healthcare Chatbots Market Detailed Analysis, Growth Factors, Top Key Companies, Trends and Developments, 2018-2023

Overview:

The global Healthcare Chatbots Market is estimated to garner nearly USD 316.85 million by 2023, states Market Research Future (MRFR) in its latest report.  It can experience 21.10% CAGR over the forecast period (2018-2023) owing to the adoption of automated processes to alleviate workflow in the healthcare sector.

Rising number of healthcare mobile applications users is expected to drive the market demand exponentially till 2023. According to the survey by HIMSS Mobile Technology Survey in 2015, nearly 180 healthcare providers engage patients via mobile apps. This has also been approved by doctors and hospitals. In addition, rising prevalence of chronic diseases is expected to induce the need for chatbots which can fetch health-related data of patients and assist with rapid diagnosis. Cancer patients and their caregivers increasingly rely on virtual assistants for medications and additional assistance.

Increased in funding in research and development for evolving virtual assistants is likely to boost the healthcare chatbots market. Companies are receiving wherewithal from governments to handle the patient volume and improve the existing healthcare infrastructure. Recently, the state government of Karnataka, India promised nearly USD 281 million to artificial intelligence (AI) startups. The paucity of skilled physicians is projected to spur the healthcare chatbots market till 2023.

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Segmentation:

The healthcare chatbots market is segmented by component, deployment, application, and end-user.

By component, software held 82.1% market share in 2017, while services accounted for 17.9% share. The software segment is expected to exhibit 21.40% CAGR over the forecast period to accrue nearly USD 264.07 million for the healthcare chatbots market till 2023. The ability of the software to provide relevant and unbiased data fueled by artificial intelligence (AI) and natural language processing (NLP) is likely to boost the segment’s growth. On the other hand, services can generate close to USD 52.77 million by 2023.

Deployment-wise, the on-premise segment had captured 64.6% of the healthcare chatbots market in 2017, while cloud-based retained 35.4%. On-premise has benefits of efficiency and customization for providing personalized care services. In addition, the lowered operational expenditure costs with on-premise makes it lucrative for end-users. The segment can attain a valuation of USD 203.36 million by 2023. On the other hand, cloud-based deployment can accumulate close to USD 113.48 million by 2023 owing to easy retrieval of clinical and non-clinical data records and their storage.

On the basis of application, medication assistance accounted for 85% share in 2017, while appointment scheduling & medical guidance held 15% share. The former can double its valuation from USD 85.43 million in 2017 to USD 268.60 million by 2023. This can be attributed to the use of healthcare chatbots for tackling patient engagement and organizing healthcare records. While the latter can accumulate USD 48.25 million by 2023 owing to the use of virtual assistants for reducing response times.

By end-users, patients held 58.4% share in 2017, followed by healthcare providers (28.7%), insurance companies (8.5%), and others (4.4%). Patients are projected to be the biggest end-user of the healthcare chatbots market till 2023 owing to the need for real-time diagnosis. In addition, bots can alert patients to take medications on time and report in case of missed dosage ensuring the continued health of patients. Healthcare providers can exhibit 21.34% CAGR to accrue USD 92.11 million by 2023.

Regional Analysis:

Region-wise segmentation of the healthcare chatbots market includes Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). Europe dominated the market in 2017 with 40.3% share, followed by North America (36.4%), APAC (19%), and MEA (4.3%).

The European region is expected to generate close to USD 129.36 million for the market by 2023. Increasing prevalence of chronic diseases and adoption of bots to mitigate the burden of hospitals is likely to boost the regional healthcare chatbots market revenue. In addition, investments to expedite the development of artificial intelligence can facilitate market growth.

The Americas healthcare chatbots market can touch a value of USD 117.18 million by 2023 at a robust CAGR of 21.46% during the forecast period. Increased funding for AI and adoption of chatbots to enhance the existing medical infrastructure are factors projected to boost the market growth.

The APAC region is expected to exhibit 21.16% CAGR during the assessment period to generate USD 60.48 million by 2023. This is evident due to initiatives by governments in the region to accelerate development of AI. In addition, drug manufactures are developing their own chatbot to deal with various queries as exemplified by the development of ‘ANYA’ by Lupin.

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Competitive Analysis:

Major players in the healthcare chatbots market are Buoy Health, Inc. (U.S.), GYANT.COM, Inc. (U.S.), Woebot Labs, Inc. (U.S.), Babylon Health (U.K.), Your.MD (U.K.), Infermedica (Poland), HealthTap, Inc. (U.S.), PACT Care BV (The Netherlands), Ada Health GmbH (Germany), and Sensely, Inc. (U.S.).

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