Key Questions Answered in the Report:
- How chatbots are positioned to save billions of dollars of healthcare expenditure annually? How the conversational AI tools can help in reducing healthcare expenditure for developed economies such as North America and Europe?
- Apart from the existing applications such as medical triage and administrative tasks, in what other fields can the usage of chatbots be expanded?
- What are the key business models employed by the key players in the industry? How are the various platform providers (such as Microsoft, Google, and Facebook) entering the market?
- What are the major developments such as product launches, mergers and acquisitions, collaborations, and partnerships taking place in the market and how are the changing the overall dynamics of the chatbots in healthcare market?
- What are the major pricing strategies employed by the vendors that can significantly put a pricing pressure on the competitors?
- What is the current user base of leading chatbot vendors in the market?
- How are chatbots expanding in different segments of healthcare such as pharmaceuticals and research?
- What are the technological and regional trends pertaining to the global chatbots in healthcare market?
- What is the growth potential of the global chatbots in healthcare market in North America, Europe, Asia-Pacific, Latin America and Rest-of-the-World?
Global Chatbots in Healthcare Market Forecast, 2019-2029
The Global Chatbots in Healthcare Market Report projects the market to grow at a significant CAGR of 26.29% during the forecast period from 2019 to 2029. The market has evolved dramatically with the rising penetration of smart devices, improved internet connectivity, surge in need for cost optimization and customer experience enhancement, and advancements in NLP and speech recognition.
Despite the benefits of these software solutions, the major challenges in the market are lack of data privacy, lack of expertise and distrust in the technology. Some of the major opportunities for the key vendors in the market could be investment in social media chatbots, using chatbots as primary care providers and as an efficient cost containment tool.
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“Medical triage is expected to hold the largest share of the market and grow at a prominent CAGR during the forecast period. However, in terms of growth rate, patient engagement is likely to grow at the highest CAGR of 26.52% during the forecast period. In terms of deployment model, cloud model chatbots are expected to grow at a significant CAGR of 27.43% during the forecast period. This growth rate is primarily due to consumer preferences, as these solutions liberate the user from application hosting as well as from maintenance and security aspects.”
Scope of the Market Intelligence on Global Chatbots in Healthcare Market
The purpose of this study is to gain a holistic view of the global chatbots in healthcare market in terms of various influencing factors such as regional adoption trends, technological advancements, and pricing patterns.
The scope of this report constitutes of an in-depth study of the global chatbots in healthcare market, including a thorough analysis of the products in the market as well as their adoption spanning different geographical regions. The market has been chiefly segmented into component type, mode of delivery, end user, application, and region. The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well-informed strategic decisions. The research uncovers some of the substantial parameters that must be taken into consideration before entering the market.
The Global Chatbots in Healthcare Market can be segmented on the basis of “Component Type ”, “Mode of Delivery”, “End User”, “Application”, and “Region”. As of 2019, product providers accounts for $39.3 million and is expected to reach a value of $389.5 million by the end of 2029. In terms of growth, applications of chatbots in clinical trials, medical reminder, and research will achieve the highest CAGR during the forecast period, i.e. 26.63%.
As of 2019, North America is the largest shareholder for the overall market and is expected to reach the value of $242.1 million by the end of 2029 growing with the CAGR of 24.7% during the forecast period. However, a double-digit growth rate can be expected from the Asia-Pacific region considering its improved internet connectivity, overburdened healthcare system, and increase in incidences of chronic diseases.
Though the adoption rate of the chatbots in healthcare has been moderate, the potential that lies in them is immense. The integration of chatbots in the healthcare facility will not only improve customer experience but will also help hospitals to generate revenue by saving the otherwise work force cost. To make the entire patient engagement more efficient, different uses of chatbots such as medical triage, administrative functions, scheduling of appointments, medication reminder and also as therapists
Key Companies in the Global Chatbots in Healthcare Market
Some of the major key players in the global chatbots in healthcare market include Babylon Health, HealthJoy, Pact Care BV, Health Tap, Gyant.com, Inc, Infermedica, Sensely, Your.MD, Lifelink Inc, Buoy Health, Inc, X2.ai, Wysa, Ltd, Woebot Labs, Inc, and Kik Interactive, Inc