Worldwide Healthcare Chatbots Market is a Vastly Growing Industry, Earnings CAGR Of 21.10% From 2020 to 2023

Worldwide Healthcare Chatbots Market is a Vastly Growing Industry, Earnings CAGR Of 21.10% From 2020 to 2023
Healthcare Chatbots Market Research Report: by Component, by Deployment, by Application, by End-user and Region with USD 316.85 million by 2023 at 21.10% CAGR by 2023

Healthcare Chatbots Market 

Global healthcare chatbots market is witnessing a constant rise in its revenues over the past few years. Technological advancements have proven to be far more effective in the development of chatbots market in the healthcare industry. Healthcare chatbots top applications such as medication assistance and appointment scheduling & medical guidance are used across medical verticals. The technology is increasingly gaining momentum fuelled by the increasing awareness about its usages in easing the workload in hospitals and clinical set-ups.

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Integraton of Augmented Reality (AR) and Artificial Intelligence (AI) have enabled healthcare chatbots to reach par excellence in providing cost-effective service options without human intervention. This, as a result, is allowing the healthcare chatbots market to make significant strides on the global platform. According to Market Research Future (MRFR), the global healthcare chatbots market is estimated to touch a valuation of USD 316.85 MN by 2023, registering around 21.10% CAGR over the forecast period (2018- 2023).

Other factors predominantly propelling the market growth include augmenting demand for a virtual assistant to handle the emergency cases in the OPDs. Additionally, increasing investments transpired into R&D activities are fostering the market growth, improving the technology further. Conversely, some latency issues pertaining to the time gap between queries and replies are expected to hinder market growth. Nevertheless, technological advancement expected in the recent future would support the growth of the market. 

Healthcare Chatbots Market – Segments

The analysis is segmented into five main dynamics to widen the scope of understanding,

By Component : Software and Services.

By Deployment : On-premise and Cloud-based.

By Application : Medication Assistance, Appointment Scheduling & Medical Guidance, and others.

By End-User : Patients, Healthcare Providers, Insurance Companies, and others.

By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World 

Healthcare Chatbots Market –Geographical Analysis

Europe leads the global chatbots market, accounting for the largest share. Large awareness of technology usages and the adoption of virtual assistants are the major factors driving the growth of the market. Furthermore, investments made in the developments of artificial intelligence and other technologies boost the growth of the regional market.  The European chatbots market is projected to reach USD 129.36 MN by 2023, registering a robust CAGR over the assessment period.

North America stands second in the global chatbots market. Factors such as augmenting demand for well-developed healthcare infrastructure, robot-assisted technologies, and high healthcare expenditure drive the growth of the market. Increasing adoption of chatbots to mitigate the burden of hospitals is likely to boost the regional market revenue. Additionally, investments to expedite the development of artificial intelligence boost market growth. The chatbots market in North America is expected to create a large revenue pocket over the assessment period.

The Asia Pacific Healthcare Chatbots Market is emerging as a profitable market on the global front. The market is driven by the huge development opportunities and constantly developing healthcare infrastructure in the region. Furthermore, government initiatives to accelerate the development of AI, alongside the rising efforts of drug manufacture in the region into the development of their own chatbot to deal with various queries, foster the regional market growth. The APAC healthcare chatbots market is poised to touch a valuation of USD 60.48 MN by 2023, registering 21.16% CAGR during the assessment period (2018-2023).

Healthcare Chatbots Market – Competitive Analysis

The healthcare chatbots market appears highly competitive with a large number of players forming a competitive landscape. The market also looks highly consolidated due to the greater availability of advanced technology and the intellectual property intensity of the market. Product development and close collaboration with large hospitals is an attractive strategy being pursued. 

Technology providers are also forming collaboration and partnerships with other players to expand their footprints & expertise and to reduce development times and costs. These providers are also acquiring proprietary technology or partnering with players from the information technology industry to reduce commercial times.

Major Players:

Players leading the global healthcare chatbots market include Your.MD (U.K.), Sensely, Inc. (U.S.), PACT Care BV (The Netherlands), Buoy Health, Inc. (U.S.), Infermedica (Poland), Babylon Health (U.K.), HealthTap, Inc. (U.S.), Ada Health GmbH (Germany), GYANT.COM, Inc. (U.S.), and Woebot Labs, Inc. (U.S.), among others. 

Industry/ Innovation/ Related News

November 11, 2019 —- Invitae Corporation (the US), a leading medical genetics company, announced the acquisition of Clear Genetics (the US), a digital health company, adding genetic counseling chatbots. The acquisition worth USD 50MN in cash & stock is intended to expand the buyer’s ability to scale and deliver genetic information as part of routine medical care through Clear Genetics’ HIPAA-compliant software platform. 

Clear Genetics’ software platform is intended to enable genetic service providers to offer their services at scale by delivering actionable information to patients undergoing genetic testing. The chatbot was developed in collaboration with genetic counselors, to ensure that information is offered in a medically responsible way.

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