Global Healthcare Chatbots Market: Current Analysis and Forecast (2020-2027)
- UnivDatos Market Insight
- February 2021
- 193 pages
Chatbots have become almost commonplace and find applications in the e-commerce sector, but in the healthcare sector as well, the deployment of chatbots are at a rapid pace. Chatbots are described as the services that people interact with through a messenger. Instead of having a conversation with another person, the user talks with a bot that is either powered by basic rules or machine learning. Every chatbot serves a specific purpose. Healthcare chatbots are designed to help with health-related issues. Health chatbots provide numerous different services such as user health-related information. Also, the chatbot helps in setting up the appointments and later send reminders for the same to the end-users. Healthcare chatbots cannot make official diagnoses, if by mentioning the symptoms healthcare chatbots can give a likely diagnosis.
Healthcare chatbots provide numerous benefits to the providers and the patients as well. For healthcare professionals, chatbots reduce the workload by reducing hospital visits, reducing unnecessary treatments and procedures, and decreasing hospital admissions and readmissions as treatment compliance and knowledge about their symptoms improve. As per a study, 90% of U.S. hospitals will use AI and chatbots to save lives and improve their quality of care by 2025 For patients, healthcare chatbots provide benefits such as less time spent commuting to the doctor’s office, less money spent on unnecessary treatments and tests, easy access to the doctor at the push of a button. Approximately US$ 150 billion in annual savings can be achieved for the U.S. healthcare economy by 2026 with the implementation of chatbots, as revealed in a study by Accenture.
Based on the components, the healthcare chatbot market is bifurcated into software and services. The software segment generated revenue of US$ 150.2 million in 2019. The market for the software segment is expected to grow at a CAGR of 21% during the forecast period to reach a market valuation of US$ 763.2 million by 2027. However, Services Market is expected to witness the highest CAGR growth during the forecast period 2021-2027.
Based on the deployment type, the healthcare chatbot market is fragmented into on-premise and on-cloud. The on-cloud segment generated revenue of US$ 127.7 million in 2019. The market is expected to grow at a CAGR of 22.3% during the forecast period to reach a market valuation of US$ 707.8 million by 2027.
Based on application, the healthcare chatbot market is fragmented into medical triage, customer service and administration, mental health, health and fitness, patient engagement, and others. The medical triage segment generated revenue of US$ 69.3 billion in 2019. The market is expected to grow at a CAGR of 22.1% during the forecast period to reach a market valuation of US$ 379.4 million by 2027.
Based on end-users, the healthcare chatbot market is fragmented into patients, providers, payers, and others. The patients' segment generated revenue of US$ 104.5 million in 2019. The market is expected to grow at a CAGR of 22.9% during the forecast period to reach a market valuation of US$ 603.3 million by 2027.
For a better understanding of the market penetration of virtual healthcare delivery, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), the Middle East and Africa (UAE, Saudi Arabia, and Rest of the Middle East and Africa), and Latin America (Mexico, Brazil, Rest of Latin America). North America constitutes a major market for healthcare chatbot.
Some of the major players operating in the market include Baidu, Sensely, Ada Digital Health Ltd, Babylon Health, Tencent, HealthTap, Infermedica, Buoy Health, Your.MD (Healthily) and Woebot Labs.
The global healthcare chatbot market was valued at US$ 183.3 million in 2019 and is projected to expand significantly with a CAGR of 21.56% from 2021 to 2027. The global healthcare chatbot market is expected to witness a boost, owing to the adoption and advancement in technologies in the healthcare sector due to the surging number of patients across the globe coupled with the benefits such as time and money savings, convenience, etc."
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.
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 are 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 chatbot 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 costumers 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 chatbot 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.
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- Ada Digital Health Ltd
- Babylon Health
- Buoy Health
- Your.MD (Healthily) and Woebot Lab
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Table of Content
1 MARKET INTRODUCTION
1.1 Market Definitions
1.2 Objective of the Study
1.4 Stake Holders
1.5 Currency Used in Report
1.6 Scope of the Global Healthcare Chatbot Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1 Research Methodology for the Global Healthcare Chatbot Market
2.1.1 Main Objective of the Global Healthcare Chatbot Market
3 INDUSTRY PERFORMANCE
4 EXECUTIVE SUMMARY
5 CUSTOMER SURVEY
6 COVID-19 IMPACT
7 MARKET INSIGHTS BY COMPONENTS
8 MARKET INSIGHTS BY DEPLOYMENT
9 MARKET INSIGHTS BY APPLICATION
9.1 Medical Triage
9.2 Customer Service and Administration
9.3 Mental Health
9.4 Health and Fitness
9.5 Patient Engagement
10 MARKET INSIGHTS BY END-USERS
10.2 Healthcare Providers
11 MARKET INSIGHTS BY REGION
11.1 North America Healthcare Chatbot Market
11.1.1 United States
11.1.3 Rest of North America
11.2 Europe Healthcare Chatbot Market
11.2.1 United Kingdom
11.2.6 Rest of Europe
11.3 Asia Pacific Healthcare Chatbot Market
11.3.5 South Korea
11.3.6 Rest of Asia Pacific
11.4 Middle East and Africa Healthcare Chatbot Market
11.4.2 Saudi Arabia
11.5 Latin America Healthcare Chatbot Market
12 HEALTHCARE CHATBOT MARKET DYNAMICS
12.1 Market Trends & Drivers
12.2 Market Challenges
12.3 Impact Analysis
13 LEGAL & REGULATORY FRAMEWORK
14 DEMAND AND SUPPLY SIDE ANALYSIS
14.1 Demand Side Analysis
14.2 Supply Side Analysis
14.2.1 Top Product Launches
14.2.2 Top Business Partnerships
14.2.3 Top Merger & Acquisitions
14.2.4 Top Business Expansions and Investments
15 VALUE CHAIN ANALYSIS
16 HEALTHCARE CHATBOT MARKET HOTSPOT & OPPORTUNITIES
17 HEALTHCARE CHATBOT MARKET TRENDS & INSIGHTS
18 COMPETITIVE SCENARIO
18.1 Porter’s Five forces analysis
18.1.1 Bargaining power of Supplier
18.1.2 Bargaining power of Buyer
18.1.3 Industry Rivalry
18.1.4 Availability of Substitute
18.1.5 Threat of new Entrants
18.2 Competitive Landscape
18.2.1 Company Shares, By Revenue
18.3 Competition Matrix
18.3.1 Product/Service Portfolio
18.3.2 Target Markets
18.3.3 Target End Users
18.3.4 Research & Development
18.3.5 Strategic Alliances
19 COMPANY PROFILED
19.1.1 Key Facts
19.1.2 Business Description
19.1.3 Key Product/Services Offerings
19.1.4 Growth Strategy
19.1.5 SWOT Analysis
19.1.6 Key Financials
184.108.40.206 Revenue Split
220.127.116.11 Financial Overview of Baidu
19.1.7 Recent Developments
18.104.22.168 Product Launch
22.214.171.124 Business Expansion and Investments
126.96.36.199 Merger and Acquisition
19.3 Ada Digital Health Ltd
19.4 Babylon Health
19.8 Buoy Health
19.9 Your MD (Healthily)
19.10 Woebot Labs
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