Healthcare Chatbots Market

Healthcare Chatbots Market

Market Synopsis

Global Healthcare Chatbots market is valued at USD 211.60 Million in 2022 and is projected to reach a value of USD 647.29 Million by 2030 at a CAGR of 15.00% over the forecast period.

Chatbot is a text-based conversation process that is used by artificial intelligence and a set of rules to interact with humans. It can aid users in diverse industries. Chatbots in the healthcare industry provide functions such as medical advice, appointment booking, medication assistance, symptom checking, etc., because of the development of more user-friendly approaches and wide applications. The market is set to grow at a faster pace in the Healthcare Chatbots market, with an elevated CAGR during the forecast period. The growing need for virtual health assistance is the major determinant driving the market growth, but constant innovation and technological advancements in the industry, increased patient waiting time and inadequate patient engagement has resulted in growing adoption of Healthcare Chatbots.

The rising demand for Healthcare Chatbots due to the increasing need for virtual health assistance, and increasing number of collaborations among key industry players and healthcare providers in different countries are also driving the Healthcare Chatbots market. In the forecast period, the increasing adoption of social media-based chatbots and increasing cloud-based models will also provide new growth opportunities for the Healthcare Chatbots market.

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Market Segmentation:

The global Healthcare Chatbots market is segmented by component, deployment model, application, end user, and region. On the basis of component, the target market is segmented as software and services. By deployment model, the global Healthcare Chatbots market is bifurcated into on-premise model and cloud-based model. With regards to application, the target market is segmented into symptom checking & medication assistance and appointment scheduling & medical guidance. Based on end user, the target market is segmented into patients, insurance companies, healthcare providers, and other end users.

The software segment accounts for the largest market revenue share during the forecast period

The software segment held the largest market share in terms of revenue of the global Healthcare Chatbots market. The revenue earned from chatbot solutions excludes services such as consulting, designing, development, system integration, deployment, support, and maintenance. Chatbots software vendors typically make their money from subscription-based pricing models, and most offer freemium versions that can be upgraded to a monthly or annual subscription model. The growth of the chatbots software market is attributed to the rise in smartphone adoption and greater awareness of self-monitoring approaches in health and disease management.

Cloud-based model segment holds the largest market share during the forecast period

The cloud-based market for Healthcare Chatbots is expected to grow at the highest CAGR in the forecast period. Healthcare Chatbots are used to provide assistance and diagnosis to patients or healthcare providers via the internet. Chatbots that run on cloud-based platforms provide multiple benefits such as easy scalability and management capabilities. Cloud-based platforms enable a quick deployment of Healthcare Chatbots to increase productivity.

Symptom Checking segment holds the largest market share during the forecast period

The symptom checking segment dominated the global Healthcare Chatbots market in the forecast period. The increasing adoption of smartphones and increased internet penetration are the primary drivers of demand for such solutions among patients and healthcare providers.

North America market is expected to dominate the Healthcare Chatbots market during the forecast period

North America is the biggest region for the Healthcare Chatbots market, with its high literacy rate and technology-savvy population making it the dominant market. Chatbots are also more realistic and informative because of the close relationship between medical centers and technological service providers. In addition, a larger investment in healthcare infrastructure is also driving market growth. The region's growth rate is primarily driven by rising internet connectivity, smart device adoption, rising technology adoption and increasing trust in virtual assistants. High-tech developments and an improved technology and medical infrastructure are also creating a favorable environment for the Healthcare Chatbots market.

Asia-Pacific is also a rapidly-growing region. Rising technological innovations and increased smartphone penetration are the major growth drivers, along with an accelerating literacy rate and increased access to the internet. Over the forecast period, the Europe segment is expected to show moderate growth, as the high disposable income of people in the region and the rapid growth of the hospitality industry will increase healthcare chatbot’s market share in this region.

Competitive Landscape-

Some of the major key players in the Healthcare Chatbots market are Your.MD (UK), HealthTap, Inc. (US), Sensely, Inc. (US), Buoy Health, Inc. (US), Babylon Healthcare Service Limited (UK), Infermedica (Poland), Baidu, Inc. (China), PACT Care BV (Netherlands), Ada Digital Health Ltd. (Germany), Woebot Labs, Inc. (US), and GYANT.Com, Inc. (US).

Healthcare Chatbots Market is segmented as follows:

Healthcare Chatbots Market is tabulated as follows: