FREMONT, California, Sept. 12, 2019 /PRNewswire/ -- According to the new market intelligence report by BIS Research, "Global Chatbots in Healthcare Market – Analysis and Forecast, 2019-2029", the global chatbots in healthcare generated $36.5 million revenue in 2018 and is estimated to grow over $498.1 million by the end of 2029. The market is projected to grow at a CAGR of 26.29%, during the forecast period from 2019 to 2029. Factors driving the growth of the market are the rising market penetration of smart devices and improved internet connectivity, need for cost optimization and customer experience enhancement, and advancements in NLP and speech recognition.
Healthcare administration and triage are two major application areas for the healthcare industry and are presently being revolutionized by the incorporation of chatbots. These AI-enabled tools can significantly help healthcare providers prevent losses from missed appointments, thereby saving $200 per missed appointment. In the future, chatbots can be seen enabling a smooth patient experience by helping patients in scheduling appointments, issuing reminders for the same, improving medication adherence, and acting as therapists.
Triage chatbots are also likely to replace non-emergency hotline services. For example, U.K's National Health Service is conducting a trial of Babylon Health's (a leading telemedicine start-up) triage chatbot to see its potential to replace NHS 111, a non-emergency phone hotline staffed by call center workers, who are not necessarily medical professionals.
In recent years, medical hotline services have come under extensive scrutiny for being inefficient and expensive, costing taxpayers around $20 per call. There is a huge cost saving opportunity associated with the use of chatbots in healthcare. It can save up to $2-5 million for emergency department of the hospital itself.
According to Wahid Khan, Principal Analyst at BIS Research,"Medical triage is expected to hold the largest share of the market (38.17%) 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 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."
Mental health chatbots usage is likely to increase, due to the increasing rate of depression and medical anxiety.
It has been estimated that the usage of bots for administrative functions can save up to $7 billion in 18 months in insurance provider companies.
Chatbots are not only available in form of an application but also accessible while using different social media platforms such as Facebook and Skype. The deployment of chatbots on these platforms provides the developer of chatbot with the latter's customer base.
The major reason for switching to or preferring a cloud-based model is the cost effectiveness. The usage of cloud-based software rather than on-premise is 2%-10% times more cost effectiveness as compared to its counterparts. Other reasons include low maintenance costs, speed of deployment and limited technical expertise, and the staff requirement.
The major customer base for the chatbots are to be patients, followed by the providers and payers. The patient's usage of chatbots would involve the pre-patient (when the patient is not confirmed to have a disease), patient (disease has been recognized) and post-patient (the patient has been treated for the disease) phases.
This market intelligence report provides a multidimensional view of the global chatbots in healthcare market in terms of market size and growth potential. This research report aims at answering various aspects of the global chatbots in healthcare market with the help of key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are potentially going to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with recent market activities such as product launches, partnerships, collaborations, funding as well as mergers and acquisitions etc. The research report provides a comprehensive analysis of product providers and platform providers, trend analysis by segments, and demand by geographical regions.
This report is a meticulous compilation of research on more than 100 players in the market ecosystem and draws upon insights from in-depth interviews with key opinion leaders of more than 20 leading companies, market participants, end users and vendors. The report also profiles 15 companies and two company snapshots including several key players such as Babylon Health, Buoy Health, Inc, Lifelink Inc, Woebot Labs, Inc, and Wysa Ltd.
Key questions answered in the report:
How chatbots are positioned to save billions of dollars of healthcare expenditure, annually?
How can the conversational AI tools help in reducing healthcare expenditure for developed economies such as North America and Europe?
How much revenue was generated by global chatbots in healthcare market in 2018, and how much the market is projected to generate in terms of revenue during the forecast period from 2019 to 2029?
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 they 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 much revenue is expected to be generated by different segments of global chatbots in healthcare market during the forecast period from 2019 to 2029:
On the basis of component, including software and services
On the basis of deployment method, including control over security, customization, deployment, and cost
On the basis of application, including medical triage, customer service and administration, mental health, health and fitness, patient engagement, and others
On the basis of end user, including patients, providers, payers, and others
On the basis of region, including North America, Europe, Asia-Pacific, and Latin America & Rest-of-the-World (RoW)
What are the technological and regional trends pertaining to the global chatbots in healthcare market?
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