Healthcare Chatbot Market to Reach US$ 967.7 Million by 2027, Globally |CAGR: 21.56%|UnivDatos Market Insights
Mar 05, 2021, 11:00 ET
NOIDA, India, March 5, 2021 /PRNewswire/ -- A comprehensive overview of the healthcare chatbot market is recently added by UnivDatos Market Insights to its humongous database. The healthcare chatbot market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the healthcare chatbot market. The healthcare chatbot market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the healthcare chatbot market at the global and regional levels. The Global Healthcare Chatbot Market is expected to grow at a CAGR of 21.56% from 2021-2027 to reach US 967.7 million by 2027.
The chatbot finds its key application in the e-commerce industry. But in the healthcare industry, the use of healthcare chatbots is witnessing astronomical growth. The Chatbots in the healthcare industry are depicted as the software developed with machine learning algorithms that offer an engrossing way to connect or communicate with patients and provide them provide real-time assistance. A few of the key factors which are contributing to the escalating market of health are chatbots are:
(1) A rise in internet penetration and smartphone usage owing to the availability at an affordable price and the surging end-users' awareness about the benefits of the use of chatbots. As per GSMA, around 63% of the global population used the internet in 2020. Also, the number of smartphone users worldwide reached 3.5 billion in 2020 from 2.5 billion in 2016.
(2) Moreover, arise in healthcare spending by the government across countries for the improved infrastructure and the ease of operations for the healthcare service providers and patients is acting as a growth catalyst to the industry. In a study, it was found that health care spending as a share of gross domestic product (GDP) globally, would reach around 10.2 % by 2023 from 3.2% in 2019.
(3) The presence of well-established global and local players such as Baidu, Sensely, Ada Digital Health Ltd, Babylon Health, Tencent, Health Tap, Infermedica, Buoy Health, Your.MD (Healthily) operational in the market payment offering latest technology such as AI-enabled healthcare chatbots solution are contributing to the growing market share. Also, a rise in venture capital funding or seed funding to the startups is proliferating the market growth. For instance: Conversa Health, raised more than US$26 million in funding including US$ 12 million in Series B funding in June 2020. Also, 5 companies Babylon health, Ada health, buoy health, Sensely, Woebot Labs, and Youper grabbed a combined of US$ 769.5 funding till Dec 2019.
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COVID-19 has accelerated the adoption of healthcare chatbots during pandemic owing to the property of access to care for individuals, immediate response, etc., As per World Economic Forum, over 1,000 COVID-19 specific chatbots have been launched on Microsoft's chatbot creation program alone. Moreover, between March 30 and August 10 around 6,872,021 million messages related to COVID-19 were sent using the "Watson Assistant platform". Also, the government across countries has launched chatbots for the COVID-19 related queries. The US Centers for Disease Control and the World Health Organization (WHO) have rolled out chatbots providing information about the coronavirus. Also, the Ministry of Health in India has launched a chatbot on Facebook messenger named "corona Helpdesk" for updates about COVID-19.
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Global Healthcare Chatbot Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Components, the market is primarily bifurcated into
Software segment dominated the by type of the global healthcare chatbot market and will grow at 20.99% CAGR to reach US$ 763.2 million by the year 2027.
By Deployment, the market is primarily segmented into
Amongst deployment types, the on-cloud segment accounted for the largest share and is expected to grow at 22.29% CAGR during the forecast period 2021-2027. In 2019, the cloud segment accounted for a revenue share of almost 69.7%.
By Application, the market is primarily studied into
- Medical Triage
- Customer Service and Administration
- Mental Health
- Health and Fitness
- Patient Engagement
- Others (Clinical Trials, Medical Reminder, Chatbot in Research, Chatbots in Medical Procedures)
In 2019, the medical triage segment dominated the global healthcare chatbot market with nearly 37.8% of the market share and it is anticipated by 2027, the segment will garner US$ 379.4 million of the market.
By End-users, the market is primarily segmented into
Amongst end-users, patients accounted for the largest share and is expected to grow at 22.92% CAGR during the forecast period 2021-2027. In 2019, the patients' segment accounted for a revenue share of 57%.
Healthcare Chatbot Market Geographical Segmentation Includes:
- North America (the United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
- Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
- The Middle East and Africa (UAE, Saudi Arabia, Rest of Middle East, and Africa)
- Latin America (Mexico, Brazil, Rest of Latin America)
Based on the estimation, the Asia-Pacific region dominated the healthcare chatbot market with almost US$ 41.9 million in revenue in 2019. At the same time, the Latin American region is expected to grow remarkably with a CAGR of 23.14% over the forecast period on account of the internet penetration & surging prevalence of the chronic disease, and aging population.
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The major players targeting the market includes
- Ada Digital Health Ltd.
- Babylon Health
- Buoy Health
- Your.MD (Healthily)
- Woebot Labs
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the healthcare chatbot market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the healthcare chatbot market?
- Which factors are influencing the healthcare chatbot market over the forecast period?
- What are the global challenges, threats, and risks in the healthcare chatbot market?
- Which factors are propelling and restraining the healthcare chatbot market?
- What are the demanding global regions of the healthcare chatbot market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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