Global Healthcare Chatbots Market Worth USD 563 Million by 2026: Facts & Factors

Healthcare Chatbots Market Size

Healthcare Chatbots Market Size

Global healthcare chatbots market expected to reach around USD 563 million by 2026 and growing at a CAGR of more than 21% from 2020 to 2026.

NEW YORK, UNITED STATES, May 20, 2020 / — Facts and Factors has authored “Healthcare Chatbots Market By Component (Software and Services), By Deployment Model (Cloud-Based Model and On-Premise Model), By End-User (Healthcare Providers, Patients, Insurance Companies, and Others), By Application (Medication Assistance & Symptom Checking and Medical Guidance & Appointment Scheduling), and By Region: Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026”. Based on our analysis, the global healthcare chatbots market in 2019 is close to USD 148 million and is expected to reach around USD 563 million by 2026. The anticipated CAGR for the global healthcare chatbots market is more than 21% from 2020 to 2026.

A chatbot is an AI-powered software adopted by different industries for instant and effective interaction with their clients either in textual or audio format. The industries have included a distinct option on their web-portal or mobile application for conversing with clients. Chatbots play a vital role in the healthcare sector to assist the patients instantly in the state of emergency by the time clinicians are available for primary care and diagnosis. Though health bots can’t conduct authorized diagnosis, their AI memory manages to autonomously presume the disease based on certain symptoms.

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Key market players

Some of the key players driving the global healthcare chatbots market are Baidu Inc., Ada Digital Health Ltd., Woebot Labs Inc., Your.MD, Sensely Inc., PACT Care BV, Buoy Health Inc., HealthTap Inc.,GYANT.Com Inc., Babylon Healthcare Service Limited, and Infermedica.

In August 2019, Reckitt Benckiser Group PLC, a British multinational company manufacturing healthcare goods the leading global consumer health and hygiene company, announced a partnership as well as its strategic investment in Your.MD launchsmart self-care solutions for everyone free of cost.

In August 2018, Buoy Health Inc. and Boston Children's Hospital collaborated to enhance the approach currently used by parents to assess their offspring’s’ health online. As a part of this extensive collaboration contract, the hospital would integrate Buoy’s developed advanced AI health bot into its website.

Key Market Drivers:

A sharp increase in the count of internet users

The global internet users’ count has grown substantially in the past several years. In Nigeria- and Bangladesh-like developing economies, the count of internet users has risen by almost 40,000%. China, being the developed and densely populated country, is leading in terms of the maximum number of internet users.Due to excessive internet use, almost everyone prefers chatbot services for interacting with clinicians, thereby influencing the demand for the global healthcare chatbots market. Other significant factors that drive the global market are:

1) Significant incorporation of cloud services in the healthcare sector
2) Growing demand for health bots in emergencies
3) Growing technology acquaintance related to healthcare

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Key Market Restraints:

Data breach & privacy threats

Although health bots are efficient enough to provide medical records in an instant whenever needed, the platform poses a huge risk regarding data breach and violates privacy laws. Other factors hampering the global healthcare chatbots market are:

1) Tech expertise shortage for the development of such interactive services
2) Lack of awareness cum misconceptions regarding the capabilities of chatbots

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Cloud-based model category anticipates lucrative growth under deployment model segment

Owing to the growing involvement in the development of chatbots, the revenue share of the cloud-based model category is likely to surge in the global healthcare chatbots market during the forecast period.

“Patients” category under the end-user segment holds the major share in the global healthcare chatbots market

Among insurance companies, patients, and healthcare providers, the “patients” category captured over one-third of the global market share in terms of revenue. The key factor pushing the “patients” category is the growing adoption rate of chatbots among patients.

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The global healthcare chatbots market is segmented as:

Global Healthcare Chatbots Market: Deployment Model Segment Analysis

Cloud-Based Model
On-Premise Model

Global Healthcare Chatbots Market: Component Segment Analysis

Global Healthcare Chatbots Market: Application Segment Analysis

Medication Assistance & Symptom Checking
Medical Guidance & Appointment Scheduling

Global Healthcare Chatbots Market: End-User Segment Analysis

Healthcare Providers
Insurance Companies

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Source: EIN Presswire