The market for healthcare chatbots is expected to grow at a CAGR of around 23.3% from 2020 to 2027 and expected to reach the market value of around US$ 624.4 Mn by 2027.
Chatbots are also known as “conversational agents”, are software applications used to conduct an online chat conversation in text or text-to-speech. The software is intended to mimic written or spoken human speech for the purposes of simulating a conversation or interaction with a real person. The chatbots are now gaining a potential user base in the healthcare sector as it can provide different services like appointment setups and reminders. Additionally, these might be used to provide health-related information to patients. This can also reduce the burden on healthcare professionals so that they can focus on their jobs.
The rising prevalence of chronic diseases coupled with the lack of medical experts to handle queries is propelling the market growth. The emergence of telehealth (use of digital information and communication technologies) and remote healthcare in developing economies is supporting the growth. According to the estimation by Anthem Insurance Companies Inc., close to 52 percent of patients attain their health data through applications and around 36 percent of doctors provide approval with the use of mobile applications for treating patients. Additionally, chronic disease patients’ have started using technology for timely assistance. For instance, cancer patients use chatbots to gain rapid assistance associated with the medication and its adverse effects.
On the other hand, concerns associated with data privacy, lack of expertise for chatbot development, as well as lack of awareness and misconceptions among the untapped and emerging market audience are some of the factors likely to hinder the growth to an extent over the forecast period from 2020 to 2027.
Software segment accounted for the maximum share in the Healthcare Chatbots Market
Based on the component, the software segment is leading the market with maximum revenue share and is also projected to maintain its dominance over the forecast period. The increasing installation of software in the healthcare sector in order to ease the communication between healthcare providers and payers as well as to save the time of clinical professionals spent on the conversation are the factors supporting the segmental market value.
Patients are the major share (%) holder of Healthcare Chatbots
On the basis of end-user, the patients' segment is leading the healthcare chatbots market and is also projected to maintain its dominance over the forecast period. Patients use applications to understand their condition better by getting the needed information on time. They can also get access to the chatbots on medical websites, mobiles, and on social media pages for getting the appropriate healthcare assistance from virtual sources according to the symptoms. Additionally, these chatbots can also provide notifications to the patients for taking medication on time as well as can also help to notify the missed dosage so that the patient plan their routine accordingly.
Key Market Players
The players profiled in the report include Ada Health GmbH (Germany), Babylon Health (U.K.), Buoy Health, Inc. (U.S.), GYANT.COM, Inc. (U.S.), HealthTap, Inc. (U.S.), Infermedica (Poland), PACT Care BV (The Netherlands), Sensely, Inc. (US), Woebot Labs, Inc. (U.S.), Your.MD (U.K.), and others. The presence of major players in North America is projected to contribute to the fastest growth with major CAGR (%) over the forecast period from 2020 to 2027.
Hospitals & Clinics
Healthcare Information End-user (IT) Service & Solution Providers
Healthcare Information End-user (IT) Vendors
Government Institutes & Regulation authorities
Market Research and Consulting Firms
Investors and Venture Capitalists (VC)
Market By Component
Market By Deployment
Market By Application
Symptom Checking & Medical Assistance
Appointment Scheduling and Medical Guidance
Market By End-user
Market By Geography
Middle East & Africa
The market for healthcare chatbots is expected to reach a market value of around US$ 624.4 Mn by 2027.
The healthcare chatbots market is expected to grow at a CAGR of around 23.3% from 2020 to 2027.
Software is the leading segment by component in the healthcare chatbots market.
Patients is the leading segment by end-user in the healthcare chatbots market.
The rising prevalence of chronic diseases coupled with the lack of medical experts to handle queries, emergence of telehealth (use of digital information and communication technologies) and remote healthcare in developing economies, and chronic disease patients’ have started using the technology for timely assistance are some of the factors driving the market growth.
Ada Health GmbH (Germany), Babylon Health (U.K.), Buoy Health, Inc. (U.S.), GYANT.COM, Inc. (U.S.), HealthTap, Inc. (U.S.), Infermedica (Poland), PACT Care BV (The Netherlands), Sensely, Inc. (US), Woebot Labs, Inc. (U.S.), and Your.MD (U.K.) are some of the prominent players in the market.
North America is expected to be the fastest growing market over the forecast period