Healthcare Chatbots Market to Reach US$ 314.3 Mn by 2023

According to the new market research report Healthcare Chatbots Market by Component (Software, Service), Deployment Model (Cloud, On-Premise), Application (Symptom Check, Medical Assistance, Appointment Booking), End User (Patient, Healthcare Providers, Insurance Companies) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is projected to reach USD 314.3 million by 2023 from USD 122.0 million in 2018, at a CAGR of 20.8% during the forecast period.

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Need for virtual assistance, and rising Internet connectivity and adoption of smart devices are factors driving the growth of Healthcare Chatbots Market

By component, the software segment is estimated to lead the Healthcare Chatbots Market in 2018. 

Based on component, the Healthcare Chatbots Market is segmented into software and services. In 2018, the software segment is expected to lead the market. Enhanced technological features in chatbot software, such as Natural Language Processing (NLP), multilingual capabilities, interference engine, cloud-based deployment, Application Programming Interface (API), mobile platform compatibility, and single point of search is propelling the growth of the software segment.

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The patient's segment is estimated to lead the Healthcare Chatbots Market during the forecast period. 

Based on end user, the Healthcare Chatbots Market is segmented into patients, healthcare providers, insurance companies, and other end users. The patient's segment is estimated to lead the healthcare chatbots in 2018, owing to the increasing adoption of symptom checker and medical assistance chatbots by patients to keep track of their health and medication.

Europe expected to lead the Healthcare Chatbots Market in 2018. 

In 2018, Europe is expected to lead the market followed by North America. The growth of the market in this region can be attributed to collaborations between key industry players and healthcare providers for the implementation of healthcare chatbots in various European countries and the growing awareness and benefits of healthcare chatbots.

The adoption of healthcare chatbots has yet to witness widespread adoption in emerging countries, where doctors and other healthcare providers are still reluctant to adopt advanced healthcare solutions. Data privacy concerns and a lack of sufficiently skilled personnel to develop healthcare chatbots are factors expected to affect market growth to a certain extent.

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Prominent players offering Healthcare Chatbots Market include Your.MD (UK), HealthTap, Inc. (US), Sensely, Inc. (US), Buoy Health, Inc. (US), Infermedica (Poland), Babylon Healthcare Service Limited (UK), Baidu, Inc. (China), Ada Digital Health Ltd. (Germany), PACT Care BV (Netherlands), Woebot Labs, Inc. (US), and GYANT.Com, Inc. (US).

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Rising Internet Connectivity and Smart Device Adoption Demanding Healthcare Chatbots Market

The growth of the healthcare chatbots management market can be attributed to rising Internet connectivity and adoption of smart devices, and the need for virtual assistance.  

"The healthcare chatbots management market is projected to reach USD 314.3 million by 2023 from USD 122.0 million by 2018, at a CAGR of 20.8% during the forecast period."

Various prominent players are focusing on adopting inorganic growth strategies such as agreements and partnerships to ensure sustainability and growth in this highly competitive market. This helps companies operating in the market enhance their product portfolio, expand their customer base, and cater to the unmet demands of their customers.

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 Some of the recent developments in this regard are listed below:  

·    In June 2018, Bupa, an insurance provider, entered into a partnership with Babylon to provide artificial intelligence-powered health services to all its corporate business clients. End-users can access around-the-clock health advice through Bupa in the UK.

·   In May 2018, Your. MD entered into a partnership with BMJ Best Practice. According to the partnership, the medical data used by Your.MD’s AI algorithms will be validated by BMJ best practices to provide data accuracy to users.

 In May 2018, Sensely entered into a partnership with NAS to deploy Sensely's virtual health assistant technology to the NAS member ecosystem as a means of boosting engagement and providing a more efficient communication channel.

Based on component, the market is segmented into software and services. The services segment is expected to grow at a higher CAGR during the forecast period as compared to the software segment, due to the recurring need for services such as software upgrades and maintenance.

Based on deployment model, the healthcare chatbots market is segmented into on-premise model and cloud-based model. In 2018, the cloud-based model segment is projected to grow at a higher growth rate during the forecast period as compared to the cloud-based model segment. Cloud-based healthcare chatbot solutions are sold on the basis of subscription, ranging from one month to multiple years, and these solutions do not require significant setup charges. Moreover, the maintenance and support service charges are included in the subscription fees, which make these solutions more affordable for customers. These factors are driving the cloud-based model segment.

Based on application, the healthcare chatbots market is segmented into symptom checking & medication assistance and appointment scheduling & medical guidance. In 2018, the appointment scheduling & medical guidance segment is expected to grow at a higher CAGR during the forecast period as compared to the symptom checking & medication assistance segment, mainly due to the growing usage of healthcare chatbots by hospitals and clinics.

By region, the healthcare chatbots market into North America, Europe, Asia, and the Rest of the World (RoW), the healthcare chatbots market in North America is expected to grow at the highest CAGR during the forecast period. Factors such as the growing number of therapy chatbots, increasing adoption of smart devices, rise in venture capital investments to develop advanced chatbots, availability of technologically advanced chatbot solutions, presence of a well-developed healthcare IT infrastructure, and presence of several key market players are driving the growth of the healthcare chatbots market in North America.  

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