$703.2 million by 2025, Chatbots Market helps to improve healthcare industry

According to this latest publication from Meticulous Research®, the global healthcare chatbots market is expected to grow at a CAGR of 25.1% from 2019 to reach $703.2 million by 2025.

Factors such as increasing optimum internet connectivity and rising adoption of smart devices, limited availability to council huge patient population, technology advancements in artificial intelligence, chatbots to reduce the healthcare cost, and increasing demand of virtual health assistance are driving the growth of the global market. However, data privacy concern, lack of expertise for chatbot development, and lack of awareness and misconception are hindering the growth of this market.

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Hence ,Meticulous Research®– leading global market research company published a research report titled “Healthcare Chatbots Market by Component, Deployment (On-premise and Cloud-based), Application (Symptom Checking, Medication Assistance & Guidance, Coverage & Claims Management, Appointment Management), End User, and Geography–Global Forecast to 2025”.

The global healthcare chatbots market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025-component (software and services), deployment (on-premise and cloud-based), application (symptom checking, medication assistance & guidance, coverage & claims management, and appointment management), end user (patients, healthcare providers, and healthcare payers). The study also evaluates industry competitors and analyzes the market at regional and country level.

On the basis of component, the global market is segmented broadly into two major segments, namely, software and services. In 2018, the software segment accounted for the largest share of the global market, by component. The growth of the healthcare chatbots software market is attributed to the rise in adoption of smartphones and increased awareness of self-monitoring approaches in health and disease management.

The global healthcare chatbots market is segmented broadly by deployment mode into two major segments namely, on-premise and cloud-based. In 2018, the on-premise segment accounted for the largest share of the global market. Factors such as ease of implementation and minimizing data breach possibility are driving the adoption of on-premise solutions.

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On the basis of application, the global healthcare chatbots market is segmented broadly into four major segments namely, symptom checking, medication assistance & guidance, coverage & claims management, and appointment management. In 2018, the symptom checking segment accounted or the largest share of the global market, by application. With an increasing trend among patients towards self-management of treatments and therapies, there is a growing demand for virtual assistants like chatbots among patients.

The global healthcare chatbots market is segmented broadly by end users into three major segments namely, patients, healthcare providers, and healthcare payers. In 2018, the patients segment accounted for the largest share of the global market, by end users. Factors such as adoption of smartphones among patients is driving the usage of chatbots among patients.

This research report analyzes major geographies and provides comprehensive analysis of North America, Europe, Asia-Pacific, and Rest of the World. Europe accounted for the largest share of market in 2018. This is mainly attributed to the factors such as rise in usage of mobile apps to gather healthcare information, high adoption of social network embedded healthcare chatbots, and large investments by healthcare technology developers to boost the use of market in Europe. The North America market for Healthcare Chatbots is expected to grow at a highest CAGR during the forecast period.

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As of 2018, Infermedica, Sensely, Inc., Ada Digital Health, Ltd., Babylon Healthcare Services Limited, and HealthTap, Inc. dominated the global healthcare chatbots market. Other major players include Your.MD Limited, Baidu, Inc., Buoy Health, Inc., Woebot Labs, Inc., and GYANT.COM, INC. among others.

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

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