- The increasing internet penetration, rising usage of smart wellbeing devices, and the rising need for virtual health assistance are driving the demand for the market
- Market Size – USD 145.6 Million in 2019, Market Growth - CAGR of 20.3%, Market Trends – The rise in the awareness for self-monitoring techniques in diagnosis and treatments
VANCOUVER, BC, Oct. 27, 2020 /PRNewswire/ -- The Global Healthcare Chatbots Market is forecast to be worth USD 594.8 Million by 2027, according to the latest analysis by Emergen Research. The healthcare chatbots market is anticipated to expand exponentially over the forecast period. The growth in the demand for chatbots apps is due to the rise in internet penetration and usage of smart wellbeing devices, and increasing awareness of self-monitoring techniques in diagnosis and treatment. The rising need for virtual health assistance is expected to further drive the market growth.
During the forecast timeline, a lack of expertise in the development of chatbots is expected to hinder the market growth.
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Key Highlights From The Report
- In February 2017, in a cash-and-stock deal valued at around USD 36.0 million, Nuance Communications acquired the Noida-based mobile value-added services company, mCarbon Tech Innovations. This is a tailored deal for Nuance that will further extend its current Value-Added Services and subscription business services portfolio, which is currently distributed throughout Latin America, Northern America, Europe, and Australia, and boosts the carriers' services in India, Africa, and Southeast Asia.
- During the forecast timeframe, the software segment is expected to dominate the sector with a CAGR of 20.5%. The growth of diverse applications for patients and health care providers is expected to fuel segmental growth.
- Over the forecast period, the healthcare provider segment is estimated to account for the largest market with a CAGR of 20.5%. Significant medical records, such as patient information, hospital inventory, billing records, and patient medical records, are managed by healthcare facilities. The increasing patient flow in hospitals and clinics will create tremendous demand for healthcare chatbot applications by offering interactive assistance for healthcare facility operations.
- It is expected that North America will have the largest market over the forecast period. Insurance providers such as Medicaid and Medicare are decreasing the operating expenses of procedures that lead to inflows from clinics and ambulatory surgical services.
- Key participants include HealthTap, Inc., Woebot Labs, Inbenta Technologies Inc., Infermedica Sp. Z o.o, Ada Health GmbH, Nuance Communications, Inc., Synthetix Ltd., PACT Care BV, Baidu, Inc., and Next IT Corporation, among others.
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Emergen Research has segmented the Global Healthcare Chatbots Market based on deployment, component, application, end-user, and region:
- Deployment Outlook (Revenue, USD Million; 2017-2027)
- Component Outlook (Revenue, USD Million; 2017-2027)
- Application Outlook (Revenue, USD Million; 2017-2027)
- Appointment Scheduling & Medical Guidance
- Symptom checking & Medication Assistance
- End-User Outlook (Revenue, USD Million; 2017-2027)
- Healthcare Providers
- Insurance Companies
- Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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