- Hospital cost saving due to healthcare chatbots, rise in Internet connectivity and smart device application, and surge in patient waiting time drive the growth of the global healthcare chatbot market
PORTLAND, Oregon, Dec. 3, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Healthcare Chatbots Market by Application (Symptoms Check, Medical and Drug Information Assistance, Appointment Scheduling and Monitoring, and Other applications), Deployment (Cloud-based and On-premise), and End User (Healthcare Providers, Healthcare Payers, Patients and Other End Users): Global Opportunity Analysis and Industry Forecast, 2018–2026". According to the report, the global healthcare chatbot industry accounted for $116.9 million in 2018 and is projected to garner $345.3 million by 2026, registering a CAGR of 14.5% during the forecast period.
Chief reasons for market fluctuations
Hospital cost saving due to healthcare chatbots, increase in Internet connectivity and smart device adoption, and surge in waiting time in clinics and hospitals have boosted the growth of the healthcare chatbots market. Moreover, lack of efficient patient engagement supplemented the market growth. However, concern regarding data privacy hampers the market growth. On the contrary, rise in awareness regarding use of chatbots is expected to create lucrative opportunities in the near future.
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The symptoms check segment dominated the market
The symptoms check segment held the largest share in 2018, accounting for more than one-third of the global healthcare chatbot market and is expected to maintain its dominance throughout the market share. This is due to rise in awareness related to use of healthcare chatbots for symptom analysis and reduction in patient waiting time. However, the appointment scheduling and monitoring segment is projected to register the fastest CAGR of 15.5% during the forecast period.
Healthcare providers to manifest fastest CAGR through 2026
The healthcare provider segment is anticipated to register the fastest CAGR of 15.6% during the study period. Moreover, the segment held the largest share in 2018, contributing to nearly two-fifths of the global healthcare chatbot market, owing to benefits offered by healthcare chatbots to the healthcare providers including reduction in workload of medical staff that lead to better efficiency. The report includes other end users such as healthcare payers and patients.
North America held lion's share
The global healthcare chatbot market across North America held the largest share in 2018, contributing to more than one-third of the market, owing to easy availability of the healthcare chatbots services. However, the market across the Asia-Pacific region is expected to manifest the fastest CAGR of 15.9% during the forecast period, owing to surge in awareness related to use of healthcare chatbots, increase in Internet connectivity, and surge in healthcare expenditure due to increase in disposable income in the region.
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Major market players
- Ada Digital Health Ltd.
- Babylon Healthcare Service Limited
- GYANT.Com, Inc.
- Buoy Health, Inc.
- Infermedica Sp. z o.o
- Sense.ly Inc.
- PACT Care B.V.
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SOURCE Allied Market Research