Healthcare Chatbots Market Analysis By Component (Software, Services), By Deployment Mode (On-premise, cloud-based), By Application (Symptom Checking and Triage, Medication Assistance and Adherence, Mental Health Support, Others), By End User (Hospitals, Clinics, Telehealth Companies) & Forecast By 2033
- PUBLISHED ON
- 2023-05-04
- NO OF PAGES
- 257
- CATEGORY
- Healthcare & Life Sciences
Healthcare Chatbots Market is expected to reach USD 803.2 million by 2033, growing at a CAGR of 24.6% from 2023 to 2033.
Report Scope
Report Attributes | Description |
Market Size in 2022 (Value) | USD 160 million |
Market Forecast in 2033 (Value) | USD 31,160 million |
CAGR % 2023-2031 | 24.6% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2033 |
Report USP | Country and regional estimates, companies market share by countries and key investment areas |
Segments Covered | Component, deployment, application and end user |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Babylon Health, Woebot Health, Conversa Health, GYANT, HealthTap, Ada Health, Your.MD, Buoy Health, Infermedica, Sensely, Others, |
One of the major drivers of this growth is the increasing adoption of chatbots by healthcare providers to improve patient engagement, reduce healthcare costs, and enhance the overall patient experience. Additionally, the COVID-19 pandemic has further accelerated the demand for healthcare chatbots as they can provide remote care and support to patients who are unable or unwilling to visit a healthcare facility.
Overall, the healthcare chatbots market offers significant opportunities for healthcare providers, technology companies, and investors to leverage the benefits of AI and NLP technologies to improve healthcare outcomes and patient experiences.
Driver: Growing adoption of chatbots by healthcare providers to improve patient engagement and satisfaction is propelling Healthcare chatbots market growth.
In the traditional healthcare setting, patients often face challenges such as long wait times, limited access to healthcare professionals, and difficulty in managing their health conditions. Healthcare chatbots can address these challenges by providing patients with instant access to information and support, as well as personalized guidance on their health and wellness.
Geographical Analysis:
North America currently dominates the healthcare chatbots market, accounting for the largest share of Healthcare Chatbots Market. This is due to the high adoption of healthcare technology, well-established healthcare infrastructure, and the presence of key players in the region. In the United States, healthcare providers are increasingly adopting chatbots to improve patient engagement and satisfaction.
Europe is also a significant market for healthcare chatbots, with the United Kingdom, Germany, and France being the major contributors to Healthcare Chatbots Market growth. In the UK, the National Health Service (NHS) has launched a chatbot called NHS 111, which assists patients in determining the urgency of their medical condition and directs them to the appropriate healthcare provider.
In Asia-Pacific, the healthcare chatbots market is growing rapidly, particularly in countries like India and China, due to the large population, increasing smartphone penetration, and rising demand for remote healthcare services. For example, the Indian government has launched a chatbot called MyGov Corona Helpdesk to provide users with accurate and up-to-date information about the COVID-19 pandemic.
Overall, while North America currently dominates the healthcare chatbots market, there is significant growth potential in other regions, particularly in Asia-Pacific, due to the increasing adoption of healthcare technology and the rising demand for personalized healthcare solutions.
Recent Development: Global Healthcare Chatbots Market
• In July 2020, Babylon Health, a UK-based healthcare company, raised USD 550 million in funding to further develop its chatbot-based telemedicine platform. Babylon Health's chatbot, which uses artificial intelligence to provide personalized health advice and diagnoses, has been used by over 4.3 million people worldwide.
• In September 2020, Conversa Health, a US-based healthcare company, raised USD 12 million in funding to expand its chatbot platform for patient engagement and chronic care management. Conversa Health's chatbots are used by healthcare providers to communicate with patients outside of traditional office visits.
• In November 2020, Woebot Health, a US-based mental health company, raised USD 90 million in funding to expand its chatbot-based mental health platform. Woebot Health's chatbot, which uses cognitive behavioral therapy techniques, has been used by over 1.3 million people worldwide.
Impact of the Russia-Ukraine War on the global Healthcare Chatbots Market:
The COVID-19 pandemic had a significant impact on the healthcare chatbots market, with many healthcare providers turning to chatbots as a way to deliver care remotely and reduce the risk of exposure to the virus. While the pandemic initially led to a slowdown in market growth due to the disruption of supply chains and the delay of non-essential healthcare projects, Healthcare Chatbots Market has since recovered and is expected to continue growing in the coming years.
• Increasing adoption of telemedicine: With the pandemic limiting in-person visits to healthcare providers, telemedicine emerged as a critical way to deliver care remotely. Chatbots were an important part of this trend, as they allowed patients to interact with healthcare providers and receive advice and treatment without leaving their homes.
• Rise in demand for mental health services: The pandemic has taken a toll on people's mental health, leading to increased demand for mental health services. Chatbots have been used to provide mental health support and resources, which has driven the growth of the healthcare chatbots market.
• Advancements in AI technology: The healthcare chatbots market has benefited from advancements in artificial intelligence (AI) technology, which has made chatbots more sophisticated and capable of handling more complex tasks. This has increased the value of chatbots as a healthcare tool and has driven market growth.
• Investment in healthcare technology: Despite the pandemic's economic impact, many healthcare providers continued to invest in healthcare technology, including chatbots. This has helped Healthcare Chatbots Market recover from the initial slowdown and has driven growth in the long term.
Overall, while the COVID-19 pandemic initially had a negative impact on the healthcare chatbots market, Healthcare Chatbots Market has since recovered due to the increasing adoption of telemedicine, rising demand for mental health services, advancements in AI technology, and investment in healthcare technology. These trends are expected to continue driving market growth in the coming years.
By Component:
• Software
• Services
By Deployment Mode
• on-premise
• cloud-based
By Application
• Symptom Checking and Triage
• Medication Assistance and Adherence
• Mental Health Support
• Others
By End User
• Hospitals
• Clinics
• Telehealth Companies
By Region
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
Company Profiles:
• Babylon Health
• Woebot Health
• Conversa Health
• GYANT
• HealthTap
• Ada Health
• Your.MD
• Buoy Health
• Infermedica
• Sensely
• Others
By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Russia
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o ASEAN
o Rest of APAC
• South America
o Brazil
o Argentina
o Chile
o Rest of South America
• Middle East and Africa
o Saudi Arabia
o UAE
o South Africa
o Rest of MEA
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The global healthcare chatbots market is expected to reach USD 803.2 million by 2033, growing at a CAGR of 24.6% from 2023 to 2033.
What are the drivers shaping various markets?
Growing adoption of chatbots by healthcare providers to improve patient engagement and satisfaction is propelling Healthcare chatbots market growth.
Who are the key competitors of market Players?
Some of the major players operating within the market are Babylon Health, Woebot Health, Conversa Health, GYANT, HealthTap, Ada Health, Your.MD, Buoy Health, Infermedica, Sensely, Others.
What are the top performing segments, and countries / regions of each of the markets?
North America currently dominates the healthcare chatbots market, accounting for the largest share of Healthcare Chatbots Market.
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