Dublin, April 12, 2019 (GLOBE NEWSWIRE) -- The "Healthcare Chatbots Market by Component, Deployment, Application, End User, and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global healthcare chatbots market is expected to grow at a CAGR of 25.1% to reach $703.2 million by 2025.
Optimum internet connectivity and rising adoption of smart devices, limited availability to council huge patient population, technology advancement in artificial intelligence, chatbots to reduce the healthcare cost, and increasing demand of virtual health assistance are the key factors driving the growth of the global healthcare chatbots market.
However, factors such as data privacy concern, lack of expertise for chatbot development, and lack of awareness and misconception are hindering the growth of this market.
On the basis of component, the global healthcare chatbots market is broadly segmented into two major segments, namely, software and services. The chatbots market for software includes the revenue derived from chatbot solutions excluding services such as consulting, designing, development, system integration, deployment, support, and maintenance.
Chatbots providers generally derive revenue from subscription-based pricing model and most of them provide a freemium version which can be upgraded with a monthly or annual subscription model. In 2018, the software segment accounted for the largest share of the global healthcare chatbots market, by component, while the services segment is expected to grow at a higher CAGR during the forecast period.
The global healthcare chatbots market is segmented broadly by deployment mode into two major segments namely, on-premise and cloud-based. On-premise solution is the most preferred way to deploy chatbots among healthcare providers and payers. This type of deployment includes purpose-built software installed in systems such as mobile, laptop, tablets, and PCs.
In 2018, the on-premise segment accounted for the largest share of the global healthcare chatbots market, by application while the cloud-based solutions segment is expected to grow at a higher CAGR during the forecast period.
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 for the largest share of the global healthcare chatbots market, by application and is expected to grow at a CAGR of 22.2% during the forecast period.
The global healthcare chatbots market is segmented broadly by end user into three major segments namely, patients, healthcare providers, and healthcare payers. Patients are the most prominent users of healthcare chatbots. Patients mostly use chatbots for symptom checking, medication assistance, schedule appointments, and to take medical guidance.
Healthcare chatbots connect patients with physicians for assistance and treatments. In 2018, the patients segment accounted for the largest share of the global healthcare chatbots market, by end users and is expected to grow at a CAGR of 23% during the forecast period.
On the basis of geography, Europe accounted for the largest share of the global healthcare chatbots market in 2018, while the North American market is expected to grow at the highest CAGR in the next 5-7 years. Factors such as a rise in usage of mobile apps to gather healthcare information, high adoption of social network embedded chatbots, and large investments by healthcare technology developers to boost the use of chatbots market in North America.
As of 2018, Infermedica, Sensely, ADA Digital Health, Babylon, and HealthTap dominated the market. Other major players operating in this market include Your.MD, Baidu, Buoy Health, PACT Care, Woebot Labs, and GYANT among others.
Market by Component
- Software
- Service
- Market by Deployment
- On-premise
- Cloud-based
Market by Application
- Symptom Checking
- Medication Assistance & Guidance
- Coverage & Claims Management
- Appointment Management
Market by End User
- Patients
- Healthcare Providers
- Healthcare Payers
Market by Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific (APAC)
- Rest of the World
Market Dynamics
Drivers
- Growing Internet Connectivity and Rising Adoption of Smart Devices
- Limited Availability of Healthcare Resources to Address Growing Patient Population
- Technology Advancements in Artificial Intelligence
- Chatbots to Reduce Healthcare Cost
- Increasing Demand of Virtual Health Assistance
Opportunities
- Social Media Supporting the Chatbots Platform
- Integrating Chatbots with the IoT
Challenges
- Data Privacy Concerns
- Lack of Expertise for Chatbot Development
- Lack of Awareness and Misconceptions
Company Profiles
- Your.MD Limited
- Baidu Inc.
- Sensely Inc.
- Babylon Healthcare Services Limited
- HealthTap Inc.
- Buoy Health Inc.
- Infermedica
- Ada Digital Health Ltd.
- PACT Care B.V.
- Woebot Labs Inc.
- Gyant.com Inc.
For more information about this report visit https://www.researchandmarkets.com/r/kekkyl