The overall healthcare chatbots market is projected to reach USD 314.3 million by 2023 from USD 122.0 million by 2018, at a CAGR of 20.8% during the forecast period. At present, chatbots are adopted among the developed countries such as North and Europe, and is yet to witness widespread adoption in emerging countries, where doctors and other healthcare providers are still reluctant to adopt advanced healthcare solutions. Data privacy concerns and a lack of sufficiently skilled personnel to develop healthcare chatbots also serve to affect market growth to a certain extent. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023.
The following are the major objectives of the study.
To define, describe, and forecast the global healthcare chatbots market on basis of component, deployment model, application, end user, and region
To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia, and the Rest of the World (RoW)
To strategically profile key players and comprehensively analyze their product portfolios, market positions, and core competencies
To track and analyze competitive developments such as acquisitions; new product launches; expansions; agreements, partnerships, and collaborations; and acquisitions in the healthcare chatbots market.
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Based on component, the healthcare chatbots market is segmented into software and services. The software segment is expected to account for a larger share in 2018 as compared to the services segment. Enhanced technological features in chatbot software, such as Natural Language Processing (NLP), multilingual capabilities, interference engine, cloud-based deployment, Application Programming Interface (API), mobile platform compatibility, and single point of search is propelling the growth of the software segment
Europe is expected to lead the healthcare chatbots market, followed by North America. However, North America is expected to register the highest CAGR during the forecast period. The high growth in North America can be attributed to the growing number of therapy chatbots, rising adoption of smart devices, and growth in venture capital investments to develop advanced chatbots.
The healthcare chatbots market is marked by the presence of several established as well as emerging players. Prominent players offering healthcare chatbots are Your.MD (UK), HealthTap, Inc. (US), Sensely, Inc. (US), Buoy Health, Inc. (US), Infermedica (Poland), Babylon Healthcare Service Limited (UK), Baidu, Inc. (China), Ada Digital Health Ltd. (Germany), PACT Care BV (Netherlands), Woebot Labs, Inc. (US), and GYANT.Com, Inc. (US).
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