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(Health-NewsWire.Net, December 07, 2019 ) The growth of the healthcare chatbots market is mainly driven by rising Internet connectivity and smart device adoption, company initiatives to boost the healthcare chatbots, and the need for virtual assistance The report segments the healthcare chatbots market by component, deployment model, application, end user, and region.
What the Market Looks Like?
Predicted to grow at a CAGR of 20.8% during the forecast period, the global Healthcare Chatbots market is estimated to reach USD 314.3 Billion by the end of 2023. In 2018, Europe expected to lead the healthcare chatbots market.
Based on component, the healthcare chatbots market is segmented into software and services. In 2018, the software segment is expected to lead the market. 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.
Based on end user, the healthcare chatbots market is segmented into patients, healthcare providers, insurance companies, and other end users. The patients segment is estimated to lead the healthcare chatbots in 2018, owing to the increasing adoption of symptom checker and medical assistance chatbots by patients to keep track of their health and medication.
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What Drives the Market?
The growth of the global market for Healthcare Chatbots is primarily influenced by the following factors:
• Rising Internet Connectivity and Smart Device Adoption
• Company Initiatives to Boost the Use of Healthcare Chatbots
• Need for Virtual Health Assistance
Geographical growth scenario of Healthcare Chatbots Market
Geographically, the Healthcare Chatbots market has been studied for North America, Europe,.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.
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Leading market players and strategies adopted
The prominent players in the Healthcare Chatbots market include 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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