Global Healthcare Chatbots Market: Current Analysis and Forecast (2020-2027)

Global Healthcare Chatbots Market: Current Analysis and Forecast (2020-2027)

Emphasis on Components (Software, Services), Deployment Type (On-Premises, On-Cloud), Application (Medical Triage, Customer Service and Administration, Mental Health, Health and Fitness, Patient Engagement, Others), End-Users (Patients, Providers, Payers, Others), and Region/Country

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Published: Feb-2021

Pages:193

Table:67

Figure:178

Report ID:UMHE21200

The global healthcare chatbot market is witnessing an uptick on account of rising internet penetration coupled with the adoption of pf smartphones in developing countries as well. In a study, it was revealed that around 4.66 billion people globally use the internet which is close to 60% of the global population. Moreover, the healthcare facilities, doctors, diagnostics labs, etc. are developing apps and raising venture capital, while some have already launched their chatbots due to the surging cases of COVID-19 and the need for cost optimization and enhanced user experience. The technological advancement in solutions such as advancements in natural language processing (NLP) and speech recognition by the prominent payers is also adding pace to the growth of the market.

Furthermore, the shortage of physicians across the globe to respond to queries is generating the demand for chatbots in the healthcare sector. As per WHO, there is a global shortage of 4.3 million physicians, nurses, and other health professionals, and the demand for physicians is projected to grow by 17% by 2025, due primarily to the growth in population size and the aging population.

Moreover, a shift towards the sedentary lifestyle coupled with the promulgating elderly population who are more prone to the disease is one of the leading causes of the rising chronic and other related diseases as well is generating the demand for chatbots in healthcare for consultation, checkups, reminders, etc.,  As per the American Heart Association, 56% of the adults in the United States have been told by the healthcare professional to improve their health and 99% of the Americans need to improve heart health.

The government across countries is investing more in healthcare, which is resulting in improved healthcare infrastructure and digitalization. As per OCED, the government in the United States spend USD 8,032.6 USD per capita in 2015 that increased to USD 9,386.5 USD per capita in 2019 same way in the U.K the government spent 3,043.6 USD per capita in 2015 that increased to USD 3,619.5 USD per capita in 2019.

Evolution of Chatbots in Healthcare

The global Healthcare chatbots market is highly fragmented. The availability of numerous global and local players across regions makes the industry highly competitive. The key players with a considerable market share in the industry are

Baidu, Sensely, Ada Digital Health Ltd, Babylon Health, Tencent, HealthTap, Infermedica, Buoy Health, Your.MD (Healthily) and Woebot Labs. Several M&A’s along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst component type, the software segment holds the major share”

Based on the components, the market is fragmented into software and service. The software segment dominated the market with a share of 81.9% in 2019 and is expected to maintain its dominance during the forecast period on account of the deployment of healthcare chatbots across healthcare facilities and increased consumer preference for the use of chatbots due to the benefits such as time savings, flexibility, etc.

“Amongst deployment type, on-cloud is expected to dominate the market during the analyzed period”

Based on the deployment type, the market is segmented into on-premise and on-cloud. In 2019, on-cloud deployment grabbed the major market share and accounted for 69.7% of the market revenue share. Surging spending on the cloud across healthcare facilities owing to the benefits such as easy deployment, upgraded software, etc. are resulting in the growing market share for the segment. Moreover, the on-premise segment is expected to grow with a CAGR of around 19.7% during the forecast period of 2021-27.

“Amongst application, medical triage is expected to dominate the market during the analyzed period”

Based on the application, the market is segmented into Medical Triage, Customer Service and Administration, Mental Health, Health and Fitness, Patient Engagement and Others (Clinical Trials, Medical Reminder, Chatbot in Research, Chatbots in Medical Procedures). In 2019, the Medical Triage segment grabbed the major market share and accounted for 37.8% of the market revenue share. Moreover, the mental health segment is expected to grow with a CAGR of around 21.6% during the forecast period of 2021-27.

“North America represents one of the largest markets of the healthcare chatbots market”

For a better understanding of the market dynamics of the healthcare chatbot market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), Middle East and Africa (UAE, Saudi Arabia, Rest of the Middle East and Africa) and Latin America (Mexico, Brazil, Rest of Latin America) has been conducted. North America dominated the market and generated revenue of US$ 41.6 billion in 2019 owing to the escalating healthcare IT investment in the countries such as the U.S and Canada. Moreover, the presence of well-established players and the latest technology upgraded software and services make the region dominant across the globe.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

Customization Options:

The Healthcare Chatbots Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

    1 MARKET INTRODUCTION  
      1.1 Market Definitions  
      1.2 Objective of the Study
      1.3 Limitation  
      1.4 Stake Holders  
      1.5 Currency Used in Report
      1.6 Scope of the Global Healthcare Chatbot Market Study
    2 RESEARCH METHODOLOGY OR ASSUMPTION
      2.1 Research Methodology for the Global Healthcare Chatbot Market
        2.1.1 Main Objective of the Global Healthcare Chatbot Market
    3 INDUSTRY PERFORMANCE  
    4 EXECUTIVE SUMMARY  
    5 CUSTOMER SURVEY    
    6 COVID-19 IMPACT    
    7 MARKET INSIGHTS BY COMPONENTS
      7.1 Software    
      7.2 Services    
    8 MARKET INSIGHTS BY DEPLOYMENT
      8.1 On-Premise  
      8.2 Cloud    
    9 MARKET INSIGHTS BY APPLICATION
      9.1 Medical Triage  
      9.2 Customer Service and Administration
      9.3 Mental Health  
      9.4 Health and Fitness  
      9.5 Patient Engagement
      9.6 Others    
    10 MARKET INSIGHTS BY END-USERS
      10.1 Patients    
      10.2 Healthcare Providers
      10.3 Payers    
      10.4 Others    
    11    MARKET INSIGHTS BY REGION 
      11.1 North America Healthcare Chatbot Market 
        11.1.1 United States 
        11.1.2 Canada  
        11.1.3 Rest of North America
      11.2 Europe Healthcare Chatbot Market 
        11.2.1 United Kingdom
        11.2.2 France  
        11.2.3 Germany  
        11.2.4 Spain  
        11.2.5 Italy  
        11.2.6 Rest of Europe
      11.3 Asia Pacific Healthcare Chatbot Market
        11.3.1 China  
        11.3.2 India  
        11.3.3 Japan  
        11.3.4 Australia  
        11.3.5 South Korea
        11.3.6 Rest of Asia Pacific
      11.4 Middle East and Africa Healthcare Chatbot Market
        11.4.1 UAE  
        11.4.2 Saudi Arabia
        11.4.3 Others  
      11.5 Latin America Healthcare Chatbot Market
        11.5.1 Mexico  
        11.5.2 Brazil  
        11.5.3 Others  
    12 HEALTHCARE CHATBOT MARKET DYNAMICS
      12.1 Market Trends & Drivers
      12.2 Market Challenges  
      12.3 Impact Analysis  
    13 LEGAL & REGULATORY FRAMEWORK
    14 DEMAND AND SUPPLY SIDE ANALYSIS
      14.1 Demand Side Analysis
      14.2 Supply Side Analysis
        14.2.1 Top Product Launches
        14.2.2 Top Business Partnerships
        14.2.3 Top Merger & Acquisitions
        14.2.4 Top Business Expansions and Investments
    15    VALUE CHAIN ANALYSIS  
    16    HEALTHCARE CHATBOT MARKET HOTSPOT & OPPORTUNITIES
    17    HEALTHCARE CHATBOT MARKET TRENDS & INSIGHTS
    18    COMPETITIVE SCENARIO  
      18.1 Porter’s Five forces analysis
        18.1.1 Bargaining power of Supplier
        18.1.2 Bargaining power of Buyer
        18.1.3 Industry Rivalry
        18.1.4 Availability of Substitute
        18.1.5 Threat of new Entrants
      18.2 Competitive Landscape
        18.2.1 Company Shares, By Revenue
      18.3 Competition Matrix  
        18.3.1 Product/Service Portfolio
        18.3.2 Target Markets
        18.3.3 Target End Users
        18.3.4 Research & Development
        18.3.5 Strategic Alliances
    19    COMPANY PROFILED  
      19.1 Baidu    
        19.1.1 Key Facts  
        19.1.2 Business Description
        19.1.3 Key Product/Services Offerings
        19.1.4 Growth Strategy
        19.1.5 SWOT Analysis
        19.1.6 Key Financials
          19.1.6.1 Revenue Split
          19.1.6.2 Financial Overview of Baidu
        19.1.7 Recent Developments
          19.1.7.1 Product Launch
          19.1.7.2 Partnerships
          19.1.7.3 Business Expansion and Investments
          19.1.7.4 Merger and Acquisition
      19.2 Sensely    
      19.3 Ada Digital Health Ltd
      19.4 Babylon Health  
      19.5 Tencent    
      19.6 HealthTap  
      19.7 Infermedica  
      19.8 Buoy Health  
      19.9 Your MD (Healthily)  
      19.10 Woebot Labs  
    20 DISCLAIMER    

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global healthcare chatbot market were the three major steps undertaken to create and analyze the adoption of healthcare chatbot across the healthcare verticals in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the healthcare chatbot market. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the healthcare chatbot through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the healthcare chatbot market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type and subtypes. Further country-level analyses were conducted to evaluate the overall adoption of healthcare chatbots in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of chatbots. Further, we conducted factor analysis using dependent and independent variables such as the growth of the healthcare industry, surging prevalence of diseases, Investments, etc. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the healthcare chatbot industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the healthcare chatbot market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of healthcare chatbot across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the healthcare chatbot market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the healthcare chatbot market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the healthcare chatbot market.

The main objective of the healthcare chatbot Market Study

The current & future market trends of healthcare chatbots were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of healthcare chatbot in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of type and their subtypes
  • Define and analysis of the regulatory framework for the healthcare chatbot industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the healthcare chatbot market for the major region
  • Major regions studied in the report include North America (the U.S and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, Australia, and South Korea), Middle East and Africa (Saudi Arabia, UAE), Latin America (Mexico, Brazil) and the Rest of the World
  • Company profiles of the healthcare chatbot market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global healthcare chatbot market were the three major steps undertaken to create and analyze the adoption of healthcare chatbot across the healthcare verticals in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the healthcare chatbot market. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the healthcare chatbot through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the healthcare chatbot market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type and subtypes. Further country-level analyses were conducted to evaluate the overall adoption of healthcare chatbots in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of chatbots. Further, we conducted factor analysis using dependent and independent variables such as the growth of the healthcare industry, surging prevalence of diseases, Investments, etc. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the healthcare chatbot industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the healthcare chatbot market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of healthcare chatbot across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the healthcare chatbot market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the healthcare chatbot market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the healthcare chatbot market.

The main objective of the healthcare chatbot Market Study

The current & future market trends of healthcare chatbots were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of healthcare chatbot in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of type and their subtypes
  • Define and analysis of the regulatory framework for the healthcare chatbot industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the healthcare chatbot market for the major region
  • Major regions studied in the report include North America (the U.S and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, Australia, and South Korea), Middle East and Africa (Saudi Arabia, UAE), Latin America (Mexico, Brazil) and the Rest of the World
  • Company profiles of the healthcare chatbot market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry

Global Healthcare Chatbots Market: Current Analysis and Forecast (2020-2027)