NOIDA, India, March 5, 2021 / PRNewswire / – UnivDatos Market Insights recently added an overview of the healthcare chatbot market to its comic database. The health care chatbot market report was brought together by gathering informative data on various dynamics such as market drivers, restrictions, and opportunities. This innovative report uses several analyzes to get a closer look at the healthcare chatbot market. The healthcare chatbot market report offers a detailed analysis of the latest industry developments and the shifting market factors influencing the market growth. In addition, this statistical market research investment analyzes and estimates the healthcare chatbot market at global and regional levels. Chatbot Global Healthcare Market it is expected to grow at a CAGR of 21.56% from 2021-2027 to reach US 967.7 million by 2027.
Market overview
The chatbot found its main application in the e-commerce industry. But in the healthcare industry, the use of healthcare chatbots is seeing celestial growth. The Chatbots in the healthcare industry are shown as the software developed with machine learning algorithms that offer an interesting way to connect or communicate with patients and provide them with real-time support. Some of the key factors contributing to a growing health market are: chatbots:
(1) Increase in internet penetration and smartphone use due to its affordable availability and end-user awareness of the benefits of using chatbots. According to GSMA, around 63% of the world’s population used the internet in 2020. Also, The number of smartphone users worldwide reached 3.5 billion in 2020 from 2.5 billion in 2016.
(2) In addition, there will be an increase in health care spending by government across countries for the improved infrastructure and ease of operations for the healthcare service providers and patients acting as a growth engine for the industry. In a study, it was found that healthcare consumption as a share of global gross domestic product (GDP) would reach around 10.2% by 2023 from 3.2% in 2019.
(3) Presence of established global and local players such as Baidu, Sensely, Ada Digital Health Ltd, Babylon Health, Tencent, Health Tap, Infermedica, Buoy Health, Your.MD (healthy) works in the pay market offering the latest technology such as healthcare chatbots solution with AI capability adding to the allotment a growing market. Also, an increase in venture capital or seed funding to start-up rates is slowing down market growth. For instance: Conversa Health, built over US $ 26 million in funding including US $ 12 million in Series B funding in June 2020. Also, 5 Babylon health companies, Ada health, yellow health, Sensely, Woebot Labs, and Youper grabbed a mix of $ 769.5 till funding December 2019.
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Effect of Covid-19
COVID-19 has accelerated the uptake of health care chatbots during a pandemic due to ownership ownership of care for individuals, immediate response, etc., according to the World Economic Forum, More than 1,000 unique COVID-19 chatbots have been launched on Microsoft’s chatbot creation program alone. By the way, between 30 March and 10 August approximately 6,872,021 million COVID-19 related messages were submitted using the “Watson Assistant platform”. Also, the nationwide government has launched chatbots for the issues related to COVID-19. The U.S. Centers for Disease Control and the World Health Organization (WHO) have released chatbots providing information on the coronavirus. Also, the Ministry of Health in India has launched a chatbot on a Facebook messenger called “Corona Help Desk” for updates about COVID-19.
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The Global Health Care Chatbot Market report is scrutinized by several aspects that would help stakeholders in making their decisions more informed.
With Components, the market is usually two-way
Software segment was controlled by global healthcare chatbot market type and will grow at 20.99% CAGR to reach US $ 763.2 million by the year 2027.
By practice, the market is particularly segmented
Among the usage types, the on-cloud segment accounted for the largest share and is expected to grow at 22.29% CAGR in the projected period 2021-2027. In 2019, the cloud sector accounted for a revenue share of almost 69.7%.
With Demand, the market is studied in the first place
- Medical examination
- Messenger service and administration
- Mental Health
- Health and Wellbeing
- Patient involvement
- Others (Clinical Trials, Medical Memory, Chatbot in Research, Chatbots in Medical Methods)
In 2019, the medical triage sector took control of the global healthcare healthcare chatbot market with nearly 37.8% of the market share and by 2027, the sector is garner US $ 379.4 million of the market.
With end users, the market is particularly segmented
- Patients
- Providers
- Payers
- Others
Among end-users, patients accounted for the largest proportion and is expected to grow at 22.92% CAGR in the projected period 2021-2027. In 2019, the patient share accounted for an income share of 57%.
Healthcare chatbot market geographic classification includes:
- North America (United States, Canada, and the rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain, and the rest of Europe)
- Asia-Pacific (China, Japan, India, and the rest of Asia-Pacific)
- The Middle East and Africa (UAE, Saudi Arabia, The rest of Middle East, and Africa)
- Latin America (Mexico, Brazil, The rest of Latin America)
Based on the estimate, the Asia-Pacific area has a huge impact on the healthcare chatbot market with almost US $ 41.9 million in revenue in 2019. At the same time, the Latin American region is expected to grow dramatically with a CAGR of 23.14% over the forecast period due to inflows. the internet & an increase in the incidence of malignant disease, and an aging population.
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The key players targeting the market include
- Baidu
- Sensely
- Ada Digital Health Ltd.
- Health of Babylon
- Tencent
- HealthTap
- Infermedica
- Buoy Health
- Your.MD (Healthy)
- Laban Woebot
Competitive Landscape
The level of competition among large global companies is augmented by the analysis of several key players operating across the globe. The specialized team of research analysts sheds light on a number of features such as global market competition, market segmentation, latest business developments, innovative product launch, partnerships, unions, or construction with leading companies in health care chatbot market. The key players were examined using research methods to gain insightful insights into global competition.
Key issues resolved through this market analysis report include:
- What are the latest trends, new patterns, and technological advances in the healthcare chatbot market?
- What features are influencing the healthcare chatbot market over the expected period?
- What are the global challenges, threats and threats in the healthcare chatbot market?
- What are the factors driving and limiting the health care chatbot market?
- What are the critical global segments of the healthcare chatbot market?
- What will the size of the global market be in the coming years?
- What critical market building strategies and policies do global companies implement?
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