Healthcare Chatbots Market to Reach 431.47 USD Million by 2028

Vantage Market Research

Mar 16, 2022

The Global Healthcare Chatbots Market is expected to reach 431.47 USD Million by 2028, growing at a CAGR of 15.20% from 2022 to 2028. The increasing internet connectivity and adoption of smart devices along with the growing need for virtual health assistance is anticipated to augment the growth of the market during the forecast period.

Key Findings:

  • The cloud-based model segment held a significant share in 2021. This is attributable to the increase in the various advantages offered by using cloud-based chatbots such as less initial investment, easy access, and the need for less customization.
  • The software segment is projected to grow at a considerable CAGR during the forecast period. This is attributable to the increasing implementation and integration of advanced technologies such as Application Programming Interface (API), natural language processing (NLP), multilingual capabilities, cloud-based deployment, interference engine, mobile platform compatibility, and single point of search.
  • The healthcare providers segment held a significant share in 2021. This is attributable to the need to identify diseases and analyze and process a large amount of healthcare information to make critical decisions.
  • Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share in APAC in 2021. This is attributable to the rise in the adoption of chatbots in healthcare activities for customer assistance in the region owing to the growing penetration of the internet in economies such as China and India. Furthermore, the increased spending on healthcare owing to the increasing rate of urbanization and industrialization is also anticipated to support the regional growth of the market.

Some of the key players in 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)..

The increasing internet connectivity and the growing adoption of smartphones and mobile platforms are anticipated to augment the growth of the Healthcare Chatbots market in the years to come. Owing to which the number of consumers to access healthcare services is growing and this has also broadened the reach of these services. As per the May 2017 estimations by Anthem Insurance Companies, Inc. (US), about 52% of smartphone users use mobile apps for health information; and 36% of doctors believe that apps are the most effective way to engage and involve with patients. These smart devices with chatbot applications help in solve many critical communication issues in healthcare. Further, the use of chatbots in healthcare offers various advantages such as medication management, better organization of patient pathways, help in emergency situations, offering a solution for simpler medical issues which is further expected to propel the market growth in the near future.

However, the lack of expertise for chatbot development and lack of awareness and misconceptions is expected to hamper the growth of the market in the years to come. Moreover, an increase in the use of social media platform-oriented chatbots along with the development of cloud-based models is expected to create immense opportunities for the growth of the market within the forecast period.

North America held the largest shares in 2021. The US held the largest share in North America for the Healthcare Chatbots market. This is attributable to the rising adoption of smart devices in the region. Furthermore, the growing number of therapy chatbots in the region is also expected to fuel the regional growth of the market. Additionally increasing venture capital investments to develop advanced chatbots in the region is also expected to support the growth of the Healthcare Chatbots market in the region.