Press Release

A USD 295 Million Global Healthcare Chatbots Market to Surge at a Steady CAGR of Around 19.5% During 2024-30

The Global Healthcare Chatbots Market size was valued at around USD 295 million and is anticipated to grow at a CAGR of about 19.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. This growth is driven by the growing need for 24x7 healthcare and adoption of smart devices. The aging global population and the increase in chronic illnesses raised the need for 24x7 patient monitoring and possibly remote monitoring. Recent years showed pandemic outbreaks further raising the demand for remote patient monitoring, driving the demand for healthcare chatbots that can guide as to what level of care a patient may need or diagnose a patient by analyzing the symptoms.

Using artificial intelligence, machine learning, and natural language processing, healthcare chatbots are capable and user-friendly and are a viable choice for early diagnosis, patient education, advisory, and medical assistance. This also reduces the burden on the healthcare personnel as they can automate repetitive tasks, and streamline various processes such as patient onboarding and billing, which will free up time for them to focus on critical care.

Moreover, the growing adoption of smart devices and growing penetration of smartphones and the internet in regions like Asia-Pacific provide lucrative growth opportunities to the Global Healthcare Chatbots Market players. In regions such as Asia-Pacific which have large populations and limited access to healthcare, healthcare chatbots will prevail and see significant growth due to the affordability and accessibility factors during the forecast period, further states the research report, “Global Healthcare Chatbots Market Analysis, 2024.”

Segmentation Analysis

Cloud-Based Deployment Provides Flexible Solutions

Based on the Deployment Method segment, the market is further bifurcated into, On-premise and Cloud based. Cloud-based deployment has been the preferred choice of healthcare service providers who deploy healthcare chatbots. This is due to the flexibility that accompanies the cloud-based system. Deploying cloud-based chatbots requires significantly low upfront costs as there is barely any hardware expenditure due to no requirement for servers, but still has the option of scalability, it can be upscaled as required and works on a pay-as-you-go basis. It also comes with the flexibility of remote data access facilitating collaboration among remote teams. Although the rising privacy concern may make on-premise deployment more popular during the forecast period, cloud-based deployment currently holds the largest market share.

North America Leads the Healthcare Chatbots Industry

North America has been the global leader in technological innovation and acceptance. North America houses the largest demand for healthcare chatbots. This is due to the presence of leading artificial intelligence and natural language processing model developers who are investing heavily in the R&D of healthcare Chatbots leading to innovation and fostering market growth. Another crucial factor is rising healthcare costs in the region, high costs for any healthcare service made people look for more affordable and accessible alternatives further raising the demand for healthcare chatbots. Additionally, there has been a rise in demand for remote patient monitoring due to the prevalence of chronic illnesses in the region ultimately augmenting the size & volume of the North America Healthcare Chatbots Market.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Ada Digital Health Ltd., Woebot Labs Inc., Sensely Inc., Buoy Health Inc., Healthily, Youper, Infermedica, Florence, OneRemission (Keenethics), IBM Watsonx Assistant, Medwhat, Streebo Inc., Kore.ai Inc., Smartbot360, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the regions?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?