Prostate Cancer Market Size: Development, Growth, Trends, Demand, Analysis and Forecast 2027

  Overview:

Prostate cancer is the occurrence of cancerous tumors in the prostate region of a man. The initial stage of the cancer remains within the prostate region where it is not expected to cause much harm. However, once it starts spreading it can turn fatal. The global Prostate Cancer Market is riding on the advantages provided by advanced technologies and could achieve substantial market growth during the forecast period (2018-2027). Market Research Future (MRFR) claims that the market could actually surpass the predicted valuation during the forecast period.

Factors like the introduction of advanced treatment procedures, better infrastructure & reimbursement policies, increasing awareness among people, better government initiatives can prove beneficial for the growth of the prostate cancer market.

Segmentation:

Product type and end-users are two segments that have been included by MRFR in their recent study of the global prostate cancer market. This segmentation takes the reader closer to factors and intake potentials for a better understanding of the growth curve of the market.

Based on the product type, the global prostate cancer market can be segmented into targeted therapies, therapeutic vaccines, hormone therapy and others. The targeted therapy segment is expecting high growth during the forecast period.

Based on the end-users, the prostate cancer market can be segmented into hospitals, clinics, and others. The hospitals segment is gaining better traction due to enhanced facilities for the treatment.

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Regional Analysis:

Asia Pacific (APAC), Europe, the Americas, and the Middle East & Asia (MEA) are regions that have been included in the analysis of the global prostate cancer market report that has been studied by MRFR. This type of segmentation allows a better understanding of possibilities that various demography have to offer.

The market in the Americas is quite big as the combination of patient pool, better healthcare possibilities, and reimbursement policies is working quite well to pave the way for prostate cancer market expansion. Infrastructure in the region is quite superior and it is getting amply backed by high investment capacity. Mostly, it is North America that is generating profits for the market.

Europe’s growth is happening due to reasons that are quite similar to that of North America. Both regions have high awareness index and spend a substantial amount as funding for research and development sectors. At the same time, a number of companies are operating from the region, which is helping in generating revenues. Their nestling out in other emerging economies are also fetching in substantial market revenue.

The APAC region is expecting strong growth opportunities that would benefit them in generating revenues. Various factors like obese population, governments spending substantial amount to solidify healthcare sectors, various private initiatives, market titans showing great interest in the market, and rising disposable income are expected to promote the regional market. The region is riding on the back of countries like India, China, Japan, and Australia. The high ingress of advanced technologies is also proving beneficial for the regional market growth. Whereas the Middle East and Africa have low market due to his incapability of investment. The MEA region is slow in its growth but showing incredible signs of change as countries like Qatar, Kuwait, Saudi Arabia, Dubai, Oman, and others are spending substantially to improve their healthcare sector.

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Competitive Landscape:

 A number of companies are making great contributions towards the global prostate cancer market. These companies are using strategic moves to alleviate their own strength and ensure a holistic market growth. These companies are Tokai Pharmaceuticals, Inc. Bayer Pharma AG (Berlin), OncoGenex Pharmaceuticals Inc. (US), TOLMAR Inc. (US), Progenics Pharmaceuticals, Inc. (US), Endo Pharmaceuticals Inc., OncBioMune Pharmaceuticals Inc. (US), and others. MRFR considered these companies and profiled them in the report for a better analysis of the trend. 

In August 2019, researchers from the CSIR-Central Salt and Marine Chemicals Research Institute, India, announced that the correct identification of Prostate Specific Antigen in blood can lead to an early diagnosis of the disease. In this, two compounds, spermine and spermidine can be used. To detect, they have developed cost-effective hybrid gel sensor that would seek the presence of the antigen.

Artificial Disc Replacement Market: In-Depth Analysis on Market Dynamics, Segmentation & Emerging Growth Factors

 The inability of individuals to maintain spine mobility successfully is estimated to stimulate the Artificial Disc Replacement Market. The medical device reports are made by Market Research Future, which includes market options for development. A 19.6 % CAGR is estimated to steer the global market in the upcoming period.

The dual influence of growing orthopedic surgeries and escalating geriatric population is predicted to create an impetus for the artificial disc replacement market share in the approaching period. The emphasis on research and development to develop efficient treatment methods is estimated to promote the growth of the artificial disc replacement market in the impending period.

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Segmental Analysis 

The segmental review of the artificial disc replacement market has been conducted on the basis of location, disc type, region, and material. Based on the disc type, the artificial disc replacement market has been segmented into elastic discs, composite discs, mechanical discs, and others. Based on the material, the artificial disc replacement market has been segmented into biopolymer, mixed, metal, and others. On the basis of region, the artificial disc replacement market is segmented into the Middle East, the Americas, Europe, Asia Pacific, and Africa.

Detailed Regional Analysis 

The regional study of the artificial disc replacement market is segmented into the Middle East, the Americas, Europe, Asia Pacific, and Africa. The Americas artificial disc replacement market is expected to govern the market due to the secure healthcare sector, growing orthopedic surgeries, implementation of progressive technologies, and promising reimbursement policies. The European artificial disc replacement market is anticipated to be the second major regional market after the Americas region. The influences boosting the evolution of the artificial disc replacement market in this region are collective spending on healthcare, the collective geriatric population in this region, and promising government and regulatory strategies. The Asia Pacific artificial disc replacement market is anticipated to be the fastest mounting market for the duration of the forecast period due to the intensifying use of minimally invasive approaches, growing cases of degenerative disc complaints, and government advantage to deliver value healthcare services at low prices. The artificial disc replacement market in the Middle East & African region is projected to be responsible for the minimum segment of the market owing to the small healthcare sector in the area, underprivileged financial condition, and deficiency of technical knowledge.

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Competitive Analysis

The benefits of mergers and collaborations are likely to be more pronounced in this context as pooling in resources and capabilities can lead to the creation of a stronger competitive advantage for companies in the market. The tumultuous nature of global markets is currently estimated to create significant hindrances in the development of the market in the forecast period. The production technology and processes are estimated to undergo a considerable overhaul to be able to meet the expectations of the new reality in the business domains. The inducement provided by governments is estimated to create a positive outlook for the development of the market in the impending period. The market is estimated to be further motivated by the policies that will be framed to create a conducive working atmosphere in the coming period. The need for innovation and incorporation of more value in products is estimated to induce the global market constructively to expand in the forecast period.

The eminent companies in the artificial disc replacement market are Medtronic, DePuy Spine, Zimmer Biomet, Stryker, Smith & Nephew Plc, Alphatec Spine Inc., Aesculap Implant Systems, LLC, NuVasive, Inc., AxioMed LLC, Joimax GmbH, Globus Medical Inc., Orthofix Inc., and K2M Inc.

Breast Cancer Market: Growth Factors Details for Business Development, Key Companies, Current Trends/Issues/Challenges and Forecast By 2023

 Overview:

The Global Breast Cancer Market is accruing and expected to gain further prominence over the forecast period mainly due to the growing prevalence of the disease, technological advancements and availability of effective treatments. According to a recent study report published by the Market Research Future, The Global Breast Cancer Market is projected to accrue at a rapid pace during the forecast period (2017 – 2023). The Market is forecasted to account for upsurge accretions by 2023with a staggering CAGR of 9.2% during 2017 and 2023. Brest cancer is a type of a cancer developed in breast tissue. Formation of lump in a breast, red patches on the skin are some of the common symptoms of the breast cancer. Obesity, lack of physical exercise, overexposure to radiation and drinking alcohol are some of the risk factor for developing breast cancer.

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According to WHO, it is the second most common type of cancer in women. Every year 200,000 new cases are diagnosed worldwide and this number is continuously increasing. Prevalence of breast cancer is more common in developed countries compared to developing countries.

The Global Top Players for Breast Cancer Industry Mentioned are:

Pfizer (US), Novartis AG (Switzerland), Oncogenex (US), Apthera Inc. (UK), BioNumerik Pharmaceuticals (US), Oncothyreon Inc. (US), Astellas (Japan), Bipar Sciences (US), Puma Biotechnology (US), Sanofi S.A. (US), Eli Lilly and Company (US), AstraZeneca (UK), F. Hoffmann-La Roche (Switzerland), GlaxoSmithKline (UK), Genentech (US), Teva Pharmaceutical Industries (Israel), Sun Pharmaceutical Industries Ltd (India), Accord Healthcare, Inc. (India), Gilead Sciences, Inc. (US), Bristol-Myers Squibb company (US), Actavis, Inc. (US), Hospira, Inc. (US), and Bayer AG (Germany).

Increasing number of females suffering from breast cancer is the major factor for the growth of market. Beside this adoption of unhealthy lifestyle, increasing female geriatric population, exposure to harmful radiation and increasing governmental initiatives also contributed in the growth of the market. As no absolute treatment is available there is a scope for developing the market across the world. While on other hand high cost of the treatment, adverse effects associated with the therapy and long approval time for the drugs are responsible for restraining the growth of the market.

Availability of more medicines, new screening tools gaining traction in breast cancer treatment. The biggest change has been the approvals for treatments and available screening tools. Over the last few years, advent breast cancer treatments have hit the market. So the biggest thing that’s emerged in the last year that’s really impacted the treatment is approval of medications called CDK45 Inhibitors. When used in combination with endocrine therapy for patients with hormone-receptor positive breast cancer, the medications have shown improvements in survival - about 10 months. In addition to promising medications, 3-D digital tomosynthesis imaging has gained traction and became available. Mammography allows for a more clear view of the inside of a breast. It’s particularly useful to see through dense breast tissue. A signed bill into law that allows commercial insurance providers to cover breast screening, including 3-D mammography.

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Breast Cancer Market – Competitive Analysis

Characterized by the presence of several major players, having international recognition; the global market of Breast Cancer appears to be highly fragmented and competitive. Marketers compete based upon price and brand reinforcement. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position.

Breast cancer is the most commonly occurring segment of cancer in women worldwide. The recent reports on cancer confirm the registration of 1.7 million cases of breast cancer. Women populace in the developed countries like U.S, U.K, and Australia are more prone to the breast cancer than in the developing countries. Factors such as lifestyle, age, heredity and also genetic mutations (abnormal changes) are responsible for developing a breast cancer. The high incidence rate worldwide is becoming a major concern and the pharmaceutical companies are increasingly investing in research on breast cancer.

Breast Cancer Market – Segments

The Breast Cancer Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Types: Comprises Invasive Ductal Carcinoma, Invasive Lobular Carcinoma and other.

Segmentation by Treatment : Comprises Chemotherapy (Antimetabolites, Anthracyclines, Taxanes & Alkylating Agents), Surgery & Radiation Therapy, Targeted Therapy (Tyrosine Kinase Inhibitors &Monoclonal Antibodies), Biologic Therapy, Hormone Therapy (selective estrogen-receptor modulators (SERMs), aromatase inhibitors) and other.

Segmentation by End Users: Comprises Hospital Pharmacies, Private Pharmacies and others.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Chemotherapy accounts for the largest share of the market; i.e. 45%.

Breast Cancer Market – Regional Analysis

On regional basis, global breast cancer market is dominated by America. Changing lifestyle and increasing prevalence of breast cancer in America has driven the growth of the market. America breast cancer market is followed by Europe. Technological advances, increased life expectancy and healthcare expenditure of people is responsible for the growth of this market in America and Europe. Asia Pacific is expecting a fastest growth for the market.

Major TOC for Breast Cancer Market Research Report - Global Forecast To 2023:

1 INTRODUCTION

1.1 DEFINITION

1.2 SCOPE OF STUDY

1.2.1 RESEARCH OBJECTIVE

1.2.2 ASSUMPTIONS & LIMITATIONS

1.2.2.1 ASSUMPTIONS

1.2.2.2 LIMITATIONS

1.3 MARKET STRUCTURE:

2 RESEARCH METHODOLOGY

2.1 RESEARCH PROCESS:

2.2 PRIMARY RESEARCH

2.3 SECONDARY RESEARCH:

3 MARKET DYNAMICS

3.1 DRIVERS

3.2 RESTRAINTS

3.3 OPPORTUNITIES

3.4 MACROECONOMIC INDICATORS

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Optogenetic Market: Growth Opportunities, Segmentation, Competitive Landscape and Regional Analysis

  Market Research Future published a Half Cooked research report on “Global Optogenetic Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Optogenetic market-Overview

The field of neuroscience has evolved from last few years due to number of studies done on neurons and other cells in the body. Optogenetics is a biological technique that involves the use of light to control cells in tissues such as the neurons. These cells are genetically modified to express light-sensitive ion channels. It combines methods from optics and genetics. It is used for the monitoring of neurons. There are various products in optogenetics available in the market such as light instruments used, actuators, and sensors.

Optogeneticcs has evolved from last few years with an aim for determining the development of neural circuits. The optogenetic sensors are now being successfully used for studying various phenomenon in neuroscience and enhance the capabilities in the field of neuroscience. The green fluorescent protein (GFP) technique, that has brought a revolutionized change in the field of scientific research and is a part of optogenetics.

Increasing use of growing use of the tool in the field of neuroscience and behavioural science, rapid advancement in technology such as ultrafast laser tools, LEDs, ytterbium-based lasers and others, as well as the increasing number of labs worldwide that have adopted the advanced technology for research. High cost of technology, lack of awareness of the tools in developing countries, reluctance in adoption of new technology by healthcare professionals restrain the growth of the market.

Americas acquire the largest market share in the optogenetics market. The growth of the market is attributed to an increasing research in neuroscience and availability of funds for research and development activities in the U.S. and other American countries. Additionally, the market is shows rapid growth due to the technologies available of cell modifications and other processes in cell biology. Increasing number of research institutes and academic centres as drive the growth of the market.

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Key players in the Optogenetic market:

The global optogenetic market is highly fragmented with the presence of many local players and international players. The main focus of these players is cost reduction and innovation to ensure sustainability. In addition, the international players implemented growth strategies through collaborations and partnerships to expand their overall market share.

Some of the key players operating for the global optogenetic are Coherent Inc. (U.S.), Thorlabs Inc. (U.S.), Laserglow technologies (Canada), Regenxbio Inc. (U.S.), Addgene (U.S.), UPenn Vector Core (U.S.), Jackson Laboratories. (U.S.), Cobalt International Energy, Inc. (U.S.) and others.

Key developments and strategies for key players in optogenetic market:

Strategic approaches adopted help the major players in the market to sustain their growth and develop their business in various geographical areas across the globe. Agreements and collaborations, mergers and acquisitions, and new product launches are various strategies followed by the key players. The key players are engaged in determining new methods and technology that can be applied in the field of neuroscience. Additionally, the market is also driven by key players concentrating on key players in the market. Thorabs Inc., Regenxbio Inc., and Jackson Laboratories are key players that focus of agreement as well as research activities in neuroscience.

Addgene:

Addgene is a global, non-profit plasmid repository dedicated in preparing the useful resources for scientists and researchers. The resources offered by the company are useful for the studies in neuroscience.

Thorlabs Inc.:

• June, 2017: Thorlabs and greenTEG Switzerland-based entered into an agreement to integratie and distribute thermal sensors in the photonics market. As a part of the agreement, Thorlabs will develop a comprehensive Origincal equipment Manufacturer (OEM) strategy for the resale of greenTEG’s thermal sensors in the photonics market segment.

Regenxbio Inc.:

• June, 2017: Regenxbio Inc. announced worldwide license agreement for AveXis for the development and commercialization of gene therapy treatments using REGENXBIO’s NAV AAV9 vector for treatment two rare neurological monogenic disorders.

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Jackson Laboratories:

• June, 2017: Jackson Laboratories announced worldwide preclinical research agreement with Crown Bioscience. The agreement focuses on a global technology platform for Oncology, and Cardiovascular and Metabolic Disease. The agreement will result into an acceleration of to accelerate the rate of pre-clinical research and discovery. The company looks forward to expand in China through strategic clinical genomics research agreement with three groups in China. The collaboration will provide thus, the company will be able to gain access to the clinical expertise of the medical university and its affiliated hospitals.

Doxorubicin Market : Outlook Continues to Remain Positive by 2017 – 2027

  Market Scenario

The global Doxorubicin Market accounts for USD 916.5 million in 2017 and expected to register steady growth rate of 6.5% during the forecast period.

Doxorubicin is a type of chemotherapy medicine called an anthracycline. It is used to reduce or diminish the growth of cancer cells by blocking an enzyme called topo isomerase. Factors that are propelling the growth of the doxorubicin market are surge in geriatric population, rising prevalence of different types of cancer, increasing awareness for cancer treatment. According to the International Federation of Pharmaceutical Manufacturers & Associations, global pharmaceutical industry has spent more than USD 149.8 billion on pharmaceutical Research and development activities.

The various side effects, cost containment policies by various governments, stringent regulatory environment for product approval, are likely to hinder market growth during the forecast period.

Regional Analysis

The American market is expected to dominate the global doxorubicin market during the forecast period due to the presence of major manufacturers, increase in number of cancer cases, awareness for the treatment of cancer, and favorable reimbursement and regulatory authorities. The European market is expected to be the second-largest due to growing pool of cancer patients and rising healthcare expenditure. Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to the increasing geriatric population in countries such as India and China, increasing awareness programs for the treatment of cancer, government initiatives and investment for the development of healthcare sector and increasing number manufacturers finding opportunities in developing countries. The market in the Middle East & Africa is likely to account for the smallest share of the global doxorubicin market.

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Segmentation

The global doxorubicin market has been segmented on the basis of application, and distribution channel.

The application segment is divided into liver cancer, gastric cancer, breast cancer, bone sarcoma, prostate cancer, stomach cancer, ovarian cancer, leukemia and others.

The market, by distribution channel, has been segmented into hospital pharmacy, retail pharmacy and others.

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Key Players

Some of the key players in the global Doxorubicin market are Doxorubicin market are Pfizer, Inc, Sun Pharmaceutical Industries Ltd., Janssen Pharmaceuticals, Accord Healthcare, Novartis AG, Sandoz, Dr. Reddy’s Laboratories Ltd., Teva Pharmaceuticals, GLENMARK PHARMACEUTICALS LTD. and various others

Healthcare Electronic Data Interchange (EDI) Market to Undertake Strapping Growth During 2023

  The Healthcare Electronic Data Interchange (EDI) Market is growing continually. Market growth is driven by the rising adoption of EDI for operational intelligence and performance management. Besides, factors such as the augmenting demand for digitization and automation of documents and transactions drive the growth of the market excellently. Moreover, the rising burden to minimize healthcare document processing costs escalates the market growth to furthered height.

According to Market Research Future (MRFR), the global healthcare electronic data interchange (EDI) market is estimated to grow at 8.8% CAGR throughout the anticipated period (2018 – 2023). In 2017, the market had reached a valuation of USD 2674 MN. Certainly, the rising global economy plays a causal role in the development of the market. Rising government support for healthcare IT developments and the implementation of favorable funding policies propel the growth of the healthcare EDI market.

On the flip side, the high implementation cost of EDI software and data security concerns are major factors predicted to impede the growth of the market. Also, the hesitancy of practitioners to switch conventional methods can hinder market growth over the forecast period. Nevertheless, rising awareness about the benefits associated with EDI software and the increasing adoption of EDI software by pharmaceutical companies would support the market growth throughout the estimated period.

 

Global Healthcare EDI Market – Segmentation

The report is segmented into five dynamics;

By Component   : Software and Services.

By Delivery Mode: EDI Value Added Network (VAN), Web and Cloud-based EDI, Direct (Point-to-Point) EDI, Mobile EDI, and others.

By Transaction   : Payment & Remittance Advance, Claims & Encounters, Eligibility Inquiry & Response, Claim Status & Response, Claim Attachments, Enrollments, Referral Certification & Authorization, and others.

By End User        : Healthcare Payers& Providers, Pharmaceutical & Medical Device Industries, and others.

By Regions       : Americas, Europe, Asia Pacific, and Rest-of-the-World.

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Healthcare Electronic Data Interchange Market – Regional Analysis

North America dominates the global healthcare electronic data interchange (EDI) market. The largest market share attributes to the rising healthcare expenditure and rising usages of medical devices in various treatments. Besides, factors such as the presence of many notable industry players and advanced healthcare infrastructures in the region drive the growth of the market. Moreover, increasing technological advances in EDI software fosters regional market growth. The North American healthcare EDI market is anticipated to retain its leading position in the global market throughout the review period.

Europe stands second in the global healthcare electronic data interchange (EDI) market. The market is driven by the higher rates of hospitalization, presence of advanced medical devices industry, especially in Germany, and increasing healthcare expenditures. Additionally, rising usages of information technology in healthcare and government funding and favorable policy implementation propel market growth. The European healthcare EDI market is anticipated to create a substantial revenue pocket over the assessment period.

The Asia Pacific healthcare electronic data interchange (EDI) market is brisk. Factors such as the rising spending on information technology and rapid technological advances boost the regional market growth. Moreover, rising awareness about healthcare electronic data interchange software increases the size of the regional market. Also, augmented penetration of smartphones and the demand for energy-efficient devices influence the regional market growth.

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Global Healthcare EDI Market – Competitive Analysis

Highly competitive, the healthcare electronic data interchange market appears fragmented with many large & small-scale players, alongside new entrants forming a competitive landscape. Industry players make substantial investments to drive R&D and to meet their expansion plans. To gain a larger competitive share, these players initiate strategic partnerships and collaborations.

They acquire promising companies from emerging regions to expand their global footprints. Managing the cost of raw materials remains a top priority for manufacturers. Coping with these pricing fluctuations of raw materials is expected to continue throughout the forecast period. Companies are seeking new ways to mitigate risks associated with raw materials instability.

Major Players: 

Players leading the global healthcare EDI market include GE Healthcare, Cognizant, McKesson Corporation, Allscripts Healthcare Solutions Inc., Optum, Inc., Siemens Healthineers, The SSI Group, LLC, ZirMed Inc., Schreiner Group, Experian Information Solutions, Inc., Passport Health Communications, Emdeon Inc., and HealthFusion, among others.

Industry/ Innovation/Related News: 

April 29, 2020 —- Edifecs Inc. (the US), a leading healthcare technology company, announced a partnership with the Commonwealth of Pennsylvania to Provide EDI module services. Edifecs’ EDI module is the first of its kind focused module in compliance with the 2020 MMIS Platform Project Certification. Pennsylvania’s Commonwealth and Department of Human Services would implement its purpose-built electronic data interchange (EDI) solution. Edifecs’ EDI Module would help the Commonwealth modernize and achieve the Medicaid Management Information Systems (MMIS) help in timely, accurate, complete, outcomes (TACO).

Healthcare Chatbots Market Size Industry Analysis, Share, Growth, Trends and Forecast 2023

 

Overview:

The global Healthcare Chatbots Market is estimated to garner nearly USD 316.85 million by 2023, states Market Research Future (MRFR) in its latest report. It can experience 21.10% CAGR over the forecast period (2018-2023) owing to the adoption of automated processes to alleviate workflow in the healthcare sector.

Rising number of healthcare mobile applications users is expected to drive the market demand exponentially till 2023. According to the survey by HIMSS Mobile Technology Survey in 2015, nearly 180 healthcare providers engage patients via mobile apps. This has also been approved by doctors and hospitals. In addition, rising prevalence of chronic diseases is expected to induce the need for chatbots which can fetch health-related data of patients and assist with rapid diagnosis. Cancer patients and their caregivers increasingly rely on virtual assistants for medications and additional assistance.

Increased in funding in research and development for evolving virtual assistants is likely to boost the healthcare chatbots market. Companies are receiving wherewithal from governments to handle the patient volume and improve the existing healthcare infrastructure. Recently, the state government of Karnataka, India promised nearly USD 281 million to artificial intelligence (AI) startups. The paucity of skilled physicians is projected to spur the healthcare chatbots market till 2023.

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Segmentation:

The healthcare chatbots market is segmented by component, deployment, application, and end-user.

By component, software held 82.1% market share in 2017, while services accounted for 17.9% share. The software segment is expected to exhibit 21.40% CAGR over the forecast period to accrue nearly USD 264.07 million for the healthcare chatbots market till 2023. The ability of the software to provide relevant and unbiased data fueled by artificial intelligence (AI) and natural language processing (NLP) is likely to boost the segment’s growth. On the other hand, services can generate close to USD 52.77 million by 2023.

Deployment-wise, the on-premise segment had captured 64.6% of the healthcare chatbots market in 2017, while cloud-based retained 35.4%. On-premise has benefits of efficiency and customization for providing personalized care services. In addition, the lowered operational expenditure costs with on-premise makes it lucrative for end-users. The segment can attain a valuation of USD 203.36 million by 2023. On the other hand, cloud-based deployment can accumulate close to USD 113.48 million by 2023 owing to easy retrieval of clinical and non-clinical data records and their storage.

On the basis of application, medication assistance accounted for 85% share in 2017, while appointment scheduling & medical guidance held 15% share. The former can double its valuation from USD 85.43 million in 2017 to USD 268.60 million by 2023. This can be attributed to the use of healthcare chatbots for tackling patient engagement and organizing healthcare records. While the latter can accumulate USD 48.25 million by 2023 owing to the use of virtual assistants for reducing response times.

By end-users, patients held 58.4% share in 2017, followed by healthcare providers (28.7%), insurance companies (8.5%), and others (4.4%). Patients are projected to be the biggest end-user of the healthcare chatbots market till 2023 owing to the need for real-time diagnosis. In addition, bots can alert patients to take medications on time and report in case of missed dosage ensuring the continued health of patients. Healthcare providers can exhibit 21.34% CAGR to accrue USD 92.11 million by 2023.

Regional Analysis:

Region-wise segmentation of the healthcare chatbots market includes Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). Europe dominated the market in 2017 with 40.3% share, followed by North America (36.4%), APAC (19%), and MEA (4.3%).

The European region is expected to generate close to USD 129.36 million for the market by 2023. Increasing prevalence of chronic diseases and adoption of bots to mitigate the burden of hospitals is likely to boost the regional healthcare chatbots market revenue. In addition, investments to expedite the development of artificial intelligence can facilitate market growth.

The Americas healthcare chatbots market can touch a value of USD 117.18 million by 2023 at a robust CAGR of 21.46% during the forecast period. Increased funding for AI and adoption of chatbots to enhance the existing medical infrastructure are factors projected to boost the market growth.

The APAC region is expected to exhibit 21.16% CAGR during the assessment period to generate USD 60.48 million by 2023. This is evident due to initiatives by governments in the region to accelerate development of AI. In addition, drug manufactures are developing their own chatbot to deal with various queries as exemplified by the development of ‘ANYA’ by Lupin.

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Competitive Analysis:

Major players in the healthcare chatbots market are Buoy Health, Inc. (U.S.), GYANT.COM, Inc. (U.S.), Woebot Labs, Inc. (U.S.), Babylon Health (U.K.), Your.MD (U.K.), Infermedica (Poland), HealthTap, Inc. (U.S.), PACT Care BV (The Netherlands), Ada Health GmbH (Germany), and Sensely, Inc. (U.S.).