About Chatbots in Healthcare
Chatbots in Healthcare are computer programs that simulate human conversation using machine learning. They are designed to interact and perform tasks such as providing solutions, assisting patients, medical advisory, and email, among others. They aid in minimizing complexity by automating repetitive lower-level tasks of healthcare personnel. Chatbots acquire and store patient data, assist in monitoring patients, and provide informational support to ensure instant medical help. It wins patient trust, increases patient engagement, handles queries, as well as provides updates. Immense advancement in AI technology in healthcare and high penetration of internet connectivity is propelling the growth of the global healthcare chatbots market.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key competitors in this market adopt various artificial intelligence technology to enhance their service capabilities and offerings. The company’s ability to rapidly develop and launch innovative products drives robust engagement through investments and helps in establishing strategic and profitable relationships with global brands. For instance, Woebot Health raised USD 90 million in Series B funding, thereby contributing to the company’s overall USD 114 million investment. Apart from this, profitable acquisitions and mergers as well as mutual partnerships helps firms maintain their competitive edge. Analyst at AMA Research estimates that European Players will contribute the maximum growth to Global Chatbots in Healthcare market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Baidu, Inc. (China), Microsoft (United States), Sensely Inc. (United States), Woebot Labs, Inc. (United States), Your.MD Limited (United Kingdom), HealthTap, Inc. (United States), Babylon Health Services (United Kingdom), Buoy Health, Inc. (United States), Infermedica SP (Poland) and PACT Care BV (Netherlands) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are ADA Digital Health, Ltd. (Germany) and Relinns Technologies Pvt. Ltd. (India).
Segmentation Overview
AMA Research has segmented the market of Global Chatbots in Healthcare market by and Region.
On the basis of geography, the market of Chatbots in Healthcare has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End-User , the sub-segment i.e. Healthcare Payers and Providers will boost the Chatbots in Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component , the sub-segment i.e. Services will boost the Chatbots in Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. On-Premise will boost the Chatbots in Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Application, the sub-segment i.e. Medical Assistance will boost the Chatbots in Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Surge in Internet Penetration across Healthcare Facilities and Emerging Use of Conversational AI-Powered Chatbot
Market Growth Drivers:
Rising Government Expenditure in Incorporating AI in Primary Healthcare Facilities and Rising Adoption of Smartphone Devices Coupled with Growing Internet Penetration
Challenges:
Low Technological Adoption and Awareness and Lack of Skilled Workforce
Restraints:
Increasing Concerns with Regards to Data Privacy and User Understanding and Challenges Associated with Data Integration and Usability
Opportunities:
Increasing Demand for Virtual Health Assistance
Market Leaders and their expansionary development strategies
In April 2021, Microsoft announced the acquisition of Nuance Communications, an AI and speech recognition software provider for USD 16 million. This acquisition will aid in the expansion of its healthcare technology services. Nuance Communications offers a wide array of speech and text data related to healthcare.
In March 2022, Woebot Health secured a USD 9.5 million investment from Leaps by Bayer. This investment adds to the existing USD 123 million company’s funding. This greatly accelerated the development of the start-up’s AO-powered chatbot for healthcare and other products.
Key Target Audience
Healthcare IT Solution Providers, Healthcare IT Vendors, Hospitals and Physician Offices, Diagnostic Laboratories, Government Institutes, Potential Venture Capitalists and Investors, Research and Development Institutes, Market Research & Consulting Firms, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.