Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Healthcare Chatbots Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, Feb. 11, 2021 (GLOBE NEWSWIRE) — The Global Healthcare Chatbots Market is expected to grow at a CAGR of around 23.3% from 2020 to 2027 and reach the market value of over US$ 624.4 Mn by 2027.
Chatbot or a digital personal assistant in healthcare helps physicians, nurses, patients, or concern families. Healthcare chatbots can connect patients with clinicians for diagnosis or treatment. Moreover, the future is likely to shift patients towards the chatbots for their health questions as these will provide relief to the patients by deducting their efforts for connecting with the nurses or any medical professional by visiting. According to the Crunchbase analysis, VCs have invested more than US$800 million in at least 14 known startups that offer some version of a chatbot with health features, whereas the startups include OneRemission, Youper, Safedrugbot, Babylon Health, Florence, Your.MD, Ada Health, Sensely, Buoy Health, Infermedica, GYANT, and Cancer Chatbot.
The market is segmented based on component, deployment, application, end-user, and geography. Based on the components, the market is divided into software and services. Based on deployment, market segments include healthcare chatbots on-premise and cloud-based.
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Healthcare chatbots have applications across symptom checking & medical assistance, appointment scheduling, and medical guidance. Moreover, the end-user of healthcare chatbots include patients, healthcare providers, insurance companies, and others (medical assistance provider companies, pharmacies, and third-party organizations).
Based on components, the software is the leading segment in the healthcare chatbots market. The increasing number of startups and the rising interest of healthcare providers and payers in digital technology are driving the market growth. The increasing funding initiatives for the startups is to provide support for the development of advanced technology solutions.
North America is projected to experience the fastest growth during the forecast period in the healthcare chatbots market. The presence of major players, as well as well-established healthcare infrastructure and the population, is highly involved in adopting advance and newer technology solutions is the factor bolstering the regional market growth. The major developed economies of the region including US and Canada are contributing to the regional market value.
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Some of the leading competitors are Ada Health GmbH (Germany), Babylon Health (U.K.), Buoy Health, Inc. (U.S.), GYANT.COM, Inc. (U.S.), HealthTap, Inc. (U.S.), Infermedica (Poland), PACT Care BV (The Netherlands), Sensely, Inc. (US), Woebot Labs, Inc. (U.S.), Your.MD (U.K.), and others. Healthcare Chatbots companies have announced strategic mergers and acquisitions, partnership & collaboration, and new product development to expand their position in the healthcare chatbots industry. Major players are also expanding into new regions along with their advanced technologies for gaining a competitive advantage along with the increased market share.
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Some of the key observations regarding healthcare chatbots industry include:
- Bupa, a UK based insurance provider has entered into a partnership with Babylon (UK) in June 2018. The strategic partnership is intended to provide artificial intelligence-powered health services to all its corporate business clients. The end-users can now access around-the-clock health advice through Bupa particularly in the United Kingdom.
- HealthTap, Inc, a US-based company has also entered into a partnership with Bupa (UK) in January 2018. HealthTap’s proprietary Health Operating System (HOPES) and its AI-powered apps enable Bupa’s digital experiences by incorporating enhance speed, convenience, and quality of care for its customers.
- Baidu (China) has acquired Kitt.ai (US) in July 2017, particularly to provide developers with a platform to build chatbots based on Artificial Intelligence (AI) and Natural Language Processing (NLP) technology.
- Bupa (an international health insurance and healthcare group) has also entered into a strategic partnership with Babylon Health in June 2018 particularly to offer artificial intelligence (AI) powered health services to its corporate clients. This strategic partnership is intended to enhance the customer base of both companies.
- Baidu has acquired Kitt.ai in July 2017 to provide developers a platform for building chatbots based on Natural Language Processing (NLP) and Artificial Intelligence (AI) technology. This strategic acquisition would help in the development of the company as well as intended to expand its customer base.
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