According to the current analysis by Emergen Research, the global market for healthcare chatbots is projected to be worth USD 594.8 million by 2027. Over the forecast period, the market for healthcare chatbots is expected to expand exponentially. The rise in demand for chatbots apps is due to the increase in internet penetration and the use of intelligent well-being devices, as well as increasing awareness of diagnostic and treatment self-monitoring techniques. Market growth is expected to be driven further by the increasing need for virtual health assistance. A lack of expertise in the development of chatbots is anticipated to hinder the market growth during the forecast timeline.
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Key Highlights from the Report:
- The software sub-segment is expected to dominate the market with a CAGR of 20.5% during the forecast timeframe. Segmental growth is expected to be fueled by the growth of diverse applications for patients and health care providers.
- With a CAGR of 20.5%, the healthcare provider sub-segment accounted for the largest market over the forecast period. Healthcare facilities manage important medical records, such as patient information, hospital inventory, billing records, and patient medical records. By offering interactive assistance for healthcare facility activities, increasing patient flows in hospitals and clinics will generate tremendous demand for healthcare chatbot applications
- Over the forecast period, North America is expected to have the biggest market. Insurance providers such as Medicaid and Medicare are reducing the cost of operating procedures that result in inflows from clinics and outpatient surgery services.
- Nuance Communications acquired mCarbon Tech Innovations, the Noida-based mobile value-added services company for USD 36 million in February 2017. This tailored deal for Nuance is expected to further expand its current value-added services and subscription business services portfolio, which is, at present, distributed over Northern America, Latin America, Europe, and Australia, and boost its services in Africa, India, and Southeast Asia.
- Woebot Labs, a mental health AI platform, bagged USD 8 million in Series A funding in March 2018. New Enterprise Associates led the funding round, and Andrew Ng’s AI Fund also participated.
- Barcelona-based Inbenta Technologies raised USD 6.5 million in 2019 to expand its AI-powered customer service platform internationally in Europe, the U.S., and Japan.
- Berlin-based Ada Health, a key firm in the healthcare chatbots market that operates as an ‘Alexa for health,’ raised a USD 47 million funding round led by Access Industries, the global investment group of Len Blavatnik. June Fund and Berlin-based Cumberland VC joined the round as well.
- Key participants include Nuance Communications, Inc., Ada Health GmbH, HealthTap, Inc., Synthetix Ltd., Woebot Labs, Inbenta Technologies Inc., Infermedica, PACT Care BV, Baidu, Inc., and Next IT Corporation, among others.
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Healthcare Chatbots Market Segmentation:
Emergen Research has segmented the Global Healthcare Chatbots Market on the basis of deployment, component, application, end-user, and region:
Deployment Outlook (Revenue, USD Million; 2017-2027)
Component Outlook (Revenue, USD Million; 2017-2027)
Application Outlook (Revenue, USD Million; 2017-2027)
- Appointment Scheduling & Medical Guidance
- Symptom checking & Medication Assistance
End-User Outlook (Revenue, USD Million; 2017-2027)
- Healthcare Providers
- Insurance Companies
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Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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