Globally there are many dominating players operating in this market. The Americas and the European region are a hub for major companies, generating maximum market share which has turned these regions into well-established markets. These companies have expanded their operating units in various other regions as well. Moreover, there are other small and medium scale players that generate revenue from local markets.
The above diagram displays the market ranking position of companies in the global healthcare chatbots market for2017. The global healthcare chatbots market is led by Your.MD (UK) followed by Buoy Health (US), Ada health GmbH (Germany), and Sensely (US).
Your.MD (UK) is one of the leading players in the healthcare chatbots market. The company focuses on offering technologically-advanced healthcare chatbot platforms. The company concentrates on developing advanced technological products and services in the market by increasing funding for healthcare chatbot platforms. For instance, in 2017, Your.MD (UK) raised USD 10 million for the development of technologically-advanced healthcare chatbots. This funding supports the firm to maintain its leading market position in the healthcare chatbots market.
Buoy Health (US) held the second largest share in the global healthcare chatbots market. The company is focused on maintaining its position by continuously raising funds for the development of healthcare-based chatbot platforms. Moreover, in 2017, the company raised around USD 6.7 million for research and development of artificial intelligence technology products and services which enhances the growth of Buoy Health in the healthcare chatbots market.
Ada health GmbH (Germany) held the third largest share in the market. The company develops and offers artificial intelligence-based chatbots in the market. The company offers ‘Ada - Your Health Guide” application in the healthcare chatbots market. This app serves in more than 130 countries.
Sensely Inc. (US) held the fourth largest share in the market. The company offers ‘Sensely” application in the healthcare chatbots market. This app maintains its position due to its wide services across the globe.
Bargaining Power of Suppliers
The suppliers in the global healthcare chatbots market are the developers of the healthcare chatbots software, and services. At present, there is huge availability of suppliers in the global healthcare chatbots market. However, this number is expected to grow during the projected period, contributing to a moderate-high bargaining power of the suppliers in the market.
Bargaining Power of Buyers
The bargaining power of buyers is moderate-low in the global healthcare chatbots market. The market consists of a limited number of buyers including various, hospitals, clinics, and others. Furthermore, the market is characterized by a moderate-high degree of brand identity. The buyers can exert moderate-low pressure on the market players for the delivery of high-quality healthcare chatbots software, platforms, and devices followed by after sales services.
Threat of New Entrants
The threat of new entrants is moderate in the global healthcare chatbots market. Any healthcare chatbots software, platform, and device developing company trying to enter the market is required to accept and abide by the mandatory regulatory standards. The healthcare chatbots market is characterized by a reasonable degree of brand loyalty. However, increasing use of software and technology in the healthcare industry is influencing many start-ups to take a keen interest in the field of healthcare IT.
Threat of Substitutes
The threat of substitutes in the global healthcare chatbots market is low. This can be attributed to the limited availability of products, and brand loyalty for major market players. The loyalty in the market is seen in terms of quality products and services delivered.
Rivalry
The intensity of rivalry in the healthcare chatbots market is moderate. A medium degree of product differentiation among existing players is increasing the intensity of rivalry in the market. Healthcare chatbots service companies are trying to develop less expensive platforms, so as to make healthcare chatbots set-ups affordable. The players in the market are more focused on developing advanced software and related platforms to overcome their rivals.
