Medical Kiosk Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Medical Kiosk Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Medical Kiosk Market is expected to register a CAGR of 14.6% over the forecast period, 2022-2027.

COVID-19 pandemic has had a substantial impact on the medical kiosk market. The COVID-19 Reception Kiosk was created by United Kingdom-based Elephant Kiosks in response to the COVID-19 pandemic and functioned as the first point of contact for visitors and personnel in care homes, offices, schools, and other public locations. A COVID-19 questionnaire, contactless temperature readings, and email notifications to managers or the front desk are all included. It can be used to facilitate contact tracing and complies with infection control recommendations. Thus, the market is expected to gain traction due to the significant increase in the use of medical kiosk globally.

The market is expanding as AI-enabled kiosks become more popular in the healthcare sector. Medical kiosks linked to cloud-based services and essential patient storage are becoming increasingly common in the healthcare sector. This usefulness is coordinated with the pharmacies that act promptly, in accordance with valid prescriptions, and in accordance with convenient installment plans for the required medications. Knowledge gained from such robust functionality has increased patient-doctor involvement, improved hospital management, and provided emerging market companies with a timely and cost-effective solution in the medical Kiosks scene.

The major element that will affect the market growth rate is the rise in digitization across healthcare organizations. The market for Medical Kiosks is also expanding because of the rising number of payment kiosks in the healthcare industry, the introduction of 5G in hospital kiosks, which will benefit from improved speed and faster payment efficacy, and other important considerations. Additionally, a hospital kiosk that uses increasing biometrics and facial recognition technology as a significant trend will support market growth.

Self- service kiosk plays a crucial role in the hospital by installing health ATM installed in the institution which help in cutting costs by no longer utilizing paper, forms filling, and mountains of paperwork shifting to get patient's information because of self-check-ins. Additionally, it enables nurses to spend more time on patient care and less time on office work. Thus, adaption of health kiosk will support market growth. For instance, according to HealthEC, LLC report 2021, the Alliance for Integrated Care of New York's (AICNY) inpatient spending declined by 6% throughout the year's first three quarters. The installation of tele-triage kiosks reduced ER visits by 11% and hospital admissions by 7% in group homes for adults with intellectual and developmental disabilities. 80% fewer patients who use telemedicine kiosks will need to go to the emergency room. Thus, the market is expected to gain traction due to the significant increase in the utilization of Medical Kiosk.

Therefore, the factors mentioned above are attributed collectively to the studied market growth over the forecast period. However, risk related to IT and security and strict rules and regulations is expected to hinder the market growth over the forecast period.

Key Market TrendsPayment kiosk is Expected to Witness High Growth Over the Forecast Period

Payment kiosk provides complete financial solutions for hospital bill payment automation, money transfer & electronic payment self-service kiosks. Payment Kiosks is found to hold the largest share which can be attributed to the penetration of touch screen technology across various industries and rising government and private investment and Corporate Social Responsibility (CSR) activities contribute to adopting health ATMs.

The ability of hospital kiosks to accept payments using biometrics and facial recognition along with the introduction of 5G, those in charge of hospital payment kiosks will profit from the effectiveness of speedier payments and better speed. Healthcare businesses are becoming more eager to adopt digitalization, which will lead to improved payment and record-keeping efficiency and increase demand for payment kiosks in the hospital industry. Healthcare firms are able to use technology to cut costs and increase productivity and efficiency of their business models as a result of their focus on enhancing the customer experience through multiple channels, such as cashless payment kiosks coupled with 5G. For instance, according to Aila Technologies, Inc. report published in November 2019, major healthcare providers like LabCorp and Health Canada rely on Aila’s Interactive Kiosk to streamline check-in, verification, and payments. According to the company’s Q1 2019 earnings the survey shows the point of service an overall approval rating of 88% and a check-in rate of 94%. Accepting payments using biometrics and facial recognition through a hospital kiosk is emerging as a key trend that is likely to drive the growth of the medical Kiosk market.

North America is Expected to Dominate the Medical Kiosk Market

North America is expected to dominate the market owing to factors such as strategic presence of major players, technological advancements, and growing demand for digital health. According to the Kiosk Marketplace Census Report 2020, the United States is home to more than half of all hardware manufacturers. Due to its startup ecosystem and the quick uptake of technological solutions by local companies, North America is seen as the growth hub for innovative technology-driven enterprise business models. It is believed that this will present prospects for regional growth.

Designing digital Medical Kiosks that are usable by end users with hearing, vision, and mobility limitations has become easier owing to the Americans with Disability Act. For market participants in Medical Kiosks, improved ergonomics and accessibility to all demographic groups will continue to create new opportunity. Biometric Health Kiosk operator announces a United Kingdom-based AI chatbot Babylon Health that led a USD 30 million Series B in United States-based Higi that will develop digital assessment capabilities. Higi’s kiosks allow users to measure and track metrics and has a presence within five miles of 73% of the United States population. More than 62 million people have completed over 335 million biometric assessments. With United States healthcare system is too expensive to access, these medical kiosks will make healthcare more accessible to people by providing services at these locations encouraging the growth for the regional market.

Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The medical Kiosk Market is consolidated in nature due to the presence of few companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known include Fabcon, Inc., Meridian Kiosks, VeriFone, Inc., XIPHIAS Software Technologies, RedyRef Interactive Kiosks, imageHOLDERS, KIOSK Information Systems, ADVANCED KIOSKS, JCM Global, Frank Mayer and Associates, Inc., Kiosks4business Ltd., DynaTouch Corporation, and Olea Kiosks Inc. among others.

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