The emergence of Internet-based payment platforms such as Apple Pay and Android Pay are slowly supplementing the debit/credit card culture, and solving the issue of a time-consuming hunt for an ATM in the vicinity. Eventually, the rise of cashless transactions, which are commonly carried out with the use of the Internet, has been laying the foundation for emerging trends in the payment kiosk landscape in the healthcare sector.
The adoption of payment kiosks is increasing in the healthcare sector, accounting for over one-fourth revenue share of the health kiosk market. 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 health kiosk market. Furthermore, with the advent of 5G, individuals who are the helm of hospital payment kiosks would be benefited by the efficiency of enhanced speed and faster payments.
The desire to embrace digitization is growing across healthcare organizations, and this will bring about newer efficiencies in payment transactions and record keeping, which will boost the demand for payment health kiosks within the hospital sector. With healthcare organizations focusing on improving customer experience through various means, including 5G-integrated, cashless payment kiosks, it is also enabling them to reduce costs using technology, and improve the productivity and efficiency of their business models.
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Remote Health Diagnostic Kiosk – Medicines On-the-Go
The health kiosk market is expected to witness exponential growth at a staggering CAGR of ~18% through 2019-2027. In 2018, the market recorded sales of ~432 thousand units, reaching a valuation of ~US$ 474 million, and with increasing digitalization in the healthcare industry, the health kiosk market is set to grow 4x by 2027. Portable diagnostic kiosks are gaining immense popularity, as they enhance user experience, allow patients to administer tests on themselves, and send feedback to doctors for early diagnosis and prognosis.
The impact of a remote health diagnostic kiosk on the market space is advantageous, and a key growth factor for manufacturers who want to carve a niche for themselves. Health kiosks that are connected to cloud-based servers and store critical patient are growing in popularity across the healthcare industry. This functionality is integrated with pharmacies who act instantaneously and prescribe medicines on the basis of authentic prescriptions and timely payments. Insights gained from such a robust functionality is increased patient-doctor engagement, efficient hospital administration, and a time-saving and cost-effective strategy for emerging market players in the health kiosk landscape.
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Technology Continues to Remain the Driving Engine for the Health Kiosk Market
Technological advancements contribute to the growth of the health kiosk market by transforming the operations of various types of health kiosks, such as wayfinding kiosks and patient check-in kiosks. Wayfinding health kiosks are a smart strategy and a tech-savvy solution to improve user experience, and allow patients to traverse and navigate incredibly large facilities with ease. Most of these kiosks are user-friendly, interactive, and give patients a feeling of well-being, safety, and security in a stressful environment, such as that of a hospital or a clinic.
Most patients look at healthcare check-ins with a certain degree of ambivalence and wariness. With the advent of technology, it is no longer necessary for them to go through tedious and time-consuming paperwork. Self-serving, patient check-in health kiosks are disrupting traditional modalities, and are emerging as efficient and new-age solution, propelling the health kiosk market in a positive direction.
Enhanced efficiency and reduced wait time are associated with digital health kiosks. The digital health kiosk market place also holds the distinction of providing highly secure and personalized access to patients. Smooth integration between a back-end office and a patient’s access to electronic health care records is boosting the retail commerce of health kiosks, worldwide.
The Americans with Disability Act has further streamlined the process for designing digital health kiosks that are compatible with end users with hearing sight and mobility restrictions. Increased ergonomics and accessibility to all sections of the population will continue to create new opportunities for stakeholders in the health kiosk market.
Aspire Ventures, an AI provider, recently announced that it introduced an AI-powered kiosk – Connexion, which caters to NBA athletes. Connexion, as a kiosk, joins multiple sensors with AI, and produces detailed health assessments of each player, telling them where they lack on physical parameters, and gives recommendations for healthcare. Such innovations can enable manufacturers to expand their operations in a niche field such as AI, increase their customer base, and enhance their revenue margins.
Although they are still in their nascent stage, Virtual and Augmented Reality are exhibiting tremendous promise in the health kiosk market on the basis of screen-based applications. This will certainly aid market players in expanding applications with the use of such interactive kiosks.