Cashless Kiosks Integrated with 5G are Revolutionizing the Health Kiosk Landscape
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.
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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.
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.
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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.
Health Kiosks Raise Security Red Flags
The convenience and practicality associated with the usage of kiosks is not without its disadvantages, as it comes with IT- and security-related risks that pose a challenge to manufacturers, and could restrict market growth. The evolution of payment technologies and cashless solutions has also enhanced user awareness about their perceived risks. Kiosks are prone to running outdated software with missing security pockets, posing a security risk. Such risks, if not mitigated in time, could severely enhance user wariness, reduce the usage of kiosks, and negatively impact the growth of the health kiosk sector.
Scrutinizing the Competitive Landscape
Leading market players showcase a fairly consolidated market space, and have established their strong hold across the globe, owing to their strategies of mergers, partnerships & acquisitions, strong collaborations with leading technological companies, and delivery of high quality products. Some of them are also adopting talent acquisition strategies such as inclusion and diversity promotion.
Emerging market players, such as Xiphias Group and Zivelo, are constantly innovating with intense focus on research and development activities that are channelized towards the development of newer technologies in the kiosk market, competitive pricing, and strategic partnerships. In June 2019, Xiphias introduced an IoT-based self-checkout kiosk that facilitates the patient self-registration process, thus offering myriad benefits to healthcare departments by enhancing communication between medical functionaries and patients.
In May 2019, Kiosk maker Zivelo collaborated with Dell Technologies, a deal which will allow Dell to buy Zivelo’s growing range of digital solutions as an OEM strategy. By tapping into Dell’s brand persona and its unrivalled reputation as a global reseller, Zivelo intends to expand its product portfolio in various verticals such as hospitality, banking, retail, and healthcare.
Analysts’ View Point
A comprehensive view of the health kiosk market has led our analysts to conclude that, the market is growing at a moderately-fast rate, with North America and Europe emerging as leading regions for the global demand for health kiosks. The rising demand of health kiosks and their versatile usage in diverse facilities such as hospitals, clinics, laboratories, and pharma stores are spurring their demand.
The impact of digitization on the health kiosk market will remain high, globally, fueling the demand for health kiosks due to enhanced user experience and increased cost savings. The incorporation of digital signage is spurring the demand for health kiosks. Strong financial collaborations, strategic partnerships, and technological innovations of key market players will also give impetus to the health kiosk industry.
Technological breakthroughs such as wayfinding health kiosks, AI-powered kiosks, and kiosks that use cloud storage could provide timely succor as an efficient data management and time-saving strategy, thereby increasing the profit margins of market players. Companies with research & development capabilities and technological prowess will gather momentum and profitability in the health kiosk market.
Leading players who are leveraging technology will continue to grow exponentially and have a vast market revenue share. However, the exponentially increasing costs of installation and concerns surrounding the cyber security of sensitive patient data could restrain the growth of the health kiosk market.
Health Kiosk Market in Brief
- The global health kiosk market is expected to register a CAGR of ~1% between 2019 and 2027. The global health kiosk market is projected to be driven by the digitization of healthcare facilities.
- The global health kiosk market is expected to reach a value of ~US$ 2 Bn by 2027, from ~US$ 550 Mn in 2019.
- The Americas holds a major share of the health kiosk market, and is anticipated to dominate the market during the forecast period, followed by Europe.
- The Americas remains the leading region in the health kiosk market, with revenues in 2019 estimated at ~US$ 200 Mn.
- The health kiosk markets in Asia Pacific and the Middle East & Africa are also expected to experience moderate growth during the forecast period.
- Asia Pacific is projected to expand at the highest CAGR in the global health kiosk market during the forecast period.
Health Kiosk Market – Definition
- The health kiosk market report provides analysis of the global health kiosk market for the period 2017 – 2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The study on the health kiosk market would help clients in understanding the adoption analysis of health kiosks among different sizes and verticals of hospitals for patient experience enhancements.
- Health kiosks are universally adopted across various industries to eliminate the tedious manual process at hospitals, and give patients a better and digitized experience. Health kiosks address the requirements of patients, seeking to develop a user-friendly hospital environment for patients and follow good business practices.
The Americas Health Kiosk Market – Snapshot
The Americas is seen as the growth hub for new technology-driven enterprise business models, for its start-up ecosystem, and quick adoption of technology solutions by enterprises in the region. For the same reason, the Americas is expected to see the highest opportunity addition for the health kiosk market, globally, with Europe being the next closest region.
Health Kiosk Market – Competitive Landscape
- In May 2019, ZIVELO entered into a strategic partnership with Dell Technologies, which allowed ZIVELO digital solutions to be part of the OEM Solution Portfolio of Dell EMC. This is expected to help the company expand its market by reaching out to customers of Dell. Thus, the company is aiming to expand its customer base with this alliance.
- In October 2017, Olea Kiosk Inc. entered into a partnership with AMD Global Telemedicine Inc. to deliver customized kiosks for telehealth applications that can be used for chronic disease management, healthcare screening, wellness programs, and occupational health clinics. The increasing trend of self-service products is driving the adoption of healthcare kiosks.
Health Kiosk Market – Company Profile Snapshot
- Diebold Nixdorf, Inc.:- Diebold Nixdorf, Inc. provides connected commerce solutions to financial institutions and retailers in North America, Asia Pacific, Europe, the Middle East, Africa, and Latin America. The company was formerly known as Diebold Incorporated, and changed its name to Diebold Nixdorf, Inc. in December 2016. Its products and service portfolio includes integrated technology solutions, self-service kiosks, and ATM terminals.
- Fabcon, Inc.:- Fabcon, Inc. is a precision sheet metal fabricator and contract manufacturer, and offers solutions across the retail, entertainment, food service, hospitality, aerospace, medical, telecom, electronics, automotive, government, and finance industries. The company’s product and service portfolio includes creative products (Digiboo kiosks, entertainment kiosks, bike rental kiosks, casino kiosks, movie kiosks, wall-mount kiosks, etc.), precision products (aerospace seat brackets, wedge bonderw, telecom assemblies, medical test equipment, payment kiosks, chassis, etc.), and system products (server cabinets, printing plate processors, gas dryers, air conditioned chillers, UV cure conveyors, etc.)
- NCR Corporation:- NCR Corporation offers omni-channel technology solutions to the retail, hospitality, telecommunication, and financial services sectors. The company’s key offerings include automated teller machines (ATMs), point of sale (POS) terminals and devices, self-service kiosks, omni-channel platform software, and other software applications. The company owns 1,280 U.S patents. It enables nearly 700 million transactions daily across retail, financial, travel, hospitality, telecom and technology, and small businesses. The company offers a range of self-service kiosks that have a wide range of applications in different industries
Other major players operating in the global health kiosk market and profiled in the report include –
- Olea Kiosk Inc.
- Kiosk Information Systems
- Meridian Kiosks
- Glory Ltd.
- JCM Global
- and XIPHIAS Group
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