Patient Self-Service Kiosk Market Expected to Grow at a CAGR of 16.19% During Forecast Period

Author : univdatos
Publish Date : 2021-04-13 09:19:07
Patient Self-Service Kiosk Market Expected to Grow at a CAGR of 16.19% During Forecast Period

Global Patient Self-Service Kiosk Market is expected to reach the market valuation of US$ 1,637.5 million by 2026 expanding at a reasonable CAGR of 16.19% during the forecast period (2021-2026) from US$ 558.5 million in 2019. Self-service healthcare kiosks perform a multitude of tasks, enabling the healthcare staff to focus on what’s most important such as patient care. Self-service kiosks enhance patient satisfaction, improve service delivery, increase efficiency, and strengthen employee morale by acting as a bridge of communication between patients and providers' front and back-office operations. With self-service kiosks healthcare organizations significantly streamline and improve the processes at every visit.

The various factors driving the patient self-service kiosks market include the reduction in patient waiting time, fewer errors, and easier payment methods. However, a higher preference for building basic healthcare and lack of awareness in eastern parts are expected to hinder the growth of the patient self-service kiosk market. Self-service kiosks are the interactive digital touchscreens that patients utilize to carry out tasks without requiring assistance. They can engender a raft of powerful benefits in healthcare settings, at low cost, and with little complicated integration. Kiosks offer a relatively straightforward, low-cost implementation when compared to many other service-improvement offerings, such as Computerized Physician Order Entry (CPOE), Electronic Records Management (ERM), and e-prescribing.

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Healthcare clients including Johns Hopkins, Baylor Health, Kaiser, Banner Healthcare, Mt. Sinai Hospital, Johnson & Johnson, and Pfizer all have tapped for self-service kiosks based on the company's ability to realize the ideal kiosk solution for each of their unique healthcare environments. A lot of healthcare center administrators may be hesitant because of the initial cost of the hospital kiosk deployment. While there is a cost to implementing a kiosk, the return on investment is great. “For instance, in just 15 months, a children’s hospital in the Midwest collected US$ 1.3 million from 15 self-service kiosks installed in its lobby, which helped to enhance the hospital’s revenue cycle and improve the bottom line”.

Touch Screen and Internet Kiosks are the two major types of kiosks. Based on type, the market is fragmented into touch screen and internet kiosks. The internet kiosks dominated the market generating revenue of US$ 411.1 million in 2019 and is expected to maintain its dominance during the forecast period. The Internet of Medical Technologies ecosystem expansion is paving the way for other new technologies too, such as kiosks that provide connectivity to care providers. These kiosks further enable clinicians to monitor and treat patients remotely which is an ever-growing need for patients in rural communities as they struggle to recruit and retain medical specialists.

The mobility segment is bifurcated into freestanding, mobile, wall-mounted, and countertop. In 2019, freestanding kiosks dominated the market and generated a revenue of US$ 356.6 million owing to be the most recognizable type when the informational and branding content presentation is desired. These kiosks are ideal for various applications such as wayfinding assistance, patient check-in, collection of co-payments, and outstanding balances. However, mobile kiosks are anticipated to witness the highest CAGR during the forecast period (2021-2026).

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Based on the application type, the market is segmented into self-check-in, floor map and department navigation, prescription order refilling, and updating and collection of co-payments. Collection of Co-payments segment dominated the market with a share of 32.2% in 2019 as it allows patients to check-in, scan their insurance card, and pay their copay before getting seated in the waiting room. A significant amount of copayments accounting for 80-90% are being conducted at the kiosks. However, self-check-in kiosks are anticipated to witness the highest CAGR during the analyzed period.

The self-service kiosks are being utilized by several end-users such as hospitals and clinics, laboratories, and pharma clinics. In 2019, the hospitals and clinics dominated the market and generated revenue of US$ 383.6 million in 2019 and is expected to maintain its dominance during the forecast period. The patient self-service kiosks in hospitals help streamline administrative tasks like hospital registration and payment, reduce costs for the facility, and also decreases the waiting time for patients. Utilizing electronic kiosks reduces data entry errors made by an administrative staff while increasing the time for hospital staff to focus on patient experience. However, the pharma stores segment is expected to witness the highest CAGR growth during the forecast period 2021-2026.

Additionally, the report provides detailed initiatives that are being taken in the field of patient self-service kiosks. The market is classified into distinct regions including North America (US, Canada, Rest of North America), Europe (Germany, UK, Rest of Europe), Asia-Pacific (China, Japan, Rest of Asia-Pacific), and Rest of World has been conducted. North America dominated the market and generated revenue of US$ 205.2 million in 2019 owing to the introduction of the Disability Act there, which has further streamlined the process for designing digital health kiosks that are compatible with end-users with hearing sight and mobility restrictions. However, Asia-Pacific is expected to witness the highest CAGR growth of 18.12% during the forecast period 2021-2026.

IBM Corporation, Clearwave Corporation, Fabcon, Inc., SlabbKiosks, KIOSK Information Systems Inc., Phoenix Kiosk Inc., RedyRef Interactive Kiosks, EMBROSS Group Pty Ltd, Advantech Co., Ltd., Meridian Kiosks LLC are some of the prominent players operating in the global patient self-service kiosk market. Several M&A’s along with partnerships have been undertaken by these players to develop patient self-service kiosks.

Global Patient Self-Service Kiosk Market Segmentation

Market Insight, by Type

  • Touch Screen
  • Internet

Market Insight, by Mobility

  • Freestanding
  • Mobile
  • Wall-mounted and countertop

Market Insight, by Applications

  • Self-Check-In
  • Floor Map and Department Navigation
  • Prescription Order Refilling and Updating
  • Collection of Co-payments
  • Others

Market Insight, by End-User

  • Hospitals & Clinics
  • Laboratories
  • Pharma Stores

Market Insight, by Region

  • North America
    • United States
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • United Kingdom
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • Rest of Asia-Pacific
  • Rest of World

Top Company Profiles

  • IBM Corporation
  • Clearwave Corporation
  • Fabcon, Inc.
  • SlabbKiosks
  • KIOSK Information Systems
  • Phoenix Kiosk Inc.
  • RedyRef Interactive Kiosks
  • EMBROSS Group Pty Ltd.
  • Advantech Co., Ltd.
  • Meridian Kiosks LLC

The Patient Self-Service Kiosk Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

About Us:

UnivDatos Market Insights (UMI), is a passionate market research firm and a subsidiary of Universal Data Solutions. Rigorous secondary and primary research on the market is our USP, hence information presented in our reports is based on facts and realistic assumptions. We have worked with 200+ global clients, including some of the fortune 500 companies. Our clientele praises us for quality of insights, In-depth analysis, custom research abilities and detailed market segmentation.

Category : business

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