Medical Kiosk Market Growth & Trends
The global medical kiosk market size is expected to reach USD 3.8 billion by 2030, exhibiting a CAGR of 14.8% during the forecast period according to a new report by Grand View Research, Inc. The growth is driven by factors such as improved customer experience and increased demand for self-service in hospitals and clinics. Furthermore, innovations in touchscreen displays and streamlining of various hospital processes such as bill payments, and patient registration are propelling the industry’s growth.
Digital health ATMs are associated with increased productivity and reduced wait time. It provides patients with highly secure and individualized access. It offers smooth integration between a back-end office and a patient’s access to electronic health care records, which is boosting the market growth. Apart from this, increasing focus on startup funding, mergers, and acquisitions are anticipated to bode well with the market. For example, in January 2022, Babylon Health acquired Higi Health, an emerging player in the health kiosk industry, to support a fundamental healthcare delivery transformation.
The COVID-19 pandemic has altered the manner of interaction, as end-users are now more concerned with safety and virus prevention. Consequently, consumers have gravitated toward the adoption of health ATMs owing to their role in infection prevention, particularly in healthcare facilities. In several nations, self-service kiosks are used to make the medical environment safe and secure.
As a result of COVID-19, funding for telehealth kiosks has increased. Under the Coronavirus Aid, Relief, and Economic Security Act, the U.S. federal government has allocated USD 200 million to help health care providers expand telehealth services by offsetting the cost of providing these services. According to the Federal Communications Commission, the government has approved 539 applications for funding in 47 states and Washington, D.C. in 2020. As a result, numerous organizations are developing a new strategy that incorporates digitization, which is anticipated to stimulate the expansion of the market.
Medical Kiosk Market Report Highlights
- Based on type, the self-service kiosk segment accounted for the largest revenue share in 2021. Increasing installation in healthcare facilities and strong government support are factors attributable to the growth of the segment
- In terms of location, the hospitals segment accounted for the largest revenue share in 2021. The segment is expected to maintain its dominance throughout the forecast period owing to advantages such as cost savings, decreased ER visits, and reduced work burden of healthcare staff
- North America dominated the market in terms of revenue share in 2021 due to the high acceptance of advanced technology, rapid adoption of virtual visits, and the increasing number of manufacturers in the region
- The Asia Pacific region is expected to witness remarkable growth during the forecast period. High patient population, increasing installations in and out of hospitals, and rising awareness about the benefits of health ATMs are poised to surge the market in the Asia Pacific
- Increasing collaboration between manufacturers, hospitals, and pharmacies is expected to support the growth of the market. In July 2018, Rite Aid Pharmacies announced a partnership with California-based telemedicine provider InTouch Health. Under the terms of the agreement, the company will provide its virtual care platform for kiosks across Rite Aid’s pharmacies