Massive Potential for the Asia Pacific Patient Infotainment Systems Market
A new analysis by Verify Markets shows the Asia Pacific patient infotainment systems market was valued at $47.6 million in 2016 and is expected to reach revenues over $960.0 million by 2023, growing at a CAGR of 53.6 percent during the forecast period. Hospitals and clinics held the largest segment of market share in 2016 while the aged care and home care segment is expected to register the highest growth rate during the forecast period.
The Asia Pacific patient infotainment systems market will experience proliferation in hospitals. The rapidly aging population in major countries including China, Japan and Australia has driven this circumstance considerably. In addition, a rise in medical tourism across Asian countries and technological advancement in the healthcare industry are expected to provide lucrative opportunities for market growth. However, there is a lack of supportive infrastructure in tier 2 and tier 3 hospitals, and the high entry cost of the patient infotainment systems will hinder market growth.
The Asia Pacific patient infotainment systems market has been segmented by point of installation and screen size. The customers include hospitals & clinics, laboratories & diagnostic centers and home & elderly care facilities. For 2016, hospitals and clinics comprised more than 50 percent of overall market share. Furthermore, private hospitals are aggressively deploying patient infotainment systems to make patient stays more comfortable and convenient. Patient infotainment systems are perceived as a luxury healthcare service and the product is currently priced high, with display costs ranging from $750 to over $1,500, not including the cost of installation and annual maintenance. As such, the deployment of patient infotainment systems in private hospitals has been limited to exclusive rooms. This high initial cost has limited growth. However, with scale, display prices should decrease making initial purchases more palatable. The small screen has dominated the market in 2016 and is expected to continue to dominate during our forecast period. Due to its lightweight and portability, small screen size patient infotainment systems are preferred in the healthcare industry.
Some of the key companies covered in this report include Advantech Co., Ltd., ARBOR Technology Co., Ltd., BEWATEC Kommunikationstechnik GmbH, BARCO and Onyx Healthcare All Inc. This report provides an in-depth analysis of the overall Asia Pacific patient infotainment systems market. The report captures various market dynamics such as growth drivers, restraints, trends, market landscape, and provides strategic recommendations.