Artificial intelligence and machine learning to generate greater growth opportunities for hand hygiene companies, finds Frost & Sullivan
SANTA CLARA, Calif., Jan. 22, 2020 /CNW/ -- Due to the high cost of hospital stays, caregivers are increasingly shifting from hand wash and infection control to multi-institution research collaboration to combat hospital-acquired infection (HAI). The market is likely to be dominated by technologies and devices that induce behavioral changes through efficient, accurate, and repetitive hand hygiene training. While the hand hygiene solution market is expected to grow from $1.47 billion in 2018 to $1.98 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%, the hand hygiene device market is likely to grow from $66.8 million to $90.5 million at a CAGR of 6.4%.
"Hand hygiene market participants will be seeking alliances with artificial intelligence (AI) companies to incorporate effective models for compliance and sustainability. Most partnerships and M&A will be multimodular collaborations to enhance quantitative and qualitative measures," said Bejoy Daniel, Senior Industry Analyst, Transformational Health. "Furthermore, customizable offerings for various care centers to address different objectives using computer vision and deep learning will greatly help reduce HAIs."
Frost & Sullivan's recent analysis, US and EU5 Hand Hygiene Compliance Monitoring Solution Market, Forecast to 2023, discusses the AI and digital trends driving the adoption of hospital hand hygiene and compliance monitoring solutions. It analyzes the product segments of hand hygiene solutions (hand wash, hand disinfectant, and surgical hand antisepsis) and hand hygiene devices (dispensers and compliance monitoring solutions). The geographic sectors covered include the United States and EU5 (France, Germany, Italy, Spain, and the United Kingdom).
For further information on this analysis, please visit: http://frost.ly/3yq.
"By 2023, more than 40% of participants and healthcare providers in the hand hygiene space would have enhanced their capabilities with machine learning and AI algorithms to deliver coaching and training capabilities," noted Daniel. "Besides, the adoption of automated compliance monitoring solutions will help hospitals across the globe ensure a 50% prevention rate for HAIs by 2023, enabling cost savings of approximately $15 billion to $18 billion per year."
In addition to developing multifunctional healthcare networks, hand hygiene companies can boost their market share by seizing the growth opportunities presented by:
- Creating software or camera technology that analyzes hand movements, hand-washing techniques, and metrics to evaluate how the process fared.
- Forming partnerships with medical device and technology companies to help synergize comprehensive products and services across a larger customer base.
- Introducing gamification to increase adoption.
- Offering device-agnostic integration, which will facilitate seamless capturing of data. IT vendors may leverage this data to design and develop monitoring solutions that bring down the high rates of HAI.
- Building new, scalable business models that incorporate both virtual health and telehealth.
- Embracing technologies that help improve patient engagement and drive collaboration between providers, payers, and patients.
- Providing predictive analytics to help doctors make data-driven decisions.
US and EU5 Hand Hygiene Compliance Monitoring Solution Market, Forecast to 2023 is part of Frost & Sullivan's global Transformational Health Growth Partnership Service program.
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SOURCE Frost & Sullivan