Synergies between Automotive and Healthcare Industries Create Exciting Opportunities for Vehicle Manufacturers
New business models and Innovating to Zero drive the adoption of HWW features in automobiles, says Frost & Sullivan
MOUNTAIN VIEW, Calif., Nov. 11, 2015 /PRNewswire/ -- Dynamic consumer trends, preferences and safety bulletins have ensured automotive original equipment manufacturers (OEMs) stay ahead of the curve in feature innovation. The automotive industry is currently drawing synergies from healthcare and other allied industries to offer novel health, wellness and wellbeing (HWW) features in future vehicles. Multiple vendors and stakeholders bring different strengths to a new value chain, creating a diverse ecosystem for healthcare solutions.
Analysis from Frost & Sullivan, Car as A Doctor - Automotive Industry Embracing In-car Health Monitoring and Wellbeing (https://www.frost.com/q295543940), examines and provides forecasts for HWW features in automobiles. It identifies strategies and opportunities for growth, determines the influence of technology and classifies the stakeholders in the market. The study features a comparative analysis of key global OEMs' strategies of incorporating health monitoring features in cars as standard, optional or advanced features. Finally, it presents case studies of the HWW features offered by leading OEMs and makes actionable recommendations.
For complimentary access to more information on this research, please visit: http://bit.ly/1PUtBFy.
"The trend of integrating HWW feature in cars has been fueled by the shifting of healthcare service delivery outside of hospitals," said Frost & Sullivan Automotive & Transportation Program Manager Vishwas Shankar. "Eventually, smart homes and smart cars are expected to become new points of delivery for measuring, monitoring, basic diagnosing and communicating health parameters with individuals."
Automotive OEMs are aiming to Innovate to Zero by leveraging technologies in autonomous driving and advanced driver assistance systems (ADAS). The advances in concepts such as vehicle to vehicle (V2V) and vehicle to infrastructure (V2I) connectivity are expected to make zero emissions, zero accidents and zero fatalities a distinct possibility.
Automakers are also developing cars capable of anticipating a driver's heart attack, bringing the vehicle to a safe halt and alerting doctors. Mass market automobile OEMs such as Ford, and Toyota luxury segment OEMs such as BMW and Audi, are among the prominent automakers working towards the provision of HWW features in their next-generation products.
Already, the European New Car Assessment Programme (Euro NCAP) and National Highway Traffic Safety Administration (NHTSA) are striving to assess and standardize safety technologies in cars.
The opportunities notwithstanding the new ecosystem for HWW in the auto industry and the determination of the roles of stakeholders pose challenges in the initial stages. According to Frost & Sullivan, non-critical automotive features such as reconfigurable seats and mood lighting are likely to have penetration rates of 30 percent to 40 percent by 2018. Meanwhile, critical functionalities such as blood pressure monitoring are anticipated to have penetration rates of less than five percent by 2025.
Additionally, the inherent privacy and security concerns in mHealth as well as stringent Food and Drug Administration (FDA) regulation and oversights may hinder the use of medical devices in vehicles.
"Ultimately, OEMs' competence in surviving market nascence, building partnerships, engaging customers and structuring business models to include healthcare elements will separate the innovators from the also-rans," noted Barua.
Car as A Doctor - Automotive Industry Embracing In-car Health Monitoring and Wellbeing is part of the Automotive & Transportation (http://ww2.frost.com/research/industry/automotive-transportation) Growth Partnership Service program. Frost & Sullivan's related studies include: Chassis System Electrification and Active Safety Integration, Car Parc Database—ASEAN, Connected Fleets in Europe—Trends and Evolving Market Environment, Move Aside Apple and Google! Alibaba is Entering the Connected Car Space, and Women in Cars—Overtaking Men on the Fast Lane. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Car as A Doctor - Automotive Industry Embracing In-car Health Monitoring and Wellbeing
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SOURCE Frost & Sullivan
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