Global Healthcare Biometrics Market Overview
The key driver impacting the healthcare biometrics market is the growing incidence of healthcare data breaches and medical identity theft. For instance, In U.S, over 15 million health records have been compromised by data breaches, as per the health and human services breach report. According to the Identity Theft Resource Center’s (ITRC) Data Breach Report (2019), around 525 medical and healthcare data breaches occurred in 2019, revealing over 39 million sensitive records. The healthcare and medical sector had the second-highest number of breaches and exposed sensitive records of all the sectors tracked by the ITRC. The rising number of healthcare care data breach cases is expected to create a massive demand for biometric technology in the medical industry to collect patient data and registration data. Moreover, the growing technological advancements in the biometric healthcare industry contribute to the healthcare biometrics market growth in the coming years.
According to Value Market Research, the global healthcare biometrics market size was valued at around USD 3000 million in 2020 and is estimated to grow at a CAGR of about 20% during the forecast period 2021 to 2027.
The high implementation of government initiatives encouraging the adoption of biometrics in healthcare is estimated to augment healthcare biometrics needs in the forecast period. For instance, In January 2014, the European Union’s Justice Commissioner asked for hefty fines for companies that break European data privacy laws. In the U.S. Health Insurance Portability and Accountability Act of 1996 (HIPAA) was started in healthcare clearinghouses, healthcare providers, health plans, who hands-on Electronic Protected Health Information (EPHI)as a part of their business. They are obligated to utilize reasonable and appropriate levels of security to control access to EPH. Also, in 2014, the government of India started a new database facility known as the Aadhar Card under the National Health Assurance Mission. The Indian government utilized its national Aadhaar biometric database to employ its universal healthcare program. It is the largest biometric ID system globally. However, the high cost of biometric devices may hamper the market in the long run. Also, the issues related to the use of biometric technologies negatively impact the market. The current industry trends, such as contactless biometric authentication and Integration of biometric solutions in healthcare set-ups in emerging economies, are expected to offer new market opportunities for the key players.
The healthcare biometrics market is vast, with many local and global players. The healthcare biometrics market is extensive, with many regional and international players. The key market players follow several strategies to improve their market position, such as amalgamation, extending product portfolio, contracts, acquisitions, product upgrades to enlarge their market share across the globe. For instance, In April 2016, Suprema, Inc. launched BioStation L2, time-attendance, and comprehensive access control solution with a fingerprint terminal. It is a mid-range device that can be utilized to support enterprise-level requirements at a reasonable cost. The important players studied in the report are NEC Corporation, Fujitsu, 3M, MorphoTrust, Imprivata, Inc., Hitachi Ltd., Suprema, Crossmatch, BIO-key International, Hitachi Ltd., Integrated Biometrics, Genkey Solutions B.V., Agnitio, Qualcomm Technologies, Inc, Suprema, and Nuance Communications, Inc.
In this research report, the healthcare biometrics market is segmented by technology, application, and region.
Analysis by Technology
By technology, the report is categorized into face recognition, iris recognition, hand recognition, voice recognition, fingerprint recognition, vein recognition, and signature recognition. The fingerprint recognition segment dominates the route of the administration segment with over 30% share in 2020. It is due to the wide adoption and higher reliability, fingerprint recognition. Moreover, the high-security facility provided by the DNA analysis system is expected to facilitate the growth of the electroencephalogram and DNA-based recognition technology, thus contribute to the face recognition segment growth in the forecast period.
Analysis by Application:
By application, the report is categorized into medical record security & data center security, patient identification & tracking, care provider authentication, pharmacy dispensing, and home/remote patient monitoring, and others (includes narcotic security and counter insurance frauds). Patient identification & tracking dominates the application segment with over 25% share in 2020. It is due to its vast adoption of biometric techniques in tracking and identifying patients by healthcare institutions to lower the chances of hacking and fraudulent claims. Moreover, biometrics helps physicians keep track of the patients' medical history and the associated treatments provided, thus contributing to the high market demand for patient identification & tracking application in the forecast period.
Analysis by Region:
In the regional outlook of the global healthcare biometrics market, the North American region dominates globally with a 40% market share in the forecast period. It is due to the high adoption of technologically advanced biometric systems to collect patient data and registration data. The rising number of frauds and criminal cases occurring in the healthcare sector across the U.S. is likely to create more market demand in the coming years. Moreover, the growing establishment of new healthcare facilities such as hospitals and clinics contributes to market growth across North America.
Market Segmentation covered in the Report:
- Face Recognition
- Iris Recognition
- Hand Recognition
- Voice Recognition
- Fingerprint Recognition
- Vein Recognition
- Signature Recognition
- Patient Identification & Tracking
- Medical Record Security & Data Center Security
- Care provider authentication
- Home/remote patient monitoring
- Pharmacy dispensing
- Others (Includes narcotic security and counter insurance frauds)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.