Healthcare Biometrics Market Size to Hit US$ 84.08 Billion by 2030

According Nova one advisor, the global Healthcare Biometrics market is valued at US$ 26.02  billion in 2021 and it is expected to grow at a CAGR of 18.1% during the forecast period (2022-2030) The demand in the Healthcare Biometrics market is projected to reach a valuation of US$ 79 billion by the end of 2030.

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Healthcare institutions all around the world are increasingly focusing on integrating biometric security solutions for patient authentication and linking them to the patients' electronic health records systems. Biometrics has several different advantages, including medical management, efficient and secure data collection, inventory theft reduction, and integrity of patients' identity. These benefits are likely to foster growth of the global market in the years to come.

Biometrics permits a patient's data to be matched with minimal risk of mistake, and it prevents patient information from being mixed up, which can have major consequences for the patient's well-being and health. Furthermore, patient protection, elimination of fake patient identities, and drop in the load of medical frauds, as well as the security of medical information, have prompted individuals in the healthcare business to choose biometrics solutions.

Key Takeaways:

• North America has contributed highest market share of over 41% in 2021
• Europe region has contributed market share of over 34% in 2021
• By end users, the hospitals segment is anticipated to reach at a CAGR of 6.5% from 2022 to 2030
• Multi factor authentication segment is expected to grow at a CAGR of 7.1% from 2022 to 2030
• The healthcare institution segment is anticipated to reach at a CAGR of 17.4% from 2022 to 2030

Report Scope of the Healthcare Biometrics Market 

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Report Highlights

• On the basis of technology, the fingerprint identification system has dominated the segment as a result of its rapid use in the health care as well as the other systems. It is the most commonly seen security scanner in the leading multinational companies and big hospitals which have adopted advanced technologies to provide a better service to the consumers.
• On the basis of end user, the hospitals from the largest market for the healthcare biometrics as the requirement of a better security system is important in order to protect the patient data and hospital information which is highly confidential.
• On the basis of region, the North American market has shown the largest revenue return as a result of its Rapid adoption of advanced technologies in order to provide the best service to the people. The huge number of healthcare facilities that are offered to the people attracts a huge crowd to the health care centers. Hence the requirement off an advanced security system rises, which is readily fulfilled by the healthcare biometric system.

Market dynamics

Drivers

The active support which is provided by the government to the health care system has encouraged the use of modern technologies in order to provide an excellent service to the population and in turn obtain a better revenue return from the market. After the occurrence of the pandemic the number of fraud cases seen in the healthcare system has increased immensely which needs to be controlled with the help of modern technology. The problem of fraud patient identity was on a rise due to the huge number of patients that turned to the hospital as a result of mass infection, hence the need for sorting out the required individual out of the crowd became extremely important. The use of healthcare biometrics helps to perform the needful by restricting the patient that a leak and other fraud cases. Theft of medical identity has also increased to a great extent which proves to be a driving factor for the growth of the market during the forecast period. These multiple reasons prove to be the driving forces for the growth of the market during the forecast period.

Restraints

The cost of the healthcare biometric system is considerably high which imposes an additional investment on the management of the hospitals and clinics. As a result of this, a higher cost of treatment is imposed on the patients which makes the entire healthcare system very costly. This proves to be a restraining factor for the growth of the market. Multiple issues are faced while using a biometric scanner which are difficult to rectify by the human operator. Errors while presenting the individual information to the system leads to an error in the final result, and creating a discomfort for the user. A physical disability of the user proves to be of barrier for the artificial intelligence of the health care biometric system which creates difficulties for the consumer. Since these systems make use of electrical energy, constant power outages in the developing nations prove to be a restraining factor for the market. These multiple reasons prove to be the restraining factors for the growth of the market.

Opportunities

The adoption of a contactless biometric system proves to be a great opportunity for the growth of the market. Technologies such as face recognition and retina scan are adopted by the big companies and hospitals in order to modernize their system and provide the best possible security to patient data and hospital information. The developing countries are readily accepting the use of the biometric system in order to match with the advanced facilities provided by the developed nations. This proves to be an opportunity for the healthcare biometric system for expanding its limits globally. These multiple reasons proved to be great opportunities for the market growth.

Challenges

The biometric data and information that has been recorded into the system needs to be protected too in order to have a secured security system. Frauds in the field of information technology lead to the hacking of digital information from the system which proves to be a threat to the biometric medical identification data. Loss of such important information will prove to be a great threat to the society. Supply of constant electric power to the biometric system becomes a challenging factor for the developing economies as the problems of constant power outages are still faced by them. These factors prove to be the challenges posed in front of the market.

Recent developments

• The latest technologies such as the ECG and EEG R4 scene to boost her the size of the market. These techniques help the system to trace the brain of the individual along with the patterns of the heart which help to increase the resistance against fraud.
• Globally most of the banks are opting for the biometrics system in order to authenticate their client base. The customers expect prompt and easily accessible services provided by the bank in order to save time. The registration of password does not fulfill the needs of the consumers, hence the introduction of biometrics is considered to be a feasible solution. The FDW alliance entered into a collaboration with the security road maps in order to strengthen the authentication process by making use of voice recognition, facial recognition, iris scanner and fingerprint scanner. 

Some of the prominent players in the Healthcare Biometrics market include:

• Bio-Key International
• DigitalPersona
• 3M Cogent
• NEC Corporation
• Suprema
• Siemens AG.
• M2SYS LLC
• Cross Match Technologies

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:

• By Technology
  • Single-factor Authentication, by Technology
    • Face Recognition
    • Fingerprint Recognition
    • Iris Recognition
    • Vein Recognition
    • Palm Geometry Recognition
    • Behavioral Recognition
  • Signature Recognition
  • Voice Recognition
  • Other Behavioral Recognition
    • Other authentication technologies [DNA analysis, retina analysis, ECG/EEG analysis])
  • Single-factor Authentication, by Type
    • Contact Biometrics
    • Non-contact Biometrics
  • Multi-factor Authentication, by Type
  • Multimodal Authentication, by Type
    • Two-factor Biometrics
    • Three-factor Biometrics
  By Application
  • Logical Access Control
  • Physical Access Control
  • Transaction Authentication
  By End User
  • Hospitals & Clinics
  • Respiratory Distress Syndrome
  • Healthcare Institutions
  • Research & Clinical Laboratories

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