Healthcare Biometrics Market to Rise at CAGR of 15.5% During Forecast Period, Notes TMR Study

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Mar 24, 2022, 09:30 ET

Emergence of fraudulent patient identities, patient protection, and overburden of healthcare scams have prompted healthcare stakeholders to use biometrics
Growing desire to save healthcare costs by lowering the risk of data breaches and theft of medical identity through utilization of biometrics is likely to push the adoption of biometric systems in the healthcare industry

ALBANY, N.Y., March 24, 2022 /PRNewswire/ -- The value of global healthcare biometrics market stood at US$ 22.92 Bn in 2020. The global market is likely to rise at a CAGR of 15.5% during the forecast period, from 2021 to 2028. The global healthcare biometrics market is anticipated to attain the valuation of US$ 74.08 Bn by 2028. 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.

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Key Findings of Market Report

In the near future, companies that spend heavily in designing automated biometric systems with higher precision and response speed are likely to reap larger rewards. The launch of novel products at a lower cost as well as demonstrating the benefits and improved capabilities of biometric security solutions at webcasts, trade shows, laboratories, conferences, and laboratories is expected to boost the growth of the global healthcare biometrics market in the near future.
Rapid technical improvements in healthcare infrastructure, increase in accuracy and performance levels, and decline in complexity and cost of biometric equipment are estimated to drive biometric usage in the healthcare industry
Based on technology, the fingerprint recognition technology is considered the most widely utilized biometric technology, accounting for more than half of the biometrics industry by 2020. Emergence of portable fingerprint scanners as well as its usefulness in the healthcare industry, and presence of a broad range of fingerprint recognition devices, are likely to spell growth for this category in the years to come.
North America dominates the global healthcare biometrics market. Such dominance is due to the widespread adoption of healthcare fraud detection technologies and the enforcement of laws such as HIPAA (Health Insurance Portability and Accountability Act) in the U.S. The healthcare biometrics market in North America is being driven by the growing adoption of biometrics in key medical disciplines and its proven efficacy in research labs, clinical laboratories, hospitals, and other healthcare institutions.

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Global Healthcare Biometrics Market: Growth Drivers

Biometrics effectively addresses the problems of password authentication by combining improved security and user comfort. Since the user does not need to carry any special devices or constantly remember passwords, biometrics are hassle-free. Such advantages are anticipated to propel the global market during the forecast period.
Biometric identity solutions are becoming more popular as a way to prevent and reduce healthcare fraud and waste. It is used to better the quality, safety, and privacy of healthcare set ups, thereby resulting in market growth.

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Global Healthcare Biometrics Market: Key Players

Some of the key market players are

Cross Match Technologies, Inc.
Bio-Key International, Inc.
Siemens AG.
DigitalPersona, Inc.
M Cogent, Inc.
M2SYS LLC

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Global Healthcare Biometrics Market: Segmentation

Technology

Fingerprint
Vein
Face
Iris
Voice
Hand
Signature
Others

Application

Logical Access Control
Physical Access Control
Transaction Authentication

Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:

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Healthcare Data Storage Market: Surge in the data generated by healthcare organizations around the world is likely to push the demand opportunities in the global healthcare data storage market during the forecast period of 2021 to 2031. Flash & solid-state storage and magnetic storage are the two product types available in the market for healthcare data storage market.

Health Insurance Exchange Market: As the incidence of chronic diseases increases worldwide, the need for continuing healthcare will put a stress on individuals who can ill afford advanced healthcare. The healthcare exchange here helps people choose the best options and hence is expected to grow over the period of 2020 to 2030.

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