Smart Card In Healthcare Market Size To Reach $2.46 Billion By 2028: Grand View Research, Inc.
SAN FRANCISCO, June 28, 2021 /PRNewswire/ -- The global smart card in healthcare market size is expected to reach USD 2.46 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.4% from 2021 to 2028. Growing initiatives by market players and governments of various countries for the implementation of smart cards in the healthcare system are fueling market growth. Furthermore, compliance with smart cards with HIPAA as well as ARRA is expected to boost the market growth.
Key Insights & Findings:
- By product type, the contactless segment held the dominant share of over 28.0% in 2020 owing to its high demand globally
- Based on component, the microcontroller-based smart cards segment held the largest share of more than 55.0% in 2020 owing to the portability and large memory capabilities of these smart cards
- In 2020, Europe held the dominant share of over 30.0% owing to the presence of major market players in the region and government initiatives to implement smart cards in the healthcare system
- Asia Pacific held the second-largest revenue share in 2020 and is expected to witness the fastest growth over the forecast period. The growing digitalization of healthcare systems in countries, such as India, is fueling the market growth
- North America is expected to witness lucrative growth over the forecast period owing to the technologically advanced healthcare infrastructure, paired with favorable government initiatives
Read 163 page market research report, "Smart Card In Healthcare Market Size, Share & Trends Analysis Report By Product Type (Hybrid, Contactless, Contact-based, Dual-interface), By Component (Memory-card Based, Microcontroller Based), By Region, And Segment Forecasts, 2021 - 2028", By Grand View Research.
Similar to other markets, the market for smart card in healthcare has also been significantly affected by COVID-19. Some of the major impacts of COVID-19 on the market include supply chain disruptions, a decline in sales, and low demand. Companies such as Thales Group reported flat growth in their smart cards product segment. Therefore, the overall impact of COVID-19 on the market was neutral.
The flexibility provided by smart cards to securely add information to a patient healthcare card after its issuance is expected to boost the market growth. This factor delivers various benefits for healthcare applications. Patient prescriptions can be written to the card, providing up-to-date information when a patient is receiving medical care from multiple providers or in an emergency; patient record identification or multiple patient identification numbers can be saved to the smart card, enabling record exchange as well as helping with care coordination amongst multiple healthcare providers; and patient healthcare information can be saved to and updated on the card by certified healthcare providers, with updated information available for both the healthcare providers and patient to access.
The market is fairly competitive owing to the presence of the most notable participants, along with other manufacturers of smart cards for healthcare applications. These players are involved in new product launches, acquisitions, and partnerships to gain a competitive advantage over each other. For instance, in March 2020, CardLogix Corporation launched a new edition of BIOSID, a rugged biometric tablet solution. With this, it expanded its product portfolio.
Grand View Research has segmented the global smart card in healthcare market on the basis of product type, component, and region:
- Smart Card In Healthcare Product Type Outlook (Revenue, USD Million, 2016 - 2028)
- Hybrid
- Contactless
- Contact-based
- Dual-interface
- Smart Card In Healthcare Component Outlook (Revenue, USD Million, 2016 - 2028)
- Memory-card Based
- Microcontroller Based
- Smart Card In Healthcare Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Smart Card In Healthcare Market
- Atos SE
- Giesecke+Devrient GmbH
- Infineon Technologies AB
- NXP Semiconductors
- Texas Instruments Incorporated
- Thales Group
- CardLogix Corporation
- IDenticard Systems
Find more research reports on Global Healthcare IT Industry, by Grand View Research:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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