Healthcare Biometrics Market to grow at a Whopping 22.3% CAGR with Prestigious Players like Fujitsu Limited, 3M Cogent, BioEnable Technologies, etc. Declares MRFR till 2022

Healthcare Biometrics Market
Market Research Future published a cooked research report on “Global Healthcare Biometrics Market Research Report – The report aims to provide an overview of Healthcare Biometrics Market Report. By Major Industry Trends, Business Analysis, Major Segments and Sub segments. Outlook till 2023

The Global Healthcare Biometrics Market is proliferating with the increasing awareness about safety and security of patients’ details and personal data (medical/non-medical).  The expanding application of biometrics devices in the healthcare sector and other data and growing healthcare infrastructure are driving the market growth for healthcare biometrics tools.

Considering the rapid expansions the market perceives currently and the potential of the market to grow further, Market Research Future (MRFR) recently published a study report, giving out market forecast up to 2022. In its analysis, MRFR asserts that the global Healthcare Biometrics market will reach USD 5.6 Bn., registering a whopping double-digit CAGR over 22% between 2016 and 2022.

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Healthcare Biometrics refers to the verification process used to link patients/individuals to their medical records by using a secured identification and authentication technology such as fingerprints, face recognition, etc. Healthcare Biometrics tools help to control the cases of fraud/breaches happening in the healthcare insurance sector, making it difficult for attackers to get the access to a person’s medical/non-medical data, related applications, and other similar devices.

Healthcare environments are highly heterogeneous with various devices and systems in place and not necessarily operating with uniform cybersecurity effectiveness.  Data theft in healthcare can cost hugely with the hackers walking away with the packet-loads of data belonging to the millions of patients as well as access outpatient medical data of another and can also get succeeded in infiltrating and bringing down critical healthcare systems.

To fend such attacks, every healthcare system should have the right automation and detection tools in place to help them mitigate potential risks. Assuredly, better detection tools, especially when coupled with artificial intelligence and machine learning, can identify an unusual daily level of data access, and duplication, and raise the alarm sooner.

Hence, worldwide health-institutions are increasingly adopting biometric tools so that they can operate not only efficiently, but also securely in the digital age. Mushrooming uptake leads to increasing the demand and hence the market growth of Healthcare Biometrics, globally.

Key Players:

3M Cogent Inc., Fujitsu Limited, BioEnable Technologies, Morpho (A Subsidiary of Safran SA), NEC Corporation, Bio-Key International, Inc., etc.

Healthcare Biometrics Global MarketSegmentation

The global Healthcare Biometrics Market can be segmented into four key dynamics for the enhanced understanding;

By Technologies:  Face Recognition, Fingerprint Recognition, Vein Recognition, Behavioral Recognition, Iris Recognition, and Palm Geometry Recognition among others.

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By Applications: Patient Identification, Patient Monitoring, Medical Record Management, and Data Security, among others.

By End-Users: Hospitals, Research Laboratories, and Healthcare Institutes, among others.

By Regions : North America, Europe, APAC and Rest-of-the-World.

Healthcare Biometrics Market – Regional Analysis

Globally, North America region dominates the healthcare biometrics market owing to the presence of a well-established Healthcare Insurance Industry, and the demand for regulatory requests. Additionally, the proliferation and uptake of advanced technology foster the regional market growth. The US accounts for the major contributor to the regional market growth. Developments in authentication solutions, patient identification, patient monitoring, medical record management, and data security, among others, are providing impetus to the growth of the US market. 

Europe accounts for the second-largest market for healthcare biometrics, in terms of revenue and market size. Resurging economy coupled with the well-proliferated healthcare sector and the augmenting medical record management concerns, especially in the field of Insurance are propelling the market growth in the region.

In APAC region, most of the nations are in their developing phase, hence are open for the foreign investors, therefore, allowing the international players in the healthcare biometric sector. Furthermore, the Asia-Pacific region is expected to grow significantly in the space of biometric models and technologies.  The burgeoning healthcare sector is expected to provide a great impetus to the growth of the APAC Healthcare biometric market during the review period (2016 to 2022).

The Middle East & Africa region, however, will witness a Plateau state of the growth in the market.

Global Healthcare Biometrics Market – Competitive Analysis

The market is adorned by numerous major players having the geographical presence with the lion’s share in the market.  Well-established vendors operating in the market compete based on pricing, innovation, service, reputation. However, the significant growth in the market and immense revenue generation opportunities are attracting several new players to enter the market space. The cooperation strategy within the ecosystem is enabling the service providers and technology integrators to enter into a licensing agreement with the biometric technology providers.

Industry/ Innovation/ Related News:

July 13, 2018 – SmilePass (US), a leading provider of biometrics platform announced its partnership with the Kwara State (Nigeria, Africa) to launch a universal health insurance program aimed at helping to bring primary medical care to the rural state’s 3mn. Citizens through the use of selfies. Preliminary forays of the state to use fingerprint recognition technology as a biometric solution for linking individuals to their medical records had failed miserably due to the worn fingers of the largely agricultural population. This has led SmilePass to work on a fascinating and rewarding program that can allow members to register simply by taking a selfie on their phone which will match their face to their registered medical record using the face recognition technology.

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