Healthcare Biometrics Market To Grow on Account of Increasing Initiatives To Bring Down Frauds in Medical Sciences Industry Till 2024 | Million Insights

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According to new report available with Million Insights, North America is expected to observe highest demand in the global healthcare biometrics industry on account of well-developed healthcare sector.

The global Healthcare Biometrics Market was valued at USD 1.7 billion in 2015 and is anticipated to reach USD 11.7 billion by 2024, with a CAGR of 24.1%. Global biometrics demand in healthcare industry is expected to be high on account of increasing initiatives to bring down frauds in the medical sciences industry. The field of biometrics over the decades was mostly a research topic. With increasing technology advancement coupled with consumer awareness overall product demand has observed a high growth in healthcare industry. Biometric devices capture physical features of an individual and use it as a reference for identification. These physical aspects which are captured include finger prints, iris, retina, face and palm.

The overall system consists of a scanner and forms the hardware. This scanner reads the input which is processed by software into a digital format. The scanned data is stored in databases for the purpose of comparison. Increase in amount of fraud drives the global market over the forecast period. Text passwords are difficult to remember and offer security threats. Therefore, organizations are focusing on adopting biometric passwords which are easy to handle as well as operate by population. High number of fraud incidences forced organizations to build a robust system which could serve the purpose for fraud management.

The main objective of using biometrics is to fasten the security system with high accuracy. Biometric application eradicates the need of a keyboard. Moreover, these applications have significantly contributed to increase overall accuracy, response time and efficiency which in turn is expected to drive its demand over the forecast period. Security systems based on biometrics are efficient in crowd control. The need for entering correct passwords with keyboard for access results in time delays and long queues. Therefore, healthcare organizations with large inflow of patients are expected to find major applications for crowd management.

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Growing medical insurance industry is expected to further drive the demand for patient identification in healthcare. Insurance agencies are expected to find these applications useful in tracking a patient’s history and avoiding fraud. Lack of well-established I.T infrastructure is expected to pull down the overall system growth as establishment of these applications requires highly efficient I.T systems and maintenance. Mindset change is another reason which is expected to restrain global industry growth in the future.

Some organizations are expected to hesitate in implementing new technologies and stick with their old systems which are cost effective and well adopted by their employees. Healthcare facilities seek for a fully integrated business solution which may not include biometrics. There is an opportunity to establish proper sales channel so that the vendors ensure efficient biometric technologies are integrated into their solutions. Biometric system in healthcare is segmented on the basis of application usage which includes providing access to resources and patient identification.

Healthcare units consist of sensitive areas which include operation theatres and ICU’s where there is a need to restrict unauthorized access. Moreover, there are medical appliances which need to be handled by experts which are protected using physical password. Patient identification is necessary for getting preliminary information in the form of contact details, blood group, previous medical history and allergic symptoms if any. Biometric devices are further segmented on the basis of the scanner type. These scanner type include but are not limited to fingerprint recognition, palm identification, retina scan and face recognition.

North America is expected to observe highest demand in the global industry on account of well-developed healthcare sector. Federal government in US has adopted Electronic Health Records and is expected to increase regional market growth over the forecast period. Similarly, Western Europe is expected to show a substantial demand over the forecast period on account of increasing emphasis by the regional government on healthcare facilities coupled with stringent regulatory framework. Asia Pacific and Middle East are expected to observe significant growth on account of the increasing government initiatives to establish proper healthcare infrastructure in developing economies including China, India, Japan and UAE.

Africa and South America are expected to observe slow growth on account of lack of technology and poor healthcare facilities. India’s national ID program termed as Aadhaar is a biometric based identification system for all its citizen. It was designed to enable the government to provide better public services including healthcare. Key players operating in healthcare biometrics market include Siemens, Safran, ZKTeco Inc., Suprema Inc., Lumidigm, NEC Corporation, M2SYS LLC and Fujitsu Ltd. Other player includes Cross Match Technologies Inc Digital Persona Inc, Aware Inc., and 3M Cogent Inc.

Organizations should focus on continuous innovation and development to sustain in the market. Increase in population has resulted in establishment of large databases through biometrics process. These databases formed on account of biometrics are expected to be used in studying the trends in healthcare sector across the world which in turn will aid strategic decision making. Similarly, this information also turns out to be useful for the pharmaceutical companies in meeting the demand of patients and developing new drugs.

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Market Segment:

Global Healthcare Biometrics Market by Technology 2013 – 2024, (USD Million)
    • Face Recognition
    • Fingerprint Recognition
    • Iris Recognition
    • Vein Recognition
    • Palm Geometry Recognition
    • Behavioral Recognition
        • By technology
            • Signature recognition
            • Voice recognition
            • Others
        • By Type
            • Single factor authentication
            • Multi-factor authentication
            • Multi-modal authentication
        • Others

Healthcare Biometrics Market by Region 2013 – 2024, (USD Million)
    • North America
        • U.S.
        • Canada
    • Europe
        • UK
        • Germany
    • Asia Pacific
        • Japan
        • China
    • Latin America
        • Brazil
        • Mexico
    • MEA
        • South Africa
        • Saudi Arabia

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/healthcare-it

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