Market Analysis
The Healthcare Biometrics market CAGR at 22.3% and was valued USD 26.9 billion in 2021 and is expected to reach USD 78.4 billion by 2030 during the forecast period 2022-2030. Biometrics has changed the look and perception of the healthcare domain. Healthcare biometrics are various biometric applications that are used in clinics and hospitals for monitoring patient’s health. Healthcare organizations mainly clinical research organizations, diagnostic laboratories, health insurers, manufacturing companies and hospitals are its potential users. The healthcare officials these days are leveraging unique ways to use the biometrics techniques namely iris scanners, palm vein readers, finger print scanners, facial recognition solutions amid others. Decrease in inventory theft, control on medical frauds, safe data recording and integrity of patient identity are the distinct benefits that biometrics offer. Implementing such emerging technologies are making it simpler for payers, practices, hospitals and other forms of healthcare organizations in recognizing individual patients and matching the medical data of the patient that holds considerable promise.
There are many factors that is fueling the growth of the healthcare biometrics market. The different market trends and factors in this market according to an analysis performed by Market Research Future (MRFR) include increasing healthcare IT application, burgeoning need for cyber security, increasing biometric development that caters to healthcare facilities, safe treatment, increasing incidences of medical identity theft and healthcare fraud, growing population, initiatives taken by the government to support biometrics implementation in healthcare facilities and improving economic conditions. On the contrary, factors such as soaring expenditure of biometric devices coupled with issues associated to the use of this technology may limit healthcare biometrics market growth.
Market Segmentation
In the Market Research Future (MRFR) report, the healthcare biometrics market has been segmented on the basis of technologies, applications and end-users.
Based on technologies, it is segmented into palm geometry recognition, iris recognition, behavioral recognition, vein recognition, fingerprint recognition, face recognition and others. Of these, fingerprint recognition will have the maximum share in the healthcare biometrics market.
Based on applications, the healthcare biometrics market is segmented into data security, medical record management, patient monitoring, patient identification and others. Of these, medical record management will have the largest market share.
Based on end users, it is segmented into healthcare institutes, research laboratories, hospitals and others. Of these, hospitals will rule the market during the forecast period.
Regional Analysis
Based on region, the healthcare biometrics market covers growth opportunities and latest trends across Europe, North America, Asia Pacific and Rest of the World. Of these, North America will garner a huge prominence in the market owing to the growing demand for the regulatory requests and the well-established healthcare domain. Besides, factors such as the proliferating healthcare insurance industry, extensive use of biometrics in hospitals and rising digital advancements in the medical technology, significance of electronic medical records and need for user-friendly software are driving the growth of the market here. US is the largest contributor as it is backed with data security, patient monitoring, medical record management, patient identification and developments in authentic solutions. The healthcare biometrics market Forecast in Europe is highly lucrative and grabs the second position owing to the increasing need for healthcare biometrics across the region. The other factors that are contributing to the growth of the market here include the resurging economy and increased funding. In the APAC region, the healthcare biometrics market is emerging rapidly with high growth opportunities owing to the burgeoning healthcare sector, rapidly developing technologies and biometric models, improving economic conditions and market penetration.
Competitive Analysis
The healthcare biometrics market is fragmented and highly competitive due to the existence of various small and big market players together with new participants churning the competition. The leading players are implementing strategic trends to expand the business in the emerging markets. They are laying emphasis on optimized situational cognizance for customers to ensure their mission success. The matured players with the help of different strategies namely innovations, mergers and acquisitions and collaboration are constantly seeking market expansion. These players are investing increasingly in research and development activities and developing cost-effective product range. They possess cutting edge facilities for developing software and strong distribution and sales network that have helped them in gaining a leadership position in the healthcare biometrics market. The marketers that are operating in clinical practice management are laying emphasis on generating inbound leads more than ever.
Key Players
Leading players profiled in the healthcare biometrics market include Imprivata Inc, Integrated Biometrics, Suprema, Inc., Crossmatch Technologies Inc., Bio-Key International, Inc., NEC Corporation, Morpho (A Subsidiary of Safran SA), BioEnable Technologies, Fujitsu Limited, and 3M Cogent Inc.
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