San Francisco, 25 October 2018: According to a report published by Grand View Research, Inc.; the healthcare biometric market is expected to reach a valuation of around USD 14.5 billion by 2025.
Increasing transformation of hospital and health system to electronic health records (EHR) and computerized physician order entry can propel the market during the forecast period (2014 to 2025). In addition, increasing consumerism in healthcare as well as growth of economic condition in developing countries is also expected to drive the demand for as biometrics by health system.
Factors such as increasing healthcare IT application due to growing awareness and demand for cyber security has increased the demand for biometric solution in healthcare facilities are expected to boost the growth in the market. Employment of biometrics is anticipated to improve security for patients and staff. Regulatory bodies like HIPPA has forced strict new rules to protect privacy and confidentiality about patient information. This is also expected to increase demand for biometric in the hospitals. Increasing need to reduce unauthorized access and data corruption has increased due to rise in implementation of healthcare information exchanges (HIE) are across the network. This is also expected to boost the market growth in the coming years. Moreover, technological improvements in existing technologies and advancements of multipurpose authentication devices are likely to increase their adoption in the coming years.
For instance, in 2016, University Health System introduced a system called RightPatient solution. It features Epic HER (Electronic Health Record) combined with facial recognition technology. This enables patients direct access to the registration records and medical history.
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Worldwide healthcare biometric market can be segmented on the basis of type and region. Base on type, the market can be categorized into face recognition, iris recognition, fingerprint recognition, vein recognition, behavioral recognition, palm geometry recognition, and others.
In 2016, fingerprint recognition held the major market share of near 40.0% due to its high adoption and better reliability.
Other segments such as ECG analysis, DNA analysis, and retina analysis are also expected to show significant growth over the forecast period. DNA analysis system provides high-security facility, which is expected to fuel growth of the electroencephalogram and DNA based recognition technology during the forecast period.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and MEA. In 2016, North America estimated for over 40.0% of the overall share owing to high incidence of frauds and crimes happening in healthcare sector. Increasing rate of fraudulent activities is projected to increase implementation of technologically advanced biometric systems for capturing and maintaining patient data. Growing establishment of new healthcare facilities such as hospitals and clinics also considered as the major driving factor for the regional growth.
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Asia Pacific is likely to expand with rapid pace in the coming years. This growth can be attributed to factors such as presence of favorable government support, increasing development of IoT applications coupled with development of healthcare IT and digital patient monitoring system. Increasing government initiatives are also expected to support the market growth. For instance, the Indian government has started a database facility under the National Health Assurance Mission, which is also known as Aadhar Card. With many purpose, this scheme also includes the provision of healthcare facility at affordable costs for citizens.
In addition, other government programs such as National Health Assurance Mission in India for providing guarantee that the undertaken treatment is safe for the patient and consume less time to complete treatment. For instance, in 2012, the same is the system introduced in the African Region by Genkey Solutions B.V. The company has implemented medical claim systems in Ghana for users to get benefit of cashless treatment.
Key companies operating in the market include BIO-Key International Inc.; Imprivata Inc.; BIO-Key International Inc.; 3M Cogent Inc.; and Suprema Inc.
Development of integrated biometric systems and DNA-based recognition systems are considered as the major trends in the market. Major participants are expected to for joint ventures and collaborations over the forecast period.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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