According to the latest report published by Credence Research, Inc. “Healthcare Biometrics Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global healthcare biometrics market was valued at US$ 2,132.7 Mn in 2016, and is expected to reach US$ 13,928.2 Mn by 2025, expanding at a CAGR of 22.9% from 2017 to 2025.
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Market Insights
Biometrics in healthcare refer to biometric applications used in hospitals, offices and other healthcare facilities for the purpose of access, identification of patients and caregivers, patient record storage and workforce management.
Therefore, biometrics in healthcare performs two major functions, namely, patient identification and access control to resources. Hospitals and healthcare facilities are increasingly deploying biometric systems realizing the vitality of secure identification in the healthcare system. There is also an increasing demand for precise patient identification with optimum certainty. Biometric identity verification can assure identity authenticity, thereby reducing the instances of healthcare fraud while simultaneously ensuring privacy and security of health records. Use of biometric technologies can supplement to operational efficiencies in terms of fraud reduction, cost containment and enhanced patient satisfaction by reducing medical errors.
Development and deployment of biometric technologies catering to healthcare system and growing IT applications in healthcare due to growing concerns respective to cyber security, along with the growing urge to reduce the instances of healthcare fraud are the major factors driving the healthcare biometrics market. Consistent efforts initiated by governments to accelerate the security processes for patients and caregivers are expected to further facilitate to the growth of this market. Evolution in the nature of existing technologies and development of multi-layered authentication systems in competent costs will add to further growth in adoption of biometric technologies in healthcare systems worldwide.
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The global healthcare biometrics market is studied on the basis of technologies used for identification of patients, care providers, hospital staff, and insurance personnel. Such major technologies comprise fingerprint recognition, iris recognition, palm geometry recognition, vein/vascular recognition, face recognition and behavioral recognition.
Among these technologies, fingerprint recognition currently occupy the largest revenue share due to factors such their less cost and ease of use. Early introduction of this identification technology has also facilitated in ensuring the dominance of fingerprint recognition technology market, worldwide. Furthermore, vein, hand and iris recognition technologies are expected to undergo the fastest market growth.
The demand for these solutions will be generated due to growing stringency of government regulations and up-scaling of industry standards for safety, and security of all the entities involved in any healthcare system.
At present, North America and Europe together capture over 70% of the global healthcare biometrics market. Growing cases of healthcare frauds due to system insufficiencies is mainly contributing to the dominance of healthcare biometrics markets of North America and Europe. It is expected that during the forecast period, establishment of new hospitals and healthcare facilities, proliferation of healthcare infrastructure, along with government initiatives towards making the current healthcare system more secure and organized, will make Asia Pacific and Latin America the fastest growing regional markets for healthcare biometrics.
Some of the major players currently enjoying prominent position in the global healthcare biometrics market are BIO-key International, TOC Biometrics, Princeton Identity, Inc. BioConnect, NEC Corporation, Cross Match Technologies, Inc., NuData Security, Inc., FST Biometrics Corporation, HID Global Corporation, Iris ID Systems, Inc. and MorphoTrak, Inc. Development of DNA biometrics and behavioral recognition technologies has further led to introduction of many niche players in the market. Collaborations and strategic partnerships are also being witnessed among the several players in order to create a stronghold in the international markets.
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