Market Analysis
Healthcare Biometrics Market Size was valued at USD 19.2 billion in 2022. The Healthcare Biometrics market is projected to grow from USD 23.4816 Billion in 2023 to USD 78.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 22.30% during the forecast period (2023 - 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 healthcare biometrics market growth. 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 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.
Key Players
The healthcare biometrics market Major Players 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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