Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Healthcare Biometrics Market and demographic challenges, showed how it could move forward in the coming years.
Healthcare Biometrics Market Competitive Dashboard
The prominent players operating the global healthcare biometrics market are BioEnable Technologies, Morpho (A Subsidiary of Safran SA), 3M Cogent Inc., Integrated Biometrics, Crossmatch Technologies Inc., Imprivata Inc., NEC Corporation, Fujitsu Limited, Bio-Key International Inc., and Suprema Inc.
Healthcare Biometrics Market Scenario
The global healthcare biometrics market size is anticipated to garner USD 5.6 billion during the forecast period (2016-2022). The global market is presumed to exhibit 22.3% CAGR owing to the growing awareness about the security of the patients, asserts Market Research Future (MRFR). A biometric device is referred to as a security authentication and identification device which are used to capture biometric data inputs such as face recognition, fingerprints, etc. Such devices are useful in identifying and monitoring the patients as it helps to maintain all the medical records. Healthcare biometrics are used in clinics and hospitals to monitor the health of the patients. Biometrics technology is considered one of the most promising technologies in the healthcare industry which is expanding at a rapid pace in the market.
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Drivers and Constraints Impacting the Market
After garnering huge prominence in the insurance, banking, and public security sector, biometrics is all set to revolutionize the healthcare sector. Healthcare officials can leverage approaches such as fingerprint scanners, facial recognition solutions, iris scanners, and palm vein readers, in combination with smartphones, using biometrics technology. With spreading awareness regarding healthcare biometrics technologies along with their growing applications across the healthcare sector, the global healthcare biometrics market is considered to flourish during the assessment period. Also, the proliferating healthcare insurance market is likely to drive the market across the globe.
Factors such as extensive penetration of healthcare facilities and ever-rising population across the world are further contributing to the market growth. Moreover, the rapidly improving economic conditions are influencing the market growth during the estimated period. With rising awareness about the security and safety of patients, the market is presumed to propel. Patients nowadays deal with a number of healthcare frauds due to high usage of web services in healthcare. With the integration of biometric screening, the chances of data breaches will be highly reduced, thereby supporting the adoption biometrics in the healthcare sector.
On the flip side, implementation of biometrics in the healthcare sector requires high investments. As emerging countries are unable to invest a huge amount of funding in the implementation of healthcare biometrics, the market is considered to experience a slowdown. Moreover, the lack of awareness regarding the healthcare biometrics market and reluctance to accept the biometrics in healthcare sector are some of the major concerns presumed to restrain the market growth in the coming years.
Global Healthcare Biometrics Market: Segmental Analysis
The global healthcare biometrics market has been segmented on the basis of technology, application, end-user, and region.
By mode of technology, the global healthcare biometrics market has been segmented into fingerprint recognition, face recognition, behavioral recognition, vein recognition, palm geometry recognition, iris recognition, and others. Among these, the fingerprint recognition is estimated to hold the largest market share owing to its higher reliability and wide adoption across the world. The high-security facility offered by the DNA analysis system is presumed to facilitate the growth DNA-based recognition technology in the coming years.
By mode of application, the global healthcare biometrics market has been segmented into patient monitoring, patient identification, data security, medical record management, and others.
By mode of end-users, the global healthcare biometrics market has been segmented into research laboratories, hospitals, healthcare institutes, and others.
Healthcare Biometrics Market Regional Insights
Geographically, healthcare biometrics market spans across regions namely, North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, North America accounts for the largest market share owing to the well-established healthcare sector coupled with augmenting demand for regulatory requests during the estimated period. Moreover, factors such as growing digital advancements in medical technology and uptake of healthcare biometrics in hospitals are estimated to stimulate the market growth. Additionally, the presence of proliferating healthcare insurance industry is accelerating the market growth in this region.
European is considered to be another lucrative market for healthcare biometrics standing and is heading with the augmenting demand for healthcare biometrics across the region. The resurging economy in this region is a dominant factor propelling the market growth. Moreover, the increased funding in the rising number of the medical record management concerns is offering impetus to the market growth in this region.
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Healthcare Biometrics Industry Updates
December 12, 2018: A nonprofit healthcare organization, Population Services International, is looking forward to leverage the biometric identification technology in order to identify younger patients who lack official identification. The organization has partnered with New York-based biometrics specialist Element.