Healthcare Biometrics Market Size Projected to Generate a Revenue of $24,942.7 Mn by 2031Download Sample Reports Overview
The Global Healthcare Biometrics Market Size is predicted to be valued at $54,630.4 million by 2030, surging from $5,226.4 million in 2021, at a noteworthy CAGR of 17.4%.
Impact Analysis of COVID-19 on the Healthcare Biometrics Market
The COVID-19 pandemic has led to severe disruptions that have affected the demand, supply, import-export, and availability of healthcare biometrics across end-use industries. The primary challenge for the healthcare systems in many nations was to prohibit the COVID-19 from spreading among people, treat infected individuals as best as possible, and reduce the number of potential fatalities. The healthcare biometrics market share growth has suffered significant effects. The COVID-19 scenario, particularly in the retail industry, requires the deployment of contactless and effective operations, according to an article published in Biometric Technology in April 2020. As the COVID-19 pandemic's requirements become more stringent, applications that rely on fingerprint recognition modalities are significantly losing ground to contactless technologies like face and iris-based detection systems. Additionally, Covid-19 will have an enormous and lasting effect on biometrics businesses, developers, and investors.
However, several initiatives launched by the several companies starting various strategies are helping society to recover from pandemic. For instance, in June 2022, Clear partnered up with Atlantic Health as a partner for the digital ID company's Health Pass, which uses face biometrics for credential-binding and data protection, to give the patients of the healthcare network a digital proof of COVID-19 vaccination.
Global Healthcare Biometrics Market Analysis
The healthcare biometric system is primarily concerned with the data or information recorded in the system's memory and recalled when the same individual stands in front of the scanner. The scanner mainly scans the face or hand, collecting facts about those specific areas and cross-referencing them with previously gathered information stored in its memory. It is also used to identify individuals who are being monitored closely by such systems. It authenticates an individual's existence or absence based on data or information given into the system by security agencies. This method is beneficial when personal records of a specific individual must be kept safe. These are the major factors anticipated to boost the healthcare biometrics market share during the analysis timeframe.
However, some of the disadvantages of healthcare biometrics include businesses and governments that collect and store users’ personal data and are under constant threat from hackers. Because biometric data is irreplaceable, organizations need to treat sensitive biometric data with increased security and caution something that’s expensive and technically difficult in order to stay ahead of fraud advancements. If a password or pin is compromised, there’s always the possibility of changing it. Biometric databases can still be hacked. These factors are restricting the healthcare biometrics market.
The global healthcare biometrics market is expected to increase due to the ease provided by contactless biometric systems and the adoption of such systems by major players. Increased healthcare consumerism and disposable income in industrialized and developing nations are also anticipated to encourage the adoption of cutting-edge technology like biometrics by healthcare systems, which will fuel market growth. Additionally, the expansion of new healthcare facilities including hospitals and clinics may be the main factor driving the development of this market.
Global Healthcare Biometrics Market, Segmentation
The global healthcare biometrics market is segmented based on technology, application, and end-use industry, and region.
The technology segment is further classified into fingerprint recognition, face recognition, voice recognition, vein recognition, iris recognition, hand recognition, and others. Among these, the fingerprint recognition sub-segment accounted for a dominating market share in 2021. The automated process of verifying or identifying an individual based on the comparison of two fingerprints is known as fingerprint recognition. One of the most well-known biometrics is fingerprint recognition, and it is by far the most popular biometric method for system authentication. The ease of acquisition, long history of usage and acceptance relative to other biometrics, and the presence of multiple (ten) sources of this biometric on every person are the main drivers of fingerprint recognition's popularity.
The application segment is further classified into medical record and data center security, patient identification and tracking, care provider authentication, home/remote patient monitoring, and others. Among these, the medical record and data center security sub-segment accounted for a dominating market share in 2021. Medical records and data center security in the healthcare management system must be secured versus unauthorized access and retrieval. The biometric-based authentication method is appropriate in this scenario since it gets over the issues of token theft and password forgetting in the conventional token id-password security method.
The end-user segment is further classified into hospitals, clinics, clinical laboratories, and healthcare institutions. Among these, the hospitals sub-segment accounted for a dominating market share in 2021. Biometric devices in the healthcare industry, increased awareness of security systems, and rising need for infant security in hospitals will moderate market development. Additionally, several hospitals are using biometric security architecture. Secure identification is essential in the healthcare system because it allows for the management of logical access to centralized archives of digital patient data.
The biometrics healthcare market in the Asia-Pacific region is anticipated to show the fastest growth during the forecast period. Increased terrorist threats and increased government security spending are the two key factors driving access control system sales in the Asia-Pacific region. Furthermore, China's growing economy creates a high need for security solutions. The growing number of cyber-attacks, as well as the difficulties for large and small businesses in the area to manage and mitigate the risks associated with identity-related breaches, are driving market growth in the Asia-Pacific region. Government investments in biometric initiatives such as national ID cards and e-passports, as well as the development of smart cities and connected gadgets, are expected to have an influence on the growth of the Asia-Pacific biometrics-as-a-service market.
Key Players in the Global Healthcare Biometrics Market
Some of the leading healthcare biometrics market players are
- NEC CORPORATION
- Crossmatch Technologies
- Fujitsu Limited
- Bio-Key International
- 3M Cogent Inc
- Suprema Inc
- IDEMIA (Morpho)
- Imprivata Inc
- Integrated Biometrics
In April 2020, Digi-Key Electronics, a global electronic components distributor, announced the expansion of its product portfolio by signing a global distribution partnership with Fingerprint Cards AB, a biometrics company, to provide Digi-Key customers with standalone, compact biometric fingerprint sensor solutions that provide safe and convenient identification and authentication with a human touch.