Healthcare biometrics market size will exceed around USD 79
Ottawa, July 14. 2022 (GLOBE NEWSWIRE) — The world medical biometrics market its size was estimated at 29.44 billion in 2022. The North American market is witnessing the highest growth owing to the increasing number of fraud and crime cases in the healthcare system. With the increase in the frequency of fraud, the need for high security surveillance systems arises and hence the adoption of healthcare biometrics comes into play. With the introduction of modernity health facilities like hospitals and clinics, upgrading the system is also essential. Also, European nations are the second largest healthcare biometrics market due to active government support for the system to provide excellent facilities for patients.
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The Asia-Pacific region is expected to grow at the fastest rate due to new government policies that have been introduced in order to modernize the healthcare system. Latin America and the Middle East region are the other growing markets for healthcare biometrics system that are emerging as big players in the market.
Key points to remember:
- North America contributed the highest market share of over 41% in 2021
- The Europe region contributed to a market share of over 34% in 2021
- According to end users, the hospital segment is expected to grow at a CAGR of 6.5% from 2022 to 2030
- Multi-factor authentication segment expected to grow at a CAGR of 7.1% from 2022 to 2030
- The healthcare facilities segment is expected to reach a CAGR of 17.4% from 2022 to 2030
|Market size in 2021||$26.02 billion|
|Revenue forecasts by 2030||$79 billion|
|CAGR||18.1% from 2022 to 2030|
|The biggest market||North America|
|forecast year||2022 to 2030|
|Key players||Bio-Key International, DigitalPersona, 3M Cogent, NEC Corporation, Suprema, Siemens AG., M2SYS LLC, Cross Match Technologies|
Report Hstrong points
- Based on Technology, the fingerprint identification system dominated the segment due to its rapid use in healthcare as well as other systems. It is the most commonly used security scanner in major multinational corporations and large hospitals which have adopted advanced technologies to provide better service to consumers.
- Based on final userhospitals in the largest medical biometrics market, as the requirement for a better security system is important to protect patient data and hospital information which is highly confidential.
- Based on Region, the North American market has shown the greatest revenue return due to its rapid adoption of advanced technologies to provide the best service to the people. The large number of healthcare facilities offered to the people attracts a huge crowd to the healthcare centers. Hence the requirement for an advanced security system, which is easily met by the healthcare biometric system.
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The active support given by the government to the health care system has encouraged the use of modern technologies in order to provide excellent service to the people and thus obtain a better return from market revenues. After the outbreak of the pandemic, the number of cases of fraud found in the healthcare system has increased significantly, which needs to be controlled with the help of modern technology. The problem of patient identity fraud was on the rise due to the large number of patients who turned to the hospital due to mass infection, hence the need to sort out the required individual in the crowd has become extremely important. The use of biometrics in health care allows the necessary to be done by limiting the patient to a leak and other cases of fraud. Medical identity theft has also increased to a large extent which proves to be a driving factor for the growth of the market over the forecast period. These multiple reasons prove to be the drivers for the growth of the market over the forecast period.
The cost of the biometric health system is considerably high, which imposes an additional investment on the management of hospitals and clinics. As a result, a higher treatment cost is imposed on the patients, which makes the whole healthcare system very costly. This proves to be a brake on the growth of the market. Multiple problems are encountered when using a biometric scanner which are difficult to correct by the human operator. Errors in the presentation of individual information to the system lead to an error in the final result and create discomfort for the user. A physical disability of the user proves to be an obstacle for the healthcare artificial intelligence biometric system which creates difficulties for the consumer. Since these systems use electric power, constant power outages in developing countries are proving to be a restraining factor for the market. These multiple reasons prove to be brakes on the growth of the market.
The adoption of a contactless biometric system proves to be a great opportunity for market growth. Technologies such as facial recognition and retinal scan are being adopted by large companies and hospitals to modernize their system and secure patient data and hospital information as best as possible. Developing countries willingly accept the use of the biometric system to match the advanced facilities provided by developed countries. This turns out to be an opportunity for the biometric health system to expand its boundaries globally. These multiple reasons have proven to be great opportunities for market growth.
The biometric data and information stored in the system must also be protected in order to have a secure security system. Fraud in the field of information technology leads to the hacking of the digital information of the system which proves to be a threat to the biometric data of medical identification. The loss of such important information will prove to be a great threat to society. Providing constant power supply to the biometric system is becoming a challenge for developing economies as they still face the problems of constant power outages. These factors turn out to be the challenges facing the market.
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In April 2016, a Biostation L2 was launched by Suprema limited to develop an access control system and attendance solution that will also record time using a fingerprint reader. It provides higher security facilities to the healthcare system at affordable prices and helps protect patient information and hospital data.
In February 2016, Herta security entered into a collaboration with ZKTeco to update ZKBioAccess with the face detection security system developed by Herta. This collaboration was carried out with the aim of benefiting both companies and boosting their performance.
- Single-factor authentication, by technology
- face recognition
- Fingerprint recognition
- Iris recognition
- Vein recognition
- Recognition of palm geometry
- Behavioral recognition
- Signature recognition
- Speech Recognition
- Other behavioral recognition
- Other authentication technologies [DNA analysis, retina analysis, ECG/EEG analysis])
- Single-factor authentication, by type
- Contact biometrics
- Contactless biometrics
- Multi-factor authentication, by type
- Multimodal authentication, by type
- Two-factor biometrics
- Three-factor biometrics
- Logical access control
- Physical access control
- Transaction Authentication
Per end user
- Hospitals & Clinics
- Respiratory distress syndrome
- Health facilities
- Research laboratories and clinics
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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