Global Healthcare Biometrics Market - 2022-2029

Global Healthcare Biometrics Market - 2022-2029

Market Overview

Global Healthcare Biometrics market is expected to grow at a high CAGR of 18.70% in the forecast period 2022-2029.

Healthcare biometrics refers to different biometric applications used in hospitals and clinics to monitor the health of patients. It allows users to access applications and patient data quickly and get instant access to the records they need. Biometrics are used in combination with smart identification cards or passwords to provide secure access to sensitive patient records and to assist with patient registration requirements.

Market Dynamics

The global healthcare biometrics market growth is driven by the growing demand for health care fraud prevention along with the need to improve patient privacy and healthcare safety. The growth of this market is majorly driven by government initiatives to support the implementation of biometrics in healthcare facilities and increasing healthcare fraud & medical identity theft.

The increasing government initiatives supporting the adoption of biometrics will drive the market growth

Different initiatives are taken by the government in the field of healthcare biometrics due to the rise in healthcare fraud and to increase security for protecting healthcare information drive the market for healthcare biometrics. For Instance, in September 2019, the Government of India introduced biometric patient authentication to crack down on ghost admissions under Ayushman Bharat, its flagship health insurance scheme. Also, as per the Health Insurance Portability and Accountability Act of 1996 (HIPAA) passed in the US healthcare clearing houses, health plans, and healthcare providers, who transmit Electronic Protected Health Information (EPHI)as a part of their business, are obligated to employ reasonable and appropriate levels of security to control access to EPHI. Additionally, healthcare organizations that violate any HIPAA regulations face significant financial penalties. This changing regulatory scenario in the North American region has resulted in an upsurge in the demand for efficient security measures in order to comply with these norms. Since biometric technologies are considered to be the most accurate and convenient method to ensure security, the adoption of these technologies has significantly increased as a result of the enactment of these legislations.

Moreover, increasing funding and expansion of key players in healthcare would also increase the penetration of biometrics. For instance, in November 2021, ZKTeco reported the opening of a new factory in Bangalore, India, claiming that this will pave the way for new possibilities and business opportunities. which aims to develop a modern and efficient infrastructure base to open up new opportunities for local production and workforce procurement.

The high cost of healthcare biometric devices will hamper the growth of the market

However, the high cost of biometric devices and lack of awareness regarding biometrics might hamper the market growth. Prices for biometric access control systems range from a total of $2,500 to $10,000 per door when you factor in the biometric scanner, electronic locking system, software integration, and installation, according to VIZpin.

COVID-19 Impact Analysis

The main challenge for the healthcare system in many countries was to limit the spread of the COVID-19 among people and provide the best care to infected patients and decrease the number of possible deaths. A profound impact on the healthcare biometrics market was observed as well. According to the article published in Biometric Technology Today in April 2020, the COVID-19 circumstance necessitates the implementation of contactless and efficient operations, particularly in retail. Contactless technologies such as face and iris-based detection systems are being pushed to new heights, whilst applications that rely on fingerprint recognition modalities are suffering a substantial loss as a result of the COVID-19 pandemic's increasing criteria. Furthermore, Covid-19 will also have a significant and long-term impact on biometrics companies, developers, investors, and customers.

Furthermore, several companies are starting various strategies like collaboration, new product launches, mergers, and acquisitions to maintain and increase their market share. For instance, in June 2021, Clear signed up for Atlantic Health as a partner for the digital ID provider’s Health Pass, which features face biometrics for credential-binding and data security, to provide the health care network’s patients with a digital proof of COVID-19 vaccination.

Segment Analysis

The multi-factor authentication segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

Multi-factor Authentication (MFA) offers scalable, tiered levels of security that can be deployed for controlling access to the most sensitive of data. Medical information, databases, and other valuable information should all deploy various levels of MFA, incorporating several factors, which can include passwords, secret questions, OTPs, location, user behavior, registered mobile devices, etc other than biometrics.

According to the study titled Advances in Feature Transformation based Medical Decision Support Systems for Health Informatics published in the Hindwi Journal in March 2022, most the biometrics authentication in healthcare is used for patient tracking and monitoring, although usage for access control, identification, workforce management, and patient record storage is also increasing. hence all these factors, coupled with the safety of MFA over traditional methods are expected to help the growth of the market.

However, technological advancements in the MFA system such as touchless and face detection. the touchless MFA increased the safety and convenience of the clinician. For Instance, in June 2020, Caregility's telehealth platform has single sign-on (SSO) and multi-factor authentication (MFA) capabilities. End users will be able to log into the platform with a single set of credentials and gain access to the various apps, websites, and data for which they have permissions thanks to SSO enhancements. By reducing password fatigue, the feature improves security and system usability, as well as employee satisfaction. These factors are driving the growth of the market in the forecast period.

Geographical Analysis

North America region holds the largest market share of the global healthcare biometrics market

North America dominates the market in healthcare biometrics owing to the high number of frauds and crimes occurring in the healthcare sector. The presence of a high incidence of fraudulent activities is expected to increase the rate of adoption of these technologically advanced biometric systems to gather patient data and registration data. Furthermore, the establishment of new healthcare facilities such as hospitals and clinics may act as a primary driving force for the growth of this market in the region.

Moreover, various strategic activities adopted by the key market players such as mergers and acquisitions, product launches, and partnerships anticipated the market growth. For instance, in February 2022, rf IDEAS, a manufacturer of credential readers for authentication and logical access, is excited to report that it is partnering with ID R&D to bring its market-leading biometric authentication and anti-spoofing products to the rf IDEAS portfolio. In May 2021, Imprivata launched face biometrics for healthcare through the Aware and Idemia partnership. The new mobile face biometrics solution is intended to enable simplified self-enrollment for electronic prescriptions for controlled substances (EPCS) in compliance with the United States Drug Enforcement Agency (DEA) regulations. These factors are driving the growth of the market in the region.

Competitive Landscape

The healthcare biometrics market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Zkteco, Inc, Thales Group, Bio-Key International Inc, Crossmatch Technologies Inc, Fujitsu Limited, Imprivata Inc, Lumidigm, Morpho, NEC Corporation, Suprema Inc among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the healthcare biometrics market globally. For instance, in January 2022, Mitsubishi Electric Corporation unveiled HealthCam, a facial recognition health monitoring system that can track an individual’s heartbeat rate, blood oxygen level, temperature, as well as other health indicators.

Thales Group

Overview:

Thales designs and builds aerospace and defense electrical systems. The Company offers flight deck systems, avionics Face Recognition, and navigation solutions, as well as provides telecommunications satellites, signaling systems, and air traffic management and maintenance services.

Product Portfolio:

Thales Cogent Multi finger Scanner DactyScan84c: Intuitive Multi finger Scanner Acquisition drove by a software interface explaining which finger to place and the result of an acquisition - User Interface with tri-color LED interface.

Why Purchase the Report?

Visualize the composition of the global healthcare biometrics market segmentation by technology, application, end-user, and region highlighting the key commercial assets and players.

Identify commercial opportunities in the global healthcare biometrics market by analyzing trends and co-development deals.

Excel data sheet with thousands of data points of global healthcare biometrics market-level 4/5 segmentation.

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global healthcare biometrics market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 189 (approximate) pages.

Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Healthcare Biometrics Market – By Technology

Face Recognition

Iris Recognition

Hand Recognition

Voice Recognition

Fingerprint Recognition

Vein Recognition

Multi-factor Authentication

Global Healthcare Biometrics Market - By Application

Logical Access Control

Physical Access Control

Transaction Authentication

Global Healthcare Biometrics Market – By End User

Hospitals

Clinics

Healthcare Institutions

Laboratories

Global Healthcare Biometrics Market - By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America