The Healthcare Biometrics market is expected to increase from USD 23.4816 billion in 2023 to USD 79.2 billion by 2032
Market Scope
Healthcare Biometrics Market Size was valued at USD 19.2 billion in 2022. The Healthcare Biometrics market is expected to increase from USD 23.4816 billion in 2023 to USD 79.2 billion by 2032, with a compound yearly growth rate (CAGR) of 22.1% over the forecast period (2023-2032). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Boosters and Deterrents
The uptake of biometrics in the healthcare industry to authenticate the staff and patients has snowballed notable in recent years. The COVID-19 outbreak has made people cautious about touching card readers, keypads, and devices that facilitate identity authentication; a favorable aspect for the market. Technologies, such as facial and iris recognition are observing even more demand following the onset of SARS-CoV-2, in line of the increasing use of online healthcare services due to the worldwide lockdown.
Keeping aside the pandemic aspect, the market has already been on an upward trajectory in the past few years, thanks to the expanding IT application scope in the healthcare sector coupled with the mounting awareness about the benefits of biometrics. Cybercrimes and their increasing superiority has been a cause of concern in not only the healthcare industry, but across various sectors.
Technological innovations by leading firms, with increasing focus on multipurpose authentication devices as well as upgradation of older technologies along with new product launches are anticipated to induce substantial market growth in the ensuing years. A case in point, in August 2020, WITHmyDOC, a Floridian healthcare tech firm launched RPM@Home, which is a RPM/remote patient monitoring kit. This kit makes use of an advanced intelligence platform to administer patients and then send out real-time biometric information to the healthcare professionals.
Segmental Insight
Technology, application and end-users are the top segments on the basis of which the overall market has been dissected in the MRFR study.
Healthcare biometrics market, depending on the technology segment, has been considered for fingerprint recognition, face recognition, behavioral recognition, vein recognition, palm geometry recognition, iris recognition, and more.
Data security, medical record management, patient identification, patient monitoring, and others are the key applications of healthcare biometrics.
The top industry end users identified in the report include healthcare institutes, research laboratories, hospitals, and more.
Regional Outlook
North America along with the Middle East and Africa/MEA, Europe and Asia Pacific/APAC are the primary markets for healthcare biometrics.
North America is presently the market leader and can gain further impetus over the coming years. The chief factors cited for the market growth include the alarming spike in the number of fraudulent activities and cybercrimes, which has prompted an increase in the use of advanced biometrics. The expanding number of new and smart healthcare establishments like clinics and hospitals, especially across Canada and the United States can also be an important growth enhancer in the North American market.
The healthcare biometrics market research in Europe is quite lucrative, given the consistent growth in digitization of the healthcare industry and the consequent surge in data breach cases observed over the years.
The APAC is on the way to attract the highest growth pace in the global market, as a result of the strong government support and the expanding IoT application scope in the healthcare sector. The rapid healthcare IT advancements combined with the increasing uptake of advanced digital patient monitoring systems has also added to the market attractiveness.
Renowned Companies
Some of the most renowned companies across the worldwide market include Morpho (A Subsidiary of Safran SA), BioEnable Technologies, Bio-Key International Inc., Integrated Biometrics, Fujitsu Limited, Imprivata Inc., 3M Cogent Inc., NEC Corporation, Suprema Inc., Crossmatch Technologies Inc., to name a few.
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