Global Healthcare Biometrics Market - Segmented by Technology, Application, End-user, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The healthcare biometrics market is expected to register a CAGR of about 20%, during the forecast period. Biometrics refers to technologies that measure human characteristics. Biometrics technology is now increasingly being used in various healthcare organizations not only to provide patient and medical staff the required privacy, verification, and data access control but also, to ensure the quality and safety of these organizations. Biometrics technology is one of the most promising technologies for healthcare industry, which is growing fast and competitive in the market. It replaces the use photographs, PIN codes, and passwords and instead uses physiological characteristics, like fingerprints, DNA, or face or behavioral characteristics, like digital signature, walk and his or her voiceprint.
Growing Incidence of Healthcare Data Breaches and Medical Identity Theft
Patients are dealing with a number of healthcare frauds owing to the increased usage of web services in the field of healthcare. One of most notable one is identity theft. These services provide greater convenience to the users. But, they also lead to a significantly increased threat of identity fraud. A recent study shows that medical identity theft is growing at a high rate, with over 2.7 million theft cases reported in 2015. Integration of biometric screening will highly reduce the chances of data breaches and improve data security by a huge margin. This along with other factors, such as implementation of government initiatives supporting the adoption of biometrics in healthcare will lead to growth of the healthcare biometrics market with a high CAGR.
High Cost of Biometric Devices
The implementation of biometrics in the healthcare industry requires huge investments. Emerging and developing economies comprise of a substantial part of the healthcare landscape. Emerging economies are unable to invest in huge amount of funding in the integration of healthcare biometrics into the healthcare system. Also, the lack of awareness about the healthcare biometrics market, along with other factors, like reluctance to accept the biometrics in healthcare industry will lead to the slowdown of the growth of the healthcare biometrics market in the forecasted period.
North America to Dominate the Market
North America and Europe dominate the healthcare biometrics market. A study shows that North America and Europe together hold 75% of the global market share. While, the market in Asia Pacific is expected grow at a higher rate because of the advanced identification technology adoption in countries, like India and China.
Major players – 3M COGENT, INC., BIO-KEY INTERNATIONAL, INC., CROSSMATCH TECHNOLOGIES, INC., FUJITSU LIMITED, IMPRIVATA, INC., LUMIDIGM, MORPHO, NEC CORPORATION, SUPREMA, INC. AND ZKTECO, INC., amongst others.
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