Healthcare Biometrics Market Analysis, and Industry Forecast till 2024

Biometrics are used extensively in industries such as construction, financial services, hospitality, government, and corporates. In healthcare, biometrics find applications or access control and data security. Healthcare organizations such as manufacturing companies, insurers, hospitals, diagnostic laboratories, and clinical research organizations are potential users of biometric technology. Healthcare IT products and systems is in high demand in emerging nations such as India, China, Brazil, Indonesia, and also Israel, as part of the ongoing upgrade of healthcare infrastructure in these countries. This is expected to propel the healthcare biometrics market in Asia Pacific, Latin America, and Middle East regions. Furthermore, partnerships with the regional players would enhance the market share for global companies in the market. ievo Ltd, a biometric access control specialist based in the U.K., partnered with Keytracker Ltd. (also based in the U.K.) in February 2017, to offer restricted key access system to the healthcare and construction industries. Logical access control, transaction authentication, and physical access control are the major applications of biometrics in healthcare. Highly secured technology at an affordable cost would benefit the healthcare industry and the healthcare biometrics market as a whole.

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The global healthcare biometrics market was valued at US$ 1,333.1 million in 2015 and is expected to witness a CAGR of 23.4% during the forecast period (2016 – 2024).

Biometrics in the healthcare context primarily refers to patient identification and provision of access control to users. Biometrics are also being used in reducing fraud and securing patient information, especially pertaining to those recruited for clinical trials. Healthcare insurers in the U.S. face a lot of fraud and misrepresentation of information for claiming paid benefits. The Federal Bureau of Investigation (FBI) estimates (2015) that fraudulent billings to public and private health care programs results in 3%-10% of total health expenditure. According to the Coalition against Insurance Fraud—an anti-fraud watchdog group—nearly US$ 80 billion is lost annually in Medicare fraud in the U.S. Healthcare biometrics can be an optimal solution for data security and fraudulent claims, thus saving billions of dollars to government and healthcare insurers. Securing identification of patients is essential to control logical access and also limit physical access to hospital wards and authenticate medical personnel.

Market Dynamics

Biometrics have undoubtedly eased the accessibility and operations of healthcare organizations, unlike the password authentication system which required users to remember passwords. Use of biometrics is extended to hospitals, clinics and to monitor patients. Various advancements in technology have led to commercialization of a number of biometric solutions for healthcare such as user identification using the face, iris, hand, voice, fingerprint, vein, and signature. This has significantly bolstered the healthcare biometrics market growth. The North America healthcare insurance market in highly fragmented, with several loopholes in the system that are exploited by fraudsters. Therefore, potential for biometrics is considerably high in this region. Besides, growing demand for healthcare IT integration in Asia Pacific and Latin America regions is projected to support the rapid adoption of biometrics in healthcare sector.

Improving technology for more secured access to propel the healthcare biometrics market

Companies in the global biometrics market are improving their product technology to provide more secure access to critical areas and information to authorized personnel. The iris and vein recognition technology are among the most secured biometric technologies. Palm, eyes and finger are the target areas for vein biometric technology. Veins are unique for each person and stays the same for lifetime which makes it more secured biometric technology. Moreover, this also eliminates the stigma of law enforcement associated with fingerprint technology, something that is a major concern in developed countries such as the U.S. Moreover, biometric vein reader can also read through surgical gloves. Awareness and adaptability to new biometric technologies would augment growth of the healthcare biometrics market.

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High usage in healthcare fraud prevention and access control is observed in the healthcare biometrics market

Healthcare fraud costs the global economy billions of dollars annually. Healthcare fraud could be referred to obtaining patient information either by inducing a medical personnel having access to patient information or when patients obtain a free screening. A dentist form Valdosta, Georgia, U.S. was sentenced for two years and three months recently in 2017 for a healthcare fraud. The dentist collected Medicaid payments totaling to US$ 789,000 (for teeth extraction) using patient’s identity without their knowledge. California based St. Joseph’s Health, was asked to pay US$ 6.1 million in October 2016 for Health Insurance Portability and Accountability Act (HIPAA) violations. The server installed at the center was not secured, which enabled access to patient’s database through search engine. According to the Coalition against Insurance Fraud—an anti-fraud watchdog group—nearly US$ 80 billion is lost annually in Medicare fraud in the U.S. Such a big cost to the economy has alerted the healthcare industry and the government to ensure data security and access control. The security becomes more imperative for companies conducting clinical trials. The healthcare biometrics market is therefore expected to boom in the near future.

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