Healthcare Biometrics Market: Analysis of Rising Business Opportunities with Prominent Investment Ratio by 2026 And Top Players Are BIO-key International, Fujitsu Limited, MorphoTrust, 3M Cogent, Inc., Imprivata, Inc

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.

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).

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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.

Competitive Analysis

Key companies covered as a part of this study include BIO-key International, Fujitsu Limited, MorphoTrust, 3M Cogent, Inc., Imprivata, Inc., Crossmatch Technologies, Inc., NEC Corporation, Hitachi Ltd., Integrated Biometrics, and Qualcomm Technologies, Inc.

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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.

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