Smart Cards in Healthcare Market outlook with industry review and forecasts

Smart Cards in Healthcare Market size is expected to grow significantly from 2019 to 2025. Smart cards in healthcare provides high level of privacy and security for handling private information such as personal health information and identity. Smart card authenticates a patient’s identity during medical care and assists in specific health system management. Rising adoption of smart cards in handling patient data along with patient management will enhance the smart cards in healthcare market growth. Moreover, high usage of these cards reduces the risk of medical errors and minimizes healthcare costs that further augments the need for smart cards in healthcare industry. Also, it has an electronic chip with integrated circuit that reduces incidence related to medical identity such as fraud and theft. Above-mentioned factors fosters smart cards in healthcare industry growth. Rising demand for better patient care with minimum risk of fraud further boosts business growth.

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Increasing government initiatives in developed and developing economies for the implementation of smart cards will propel the business growth. Various government initiatives focus on improving accessibility, affordability and availability of healthcare with the help of the smart cards thus, is expected to favor industry growth. However, lack of knowledge in rural areas may hamper the smart card in healthcare business growth.

Contactless smart cards segment will witness lucrative growth over the coming years. Contactless smart card technology is available in numerous forms such as handheld devices, key fobs, plastic cards, documents and watches. As compared to others it offers more secure reading and more storage as well as data writing thus, augments the demand for contactless smart cards.

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Memory card-based smart cards segment will grow significantly during the forecast timeframe. Memory cards are referred as protective chip that stores valuable information and has ultrahigh frequency. It uses wireless communication technology that can be studied without insertion of card into card reader. Above-mentioned factors render positive on segmental growth. Growing demand for memory card-based smart cards will further foster segmental growth.

Patient history segment will witness tremendous growth during the forecast timeframe. Patient history provides easy access to patient data for accurate health information and treatment that enhances better patient care. It provides appropriate patient data that significantly avoids data breaching and theft. These factors favor the segmental growth. Moreover, smart cards in patient history generates higher patient satisfaction levels and creates closer patient alignment. These advantages boost the segmental business growth.

Europe smart cards in healthcare industry will grow significantly during the forecast timeline. The growth is attributable to developed infrastructure coupled with rising government funding in this region. Moreover, continuous innovation by the manufacturers in this region for developing hybrid cards is expected to propel the business growth.

Eminent players established in smart cards in healthcare market include American Express Company, Atos, CardLogix, Giesecke & Devrient, Gemalto, Infineon Technologies, Oberthur Technologies, SCM Microsystems and VeriFone Holdings. Business players aim at new product development and product launch to maintain their financial stability and to sustain in the industry. For instance, in June 2017, CardLogix Corporation and SmartCard Marketing Systems, Inc. announced partnership to develop high security closed loop payment solutions. This partnership was formed as response to growing necessity to deal with payment fraud by identity authenticators such as biometrics and smart cards.

Company Profiles:
• American Express Company
• Atos SE
• CardLogix Corporation
• Giesecke & Devrient
• Gemalto NV
• INSIDE Secure SA
• Infineon Technologies AG
• Oberthur Technologies SA (Idemia)
• SCM Microsystems
• VeriFone Holdings

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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