Healthcare Biometrics Market Report 2022: Analysis of Rising Business Opportunities with Prominent Investment Ratio by 2027

The increasing significance of effective security measures in application areas such as patient data security, patient security, and healthcare systems security is expected to drive the prospects of the healthcare biometrics market. A recently published report of Fairfield Market Research suggests that the global market size will most likely exceed US$75 Bn by the end of 2028.

By 2028 end, worldwide adoption of healthcare biometrics is expected to account for more than 15% revenue growth, indicate the primary report findings. There has been an ascending uptake of healthcare biometric systems across hospitals with an intent to ensure the security of the overall medical management, effectively protect patient identity and data, assure data security, and enable secure inventory management. Biometrics has also been substantially useful at international hospitals that monitor the real-time location of patients, medical devices, and concerned clinicians through a connected system.

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Healthcare Frauds Drive Biometrics Adoption for Personalised Security Solutions

A highly fragmented network of complex healthcare insurance schemes forms the largest market for healthcare biometric systems. While this is prominent especially in the US, the massive volume, and overall valuation continues to make it highly susceptible to insurance frauds. Moreover, there has been critically growing demand for biometrics that offer biometric access systems to healthcare infrastructure, and those that offer patient identification solutions. A growing number of hospitals have been strict regarding the deployment of biometrics security systems for hospital wards, premises, and central archiving rooms. This is expected to further supplement the growth of healthcare biometrics market.

Global healthcare biometric market is segmented as below:

By Technology
• Face Recognition
• Fingerprint Recognition
• Iris Recognition
• Vein Recognition
• Palm Geometry Recognition
• Behavioral Recognition
• Others

By Application
• Patient Identification and Tracking
• Medical Record Security and Data Centre Security
• Care Provider Authentication
• Home/Remote Patient Monitoring
• Pharmacy Dispensing
• Others (includes narcotic security and counter insurance frauds)

By End User
• Hospitals and Clinics
• Healthcare institutions
• Research and Clinical laboratories

By Region
• North America
• Europe
• Asia Pacific
• LAMEA

Potential Opportunities Abound with Combination of Biometrics with Blockchain

Potential deployment of Blockchain technology along with biometrics is likely to bring in some promising outcome with respect to slashing data theft, preventing attacks through malicious software, and reducing cyber-attacks. Increasing healthcare digitalisation that facilitates maintenance of electronic records also demands robust architecture through distributed ledge databases on the peer-to-peer network. Here, the Blockchain technology helps in the process of elimination of the single point failure concern. The Patientory Inc., and IrisGuard integration in 2019 pointed to the potential of both Blockchain, and biometrics to allow greater patient data security through a double proof mechanism. Many are following the suit.

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Activity Remains Concentrated in North America, and Asia Pacific

Majorly underpinned by the government initiatives favouring technology adoption, North America will continue to be in the bandwagon of global healthcare biometrics market. Europe, also an important market, remains the second largest pocket of investment in the global market. On the other hand, the primary findings affirm growing lucrativeness of Asia Pacific over the recent past. This projection is clearly attributable to the rising rate of electronic health record (HER) adoption at hospitals across the region. While China first introduced the facial recognition biometrics specifically for hospitals in 2018, it will remain at the forefront of adoption of healthcare biometrics throughout the period of forecast. The role of Chinese government will also be instrumental to the market build-up.

Major Players in Global Healthcare Biometrics Market

The report would provide detailed insights into the financial information, as well as strategic developments of some of the major players operating in healthcare biometrics market. A few of the profiled players include BIO-key International, 3M, Qualcomm Technologies, Inc, NEC Corporation, Fujitsu, MorphoTrust, Suprema, Imprivata Inc, Hitachi Ltd, Nuance Communications, Inc, HID, and Crossmatch Technologies, Inc.

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