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Healthcare Biometrics Market Analysis and Business Outlook from 2021 to 2028
Healthcare Biometrics Market: IntroductionAccording to the report, the global healthcare biometrics market was valued at US$ 22.92 Bn in 2020. It is projected to expand at a CAGR of 15.5% from 2021 to 2028. Biometrics is the measurement and statistical breakdown of an individual's physical and behavioral traits. Biometric tech is used primarily in identification and admittance control. The fundamental assumption of biometric authentication is that every individual can be efficiently distinguished according to their natural physical or behavioral traits.
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The biometrics technology is used in healthcare division such as doctors' offices, hospitals, and other healthcare setting to ensure accurate patient identification or for monitoring patients. Use of biometric identity solutions reflects prevention and minimization of healthcare fraud and resource wastage, while also improving healthcare safety, quality, and patient privacy.
Decline in Healthcare Frauds
Biometrics is recognized as the only system currently available that can provide positive identity of an individual with high accuracy. This technology ensures that there is no duplication of patient identity in order to obtain duplicate benefits, services, and drugs. Biometrics also prevents the possibility of card sharing and thus, identity theft. Biometrics also efficiently curtails phantom claims by ensuring the physical presence of an individual at the time and place of service.
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This technology ensures verified managed care or services from healthcare providers so that insurance programs can easily rely on this data for the settlement of managed care. These factors are projected to fuel the global healthcare biometric market during the forecast period.
Increasing Adoption of Healthcare Biometrics in Various Healthcare Organizations and Hospitals to Drive Global Healthcare Biometrics Market
Most of the hospitals and healthcare organizations are using biometric systems to ensure safety of the patients' data and to secure identification process of patients. For instance, in August 2021, RAIsonance launched biometric security tool such as SoundPass. SoundPass is a set of AI programs that convert audio signatures into biometric signal signatures. It is used for multi-factor authentication (MFA) in order to establish and maintain a bubble of perimeter security around the premises or a group of people. The growing security concerns about healthcare facilities is expected to boost the demand for biometrics solutions in healthcare.
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Fingerprint Recognition Technology Segment to Dominate Global Healthcare Biometrics Market
In terms of technology, the global healthcare biometrics market has been segmented into fingerprint, vein, face, iris, voice, hand, and signature. Fingerprint recognition technology is the most prominently used biometric technology, and the segment accounted for more than 50% of the biometrics market in 2020. Availability of a wide range of fingerprint recognition devices and introduction of portable fingerprint scanners & their efficacy in healthcare are major factors driving the demand for fingerprint technology.
North America to Dominate Healthcare Biometrics Market
In terms of region, North America dominates the global healthcare biometrics market due to extensive implementation of healthcare fraud controlling systems and enforcement of legislations such as HIPAA (Health Insurance Portability and Accountability Act) in the U.S. Majority of the market leaders are based in the U.S. and focused on technological advances, eventually introducing new biometric devices and products in the global market.
Well-established market players are also increasingly introducing their cost-effective products in emerging markets coupled with showcasing their cost and safety related advantages, thereby increasing their adoption in such regions.
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Increasing acceptance of biometrics in major medical fields and its verified efficiency in hospitals, clinical laboratories, research labs, and other healthcare facilities drive the healthcare biometrics market in North America.
Major Players
Some of the major companies currently active in the healthcare biometrics market include 3M Cogent, Inc., Bio-Key International, Inc., DigitalPersona, Inc., NEC Corporation, M2SYS LLC, Cross Match Technologies, Inc., Suprema, Inc., and Siemens AG.
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