Smart Card in Healthcare Market - 2022 by Manufacturers, Regions, Size, Share, Forecast to 2028 | by Atos SE, Giesecke+Devrient GmbH, Infineon Technologies AB

New Jersey, United States - Analysis of Smart Card in Healthcare Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The size of the worldwide smart card market for healthcare was estimated at USD 1.01 billion in 2020 and is anticipated to increase at a CAGR of 12.4% from 2021 to 2028. The adoption of smart cards to store patient data and guarantee high levels of privacy and security as well as the growing digitization of healthcare systems around the world are anticipated to drive market expansion. The COVID-19 pandemic had an influence on the healthcare sector, and the healthcare IT sector also felt the effects. Players in the smart card market reported a stagnation or drop in the growth of their smart card business sales. For instance, the IDS sector of Brady Corporation, the parent firm of IDenticard Systems, recorded a drop of 9.1% in its IDS segment, which consists of smart cards for healthcare applications. The Thales Group also revealed a 2% decrease in growth from 2019 to 2020. Inadequate supply chains and frequent lockdowns were the main causes of slow adoption.

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Additional government measures to integrate smart cards into the healthcare system are anticipated to accelerate market expansion. For instance, the Rashtriya Swasthya Bima Yojana (RSBY) was introduced by the Indian government in 2008. The RSBY smart card serves as the only visible interface to the scheme's centralised digital artefact, which is essential to its operation. Through the use of these smart cards, about 120 million Indians have been added to the RSBY database as of April 2020.

Division segment:

Product insights: In 2020, contactless smart cards held the biggest market share-more than 28.0%. The segment growth is anticipated to be boosted by the increasing use of contactless smart cards due to their advantages over contact-based smart cards and the lack of a reader required. They function by establishing wireless communication between the smart card and the location where it is meant to be used via NFC technology or radio frequencies.

From 2021 to 2028, the hybrid smart cards market is anticipated to grow at the quickest CAGR of 14.6%. These smart cards combine several card technologies. For instance, they might have a contactless RFID proximity chip and an embedded microprocessor smart card. Dual interface smart cards, on the other hand, communicate via a single chip using a different technique.

Component insights: The market segment with the biggest share in 2021-more than 55.0%-was microcontroller-based smart cards. Since they are portable and have a large amount of memory, this segment's growth is anticipated to pick up during the projection period. The segment's increased use in the healthcare sector is also predicted to cause it to grow at the fastest CAGR between 2021 and 2028.

Regional analysis:

Europe had the highest revenue share of almost 30% in 2021. It is projected that growing initiatives by various governmental and non-governmental groups to ensure high-quality healthcare facilities will drive product demand in this area. Residents of 32 countries can obtain free European Health Insurance Cards. Numerous European nations have their own national healthcare identification cards. These elements are anticipated to accelerate market expansion.
Due to factors including technologically improved healthcare and supportive government initiatives, the market in Asia Pacific is predicted to develop at the quickest rate, or 13.2%, during the projected period. In addition, by 2028, the regional market is anticipated to overtake all other shareholders.

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Competitive analysis:

Some prominent players in the global smart card in healthcare market include:
• Atos SE
• Giesecke+Devrient GmbH
• Infineon Technologies AB
• NXP Semiconductors
• Texas Instruments Incorporated
• Thales Group
• CardLogix Corporation
• IDenticard Systems

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