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Healthcare Biometrics Market to Hit USD 2263.3 million by 2030 owing to the incidence of data breaches and health identity theft is increasing.

02-19-2024 10:00 AM CET | Health & Medicine

Press release from: SNS Insider Pvt Ltd

Healthcare Biometrics Market

Healthcare Biometrics Market

The SNS Insider report indicates that the Healthcare Biometrics Market was valued at USD 537.03 million in 2022, and is expected to reach market size of USD 2263.3 million by 2030, with a compound annual growth rate (CAGR) of 19.7% expected over the forecast period from 2023 to 2030.

Based on SNS Insider's research, wearable biometric devices that are capable of monitoring patient signs and health data in actual time have been developed by healthcare producers. These devices may be used to identify, authenticate and monitor patients continuously.

Market Report Scope -

The overview of product processing methods, consumer purchasing patterns and tendencies, political developments and regulatory scenario are analysed in detail in this chapter. Topics such as the world GDP growth outlook, Global Industry Value Added, Personal Consumption, Expenditures, Modern Trade and Consumer Price Index also include in depth analysis of Macroeconomic Factors. The chapter also covers forecast factors - relevance & impact, value chain analysis and market dynamics (drivers, restraints and opportunities) to better understand the market.

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The Major Key Players in Biometrics Market

→3M Cogent, Inc.,

→Bio-Key International, Inc.,

→Cross Match Technologies, Inc.,

→Fujitsu Ltd.,

→Imprivata, Inc.,

→Lumidigm, Inc.,

→NEC Corporation,

→Siemens AG,

→ZKTeco, Inc.,

→Suprema, Inc.

→and other players.

Biometrics Market Growth Factors -

Security will be enhanced by any access management solution that supports MFA through the addition of other authentication factors. A level of security that can be applied for managing access to the most important data is available in MFA. In addition to biometrics, multiple factors, such as passwords, secret questions, onetime passwords, user behaviour, registered mobile devices, and other valuable information, should be used at different levels of MFA for medical information, databases, and other valuable information.

Biometrics Segmentation Analysis -

By Technology Type
→Single-factor Authentication
→Signature Recognition
→Voice Recognition
→Other Behavioral Recognition
→Single-factor Authentication
→Multi-factor Authenticationq
→Biometrics with PIN
→Multimodal Authentication
→Two-factor Biometrics
→Three-factor Biometrics

By Application
→Patient Identification & Tracking
→Medical Record Security & Data Center Security
→Care provider authentication
→Home/remote patient monitoring
→Pharmacy dispensing

By End User
→Hospitals & Clinics
→Healthcare institutions
→Research & Clinical laboratories

The healthcare biometric market is broken down on the basis of technology, including facial recognition, fingerprint recognition, sight recognition, psychological identification and iris detection. In terms of revenue from the healthcare biometrics market, the fingerprint recognition segment accounted for the largest share in 2022. Cause it's easier to access, and has more reliability.

The segmentation of the healthcare biometrics market is based on application such as identification, patient monitoring, medical record management and data protection. In 2022, data security dominated the market and is expected to grow faster than any other segment over the forecast period due to strict government regulations that work to protect patient information, like Health Information Technology for Economic and Clinical Health (HITECH). In addition, market growth is expected to be fueled by the increased use of electronic health records in healthcare facilities. For data security in the healthcare sector, any place where information can be used or accessed and includes an endpoint is important.

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Biometrics Key Regional Development -

North America's healthcare biometric market had a value of USD 8.8 billion in 2022 and is expected to grow significantly at a compound annual growth rate of around 12% over the study period due to an extensive incidence of fraud and crime within the healthcare industry. The adoption of these technologically advanced biometric systems for the collection of registration and patient data is expected to be accelerated by a high incidence of fraudulent activities.

The Asia Pacific healthcare biometrics market is expected to grow at the highest compound annual growth rate between 2023-2030. This could be a chance for the biometrics market in health care, as new healthcare facilities are being built. A growing investment in the health biometrics sector will lead to breakthroughs. The healthcare biometric system will contain premium features. In addition, the largest market share was held by China's Biometric Market and India's Biometric Market has been the fastest growing healthcare market in Asia Pacific Region.

Key Takeaway from Healthcare Biometrics Market Study-

Increasing demand for accurate identification of patients: misidentification of patients is a major problem in healthcare, leading to medical errors, patient safety risks, and financial losses. Biometric solutions in the area of health care are able to accurately and reliably identify patients, reducing these risks as well as ensuring better overall healthcare for patients.

At the highest compound annual growth rate, the North America market is expected to develop. This increase is due to a growing government commitment to data protection, security of health care facilities and the existence of several major players.

Recent Development Related to Healthcare Biometrics Market -

In June 2023, BIO -key International announced its partnership with the University of Iowa Hospitals and Clinics (UIHC). As per this partnership, the UIHC planned to integrate BIO-Key's Portal Guard with Epic Hyperdrive for delivering SAML single sign-on (SSL) capabilities, avoiding user re-enrollment and shared multifactor authentication.

In April 2023, The Digital Identity Maturity Model and Assessment has been introduced by Imprivata. These free tools are a first of their kind and aim at increasing the opinions of physicians and end users during the decision-making process for healthcare organizations' digital strategies.

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Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis

5. Value Chain Analysis

6. Porter's 5 forces model

7. PEST Analysis

8. Healthcare Biometrics Market Segmentation, By Technology Type

9. Healthcare Biometrics Market Segmentation, By Application

9.1 Patient Identification & Tracking
9.2 Medical Record Security & Data Center Security
9.3 Care provider authentication
9.4 Home/remote patient monitoring
9.5 Pharmacy dispensing

10. Healthcare Biometrics Market Segmentation by End User
10.1 Hospitals & Clinics
10.2 Healthcare institutions
10.3 Research & Clinical laboratories

11. Regional Analysis

12. Company Profiles

13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments

14. Conclusion

continued

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Contact Us:
Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
Website: https://www.snsinsider.com

About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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