Press release
Smart Card in Healthcare Market Set to Reach $3.14 Billion by 2029 with 0.157244551932277% Yearly Growth
Smart Card in Healthcare Market Size
The surge in data breaches and unauthorized access to healthcare portals is propelling the expansion of the smart card market in the healthcare sector. Data breaches and unauthorized access to healthcare portals imply instances where vulnerable patient data is breached due to insufficient security protocols or malicious assaults. The escalation in data violations and unauthorized access in healthcare portals are fueled by increasing cyber threats, deficient security measures, and the heightened digital transformation of healthcare records. The involvement of smart cards in data breaches and cybercrimes can lessen the risk through secure authentication and encryption. For instance, in September 2024, a report by Check Point, an Israeli software security company, stated that from January to September 2024, the healthcare industry globally faced an average of 2,018 attacks per organization each week. This denotes a 32 percent rise compared to the same period in the prior year. Therefore, the escalating data breaches and unauthorized access in healthcare portals are anticipated to spur the market during the projection period.
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What growth opportunities are expected to drive the smart card in healthcare market's CAGR through 2034?
The healthcare smart card industry has witnessed robust growth in the past few years. It is expected to expand from $1.59 billion in 2024 to $1.75 billion in 2025, projecting a compound annual growth rate (CAGR) of 9.7%. The exponential rise during the historical period can be traced back to factors such as improved data protection, digitization of medical records, better patient identification process, and amalgamation with electronic health records (EHR).
Anticipations are high for swift expansion in the smart card in healthcare market size in the upcoming years. Its value is projected to reach $3.13 billion in 2029, with a compound annual growth rate (CAGR) of 15.7%. The enlargement for the projected period can be credited to effortless workflow effectiveness, minimization of medical mistakes, patient empowerment, government interventions and regulations, and effective healthcare service provision. The prominent trends during the forecast period include advanced data security procedures, the inclusion of biometric features, the advent of contactless smart cards, the emergence of telemedicine and remote patient observation, and health information exchange (HIE).
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What are the emerging trends shaping the future of the smart card in healthcare market?
Leading corporations within the healthcare smart cards sector are innovating advanced offerings like payment cards to broaden their consumer base and keep an edge over their competition. Payment cards, be it a virtual or a physical one, enable patients to settle their medical bills directly, thereby simplifying the claims procedure and diminishing the requirement for reimbursement claims. For example, AXA Global Healthcare, a software firm based in the UK, launched its novel virtual healthcare payment card in February 2024, to make the claims process more efficient for users. Recent research highlighted that the lengthy time duration and administrative paperwork are key hurdles when it comes to filing health insurance claims. The virtual card can be integrated with digital wallet solutions like Apple Pay or Google Pay, giving members the choice to pay for approved outpatient services like over-the-counter prescriptions, directly, without the need to utilize personal savings or go through lengthy claims. Studies show that numerous international claims are for small amounts, generally paid out of pocket, which complicates the claiming process for members.
Which growth-oriented segments of the smart card in healthcare market are leading the industry's development?
The smart card in healthcare market covered in this report is segmented -
1) By Type: Contactless Smart Cards, Contact-based Smart Cards, Dual-interface Smart Cards, Hybrid Smart Cards
2) By Component: Memory Card-Based Smart Cards, Microcontroller-Based Smart Cards
3) By Application: Personal Identity, Patient History, Billing and Payment, Security
Subsegments:
1) By Contactless Smart Cards: RFID-Based Healthcare Cards, NFC-Enabled Health Cards
2) By Contact-Based Smart Cards: Chip-Based Medical ID Cards, Health Insurance Cards
3) By Dual-Interface Smart Cards: Cards That Support Both Contact And Contactless Transactions, Multi-Application Healthcare Cards
4) By Hybrid Smart Cards: Cards Combining Various Functionalities
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What regions are leading the charge in the smart card in healthcare market?
Asia-Pacific was the largest region in the smart card in healthcare market in 2024, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the smart card in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the smart card in healthcare market?
Major companies operating in the smart card in healthcare market include Atos SE, Giesecke+Devrient GmbH, Infineon Technologies AG, Thales Group, CardLogix Corporation, NXP Semiconductors N. V., Texas Instruments Incorporated, IDenticard Systems LLC, SCM Microsystems Inc., IDEMIA France SAS, American Express Company, Mastercard Incorporated, Visa Inc., HID Global Corporation, Ingenico Group SA, Verifone Systems Inc., Heartland Payment Systems Inc., Square Inc., Apple Inc., Samsung Electronics Co Ltd., Google LLC, Microsoft Corporation, International Business Machines Corporation (IBM), Oracle Corporation, Cisco Systems Inc., Intel Corporation, Hewlett Packard Enterprise Company
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What Is Covered In The Smart Card in Healthcare Global Market Report?
•Market Size Forecast: Examine the smart card in healthcare market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart card in healthcare market for a structured understanding.
•Key Players Overview: Analyze major players in the smart card in healthcare market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart card in healthcare market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart card in healthcare market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart card in healthcare market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart card in healthcare market.
•Competitive Landscape: Review strategic developments in the smart card in healthcare market, including expansions, agreements, and new product launches.
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