Growth of Smart Cards Amid Rising Cyber Attacks Emerges as a Core Driver of the Smart Card in Healthcare Market in 2025

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What Is the Expected CAGR for the Smart Card in Healthcare Market Through 2025?
In the past few years, there has been a significant increase in the size of the smart card in the healthcare market. The market is anticipated to expand from $1.59 billion in 2024 to $1.74 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 9.0%. This substantial growth during the historical period is attributed to factors such as improved data security, the digital transformation of healthcare records, enhanced patient identification measures, and incorporation with electronic health records (EHR).

What's the Projected Size of the Global Smart Card in Healthcare Market by 2029?
In the coming years, the market size of smart cards in healthcare is projected to expand rapidly, reaching $3.07 billion by 2029, with a compound annual growth rate (CAGR) of 15.3%. This growth, expected over the forecast period, will be primarily driven by streamlined work efficiency, a decrease in medical errors, patient empowerment, government policies and rulings, and efficient delivery of healthcare services. Key future trends include improved measures for data security, the incorporation of biometrics, the emergence of contactless smart cards, advancements in telemedicine and remote patient monitoring, and health information exchange (HIE).

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Top Growth Drivers in the Smart Card in Healthcare Industry: What's Accelerating the Market?
The proliferation of data breaches and unpermitted entries into health care portals is fueling the expansion of the smart card sector in healthcare. The term "data breaches and unauthorized access in healthcare portals" refers to situations where confidential patient data is compromised due to insufficient security precautions or malicious assaults. The burgeoning number of data breaches and illicit entries into healthcare portals can be attributed to escalating cyber threats, poor security protocols, and increasing digitalization of health records. Implementing smart cards can dramatically reduce the risk associated with these data breaches and cyber assaults, offering secure verification and encryption. A September 2024 report by Check Point, an Israeli software security firm, mentioned that there'd been around 2,018 weekly attacks on individual organizations within the healthcare sector globally from January to September 2024. This signifies a 32 percent rise compared to the same period in the previous year. Consequently, it is anticipated that these augmenting data breaches and unauthorized portal access incidents in healthcare will propel the market in the forecast period.

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What Trends Will Shape the Smart Card in Healthcare Market Through 2029 and Beyond?
Top-notch companies embedded in the healthcare sector's smart cards market are innovating advanced tools such as payment cards in an attempt to broaden their clientele and retain a competitive advantage over other market players. A payment card, which can be digital or tangible, paves the way for patients to directly pay for their medical services and treatments, thus revolutionizing the claims procedure while minimizing the demand for reimbursement claims. For example, in February 2024, AXA Global Healthcare, a software company based in the UK, introduced its innovative virtual healthcare payment card aimed at simplifying customers' claims procedure. Recent studies revealed that time constraints and administrative challenges are significant hurdles when applying health insurance claims. This virtual card can be integrated with digital wallets like Apple Pay or Google Pay, enabling members to pay for qualified outpatient treatments, such as over-the-counter prescriptions, directly without having to spend personal money or submit long-drawn-out claims. Studies found that a large number of international claims are for small-scale expenses, which are frequently paid out of pocket by the members, causing the claiming process to be burdensome.

What Are the Main Segments in the Smart Card in Healthcare Market?
The smart card in healthcaremarket 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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Which Top Companies are Driving Growth 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

Which Regions Will Dominate the Smart Card in Healthcare Market Through 2029?
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

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