Healthcare Biometrics Market - Global Industry Analysis 2024

Biometrics in the healthcare context primarily refers to patient identification and provision of access control to users. Biometrics are also being used in reducing fraud and securing patient information, especially pertaining to those recruited for clinical trials. Healthcare insurers in the U.S. face a lot of fraud and misrepresentation of information for claiming paid benefits. The Federal Bureau of Investigation (FBI) estimates (2015) that fraudulent billings to public and private health care programs results in 3%-10% of total health expenditure. According to the Coalition against Insurance Fraud—an anti-fraud watchdog group—nearly US$ 80 billion is lost annually in Medicare fraud in the U.S. Healthcare biometrics can be an optimal solution for data security and fraudulent claims, thus saving billions of dollars to government and healthcare insurers. Securing identification of patients is essential to control logical access and also limit physical access to hospital wards and authenticate medical personnel.

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Market Dynamics

Biometrics have undoubtedly eased the accessibility and operations of healthcare organizations, unlike the password authentication system which required users to remember passwords. Use of biometrics is extended to hospitals, clinics and to monitor patients. Various advancements in technology have led to commercialization of a number of biometric solutions for healthcare such as user identification using the face, iris, hand, voice, fingerprint, vein, and signature. This has significantly bolstered the healthcare biometrics market growth. The North America healthcare insurance market in highly fragmented, with several loopholes in the system that are exploited by fraudsters. Therefore, potential for biometrics is considerably high in this region. Besides, growing demand for healthcare IT integration in Asia Pacific and Latin America regions is projected to support the rapid adoption of biometrics in healthcare sector.

Market Taxonomy

This report segments the global healthcare biometrics market on the basis of technology, application, end user, and geography. On the basis of technology, the market is categorized into face recognition, iris recognition, hand recognition, voice recognition, fingerprint recognition, vein recognition, and signature recognition. On the basis of application, the market is categorized into logical access control, transaction authentication and physical access control. On the basis of end-user, the market is categorized into clinical laboratories, clinics, hospitals and healthcare institutions. For comprehensive understanding of market dynamics, the global gynecological devices market is analyzed across key geographical regions namely North America, Europe, Asia Pacific, Latin America, Africa, and Middle East. Each of these regions is analyzed on basis of market findings across major countries in these regions for a macro-level understanding of the market.

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Key features of the study:

-This report provides in-depth analysis of the healthcare biometrics and provides market size (US$ Million) and Cumulative Annual Growth Rate (CAGR (%)) for the forecast period: 2016 – 2024, considering 2015 as the base year

-It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market

-This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players

-It profiles leading players in the global healthcare biometrics market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies and future plans

-Key companies covered as a part of this study include BIO-key International, Fujitsu Limited, MorphoTrust, 3M Cogent, Inc., Imprivata, Inc., Crossmatch Technologies, Inc., NEC Corporation, Hitachi Ltd., Integrated Biometrics, and Qualcomm Technologies, Inc.

-Insights from this report would allow marketers and management authorities of companies to make informed decision with respect to their future product launch, end user upgrades, market expansion, and marketing tactics

-The global healthcare biometrics market report caters to various stakeholders in this industry, including investors, device/system manufacturers, distributors and suppliers for healthcare biometric system, research and consulting firms, new entrants, and financial analysts

-Various strategy matrices used in analyzing the healthcare biometrics market would provide stakeholders vital inputs to make strategic decisions accordingly

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