Healthcare Biometrics Market - Evolving Industry Trends and key Insights by 2019

Security has always remained a vital concern in healthcare sector when it comes to safeguard confidential medical data, records and patients’ privacy. Biometric devices analyze biological data of a user by capturing unique his or her physical human features and use them as a future reference (template) for user’s identification. The basic components of biometric identification systems consist of a scanning device or a reader, software to convert the scanned information into digital form and a database to store the biometric data for comparison with entered biometric data.

A variety of human features such as fingerprint, face, iris, vein, voice, hand and signature seem to reveal several potential attributes for biometric authentication. Use of biometrics with the help of these physical characteristics along with logical or physical access or both together has found a worldwide use in the healthcare sector. However, improper storage of medical data may pose a threat of invasion of the user’s identity and thus challenge patient security. Biometric solutions are facilitates the provision restricted access to rooms or computer network systems from unauthorized access.

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Healthcare facilities across the globe are increasingly shifting their focus on implementing biometric security solutions for patient identification and their linking to electronic health records system to the respective patients. Integrity of patient identity, efficient and safe data recording, control on medical frauds and reduction in inventory theft are some of the distinct advantages offered by biometrics. Biometrics provides healthcare professionals and patients to secure their information and keep it confidential by only being released such information to those who have the rightful access to it. Biometrics allows matching of a patient to his records with minimal possibility of errors and avoids mixing up of patient information which can have serious consequence on the health and wellbeing of such patients. Moreover, factors such as culmination of false patient identity, patient protection and reduction of the overburden of medical frauds and security of medical records have urged those in the healthcare industry to opt for biometrics.

Even with the ongoing struggle in the economy, especially in the European and Asian countries, healthcare organizations are investing in biometric technologies in order to increase security, privacy and improve patient safety and thus compensate the huge amount money lost in healthcare frauds. Companies investing heavily in developing automated biometric systems with improved accuracy and response time may gain greater benefits in the near future. Introduction of new products with reduced cost and showcasing advantages and advanced capabilities of biometric security solutions at various conferences, laboratories, trade shows, web casting and electronic newsletters is further boosting the growth of new market competitors.

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Geographically, North America dominates the global healthcare biometrics market owing to extensive implementation of healthcare fraud controlling systems and enforcement of legislations such as HIPAA (Health Insurance Portability and Accountability Act) in the U.S. Furthermore, majority of the market leaders are domiciled in the U.S. and are aggressively involved in technological advances, eventually introducing new biometric devices and products in the global market. Well established market players are also increasingly pushing their cost effective products in emerging markets coupled with showcasing their cost and safety related advantages thereby increasing their adoption in such regions. Growing acceptance of biometrics in by major medical fields and its verified efficiency in hospitals, clinical laboratories, research labs and other healthcare facilities drives the market for healthcare biometrics in North America.

Moreover, factors such as reduction in healthcare frauds, secured patient privacy and medical records, reduction in fake insurance claims reduction in identification and reimbursement processing, cost containment of the biometric devices and introduction of cheaper products with better accuracy will result in rapid adoption of biometrics security solutions in healthcare sector in the emerging markets. Use of multimodal biometric system, which combines different types of biometric methods, such as combining facial and iris recognition is currently rapidly progressing trend. Biometrics is a promising and a fast growing segment in the field of next generation personal authentication and security systems and is changing the perception and look of healthcare industry.

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