Smart cards are credit cards which are embedded with an integrated circuit (IC) chip, containing a microprocessor. These chips are able to store, calculate, manage, process data, and can also hold important information. Moreover, smart cards are safer than magnetic strip cards, and performs encrypted algorithms through a smart card reader. Smart cards have wide applications in handling of sensitive data such as finances, identity, and personal health information. Smart cards are attributed to various value added features which are beneficial for patients and providers. It has various advantages such as it enhances the confidentiality and security of patient data, secure the access to emergency medical situation, maintain accurate identification across different facilities, ease in payment, reduce healthcare fraud, and secure medical records. Therefore, such benefits is expected to help in improvement of healthcare system and would help to gain more traction of smart cards in healthcare market in the near future.
Smart Cards in Healthcare Market Taxonomy
By Product Type
Strategic collaboration to develop advance smart card technology to provide value added services in healthcare is expected propel growth of the market
Manufacturers are focusing in development of new technology via collaboration to tap into smart cards market. For instance, in 2017, Fintech and CardLogix collaborated to develop new biometric payment card solution with CardLogix’ security features including fingerprint sensor, aid to store biometric data and additional security feature to avoid skimming and cloning for high secure transactions. Fintech and CardLogix has a portfolio to develop high speed, mobility, and security of biometric smart cards. This smart card technology offers one of the application in healthcare e-records for national healthcare identity programs. Thereby, this strategic collaboration is expected to propel the smart cards in healthcare market growth over the forecast period.
Various government initiatives in the implementation of IoT technology via smart cards in the healthcare system is expected to fuel growth of the market
The Chhattisgarh government aims to improve the availability, affordability, and accessibility of healthcare with the help of the smart cards. For instance, in 2017, it announced to provide new health smart cards, which are expected to help low income group for cashless treatment at the registered hospitals. Smart cards are issued to 55.78 lakh families and aiming to strive about 5.55 lakh people of low income group through the camps across the state. Smart cards are expected to provide health insurance benefits of around US$ 774.04 (Rs. 50 K) per family annually.
Moreover, in 2017, Indian government announced to provide new smart cards with an annual budget of over UD$ 24 billion (Rs. 2400 crore) to veterans under Ex-Servicemen Contributory Health Scheme (ECHS). The government is providing value added services to veterans and their family members with new security features to avoid misuse of smart cards such as fraud claims and fake bills. Thus, the smart card expires as soon as the person ages to 21. This scheme is entitled in a number of private hospitals across the India, which in turn, is expected to fuel the market growth over the forecast period.
Some of the key players operating in the global smart cards in health care market are American Express Company, Giesecke & Devrient (G&D), Gemalto NV, INSIDE Secure SA, VeriFone Holdings, Inc., Atos SE, CardLogix Corporation, GmbH, Infineon Technologies AG, Oberthur Technologies SA, and SCM Microsystems.
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