Global Healthcare Biometrics Market, by Application (Logical Access Control, Transaction Authentication, and Physical Access Control), by Technology (Face Recognition, Iris Recognition, Hand Recognition, Voice Recognition, Fingerprint Recognition, Vein Recognition, and Signature Recognition), by End User (Hospitals, Clinics, Clinical Laboratories, and Healthcare Institutions), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be US$ 5,759.6 Million in 2022 and is projected to exhibit a CAGR of 24.4% over the forecast period (2022- 2030).
Increasing product launches are expected to contribute to the global healthcare biometric market growth. For instance, in September 2018, Fujitsu America, a business technology services company, launched a cloud-based Biometrics-as-a-Service (BIOaaS) solution which allows organizations to address increasingly complex data security risks. In March 2018, Fujitsu America launched MedClick Platform, a cloud-based platform that improves engagement between healthcare providers and patients. MedClick application is secured by Biometrics-as-a-Service (BIOaaS) platform. The MedClick Platform offers a number of benefits including assistance to hospitals and other medical institutions, delivering intuitive and stress-free care to patients, and it is proven to be time-saving for healthcare institutions. Increasing initiatives such as fundraising and acquisitions by key players are expected to drive the growth of the global healthcare biometrics market. For instance, in June 2018, Valencell, a U.S.-based developer of wearable biometric sensor technology, raised US$ 10.5 million through Series E financing, which was led by Sonion, a global designing and manufacturing components and solutions for hearing instruments, with participation from existing investors including TDF Ventures, GII LLC, and WSJ Joshua Fund. Valencell plans to use the funds to accelerate investments in its highly accurate biometric sensor technology and expand sales growth.
Global Healthcare Biometrics Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus or COVID-19 outbreak started in Wuhan, China in 2019 and has spread across all the continents of the world, affecting various industries globally. The economy in countries all over the world such as India, Italy, Bangladesh, Sri Lanka, the U.S., Morocco, and others has been disrupted due to lockdowns implemented by governments to combat the spread of coronavirus since 2020.
The main challenge for the healthcare system in many countries was to control the spread of COVID-19 among people and provide the best care to affected patients and decrease the number of possible deaths. A significant impact on the healthcare biometrics market was also observed. For instance, in September 2020, Gavi, the vaccine alliance, and the Bill & Melinda Gates Foundation, an US based private foundation, announced the collaboration with Serum Institute of India, a vaccine manufacturing company, to accelerate the manufacture and delivery of up to an additional 100 million doses of safe and effective COVID-19 vaccines for low- and middle-income countries (LMICs) such as India, Bangladesh and Kenya, as part of the Gavi COVAX AMC, a financing instrument that will support the participation of low- and middle-income economies, a mechanism within the COVAX Facility.
Thus, the impact of the Coronavirus (COVID-19) pandemic has hindered the growth of the global healthcare biometrics market during the forecast period.
Global Healthcare Biometrics Market: Key Developments
Increasing collaborations among key players are expected to drive the growth of the global healthcare biometrics market. For instance, in September 2019, the government of India introduced biometric patient authentication to crack down on ghost admissions under Ayushman Bharat, its flagship health insurance scheme. Under this scheme, the patients will have to undergo biometric verification upon admission and discharge.
In November 2021, ZKTeco, the manufacture and development of multibiometric and RFID (Radio Frequency Identification) technology solutions, announced the opening of a new factory in Bangalore, India, which would open up new options and business ventures. Which aims to build a conducive eco-system for the biometric and security industry as well as a contemporary, effective infrastructural foundation to open up new options for local production and the hiring of labor.
Browse 35 Market Data Tables and 29 Figures spread through 160 Pages and in-depth TOC on "Global Healthcare Biometrics Market, by Application (Logical Access Control, Transaction Authentication, and Physical Access Control), by Technology (Face Recognition, Iris Recognition, Hand Recognition, Voice Recognition, Fingerprint Recognition, Vein Recognition, and Signature Recognition), by End User (Hospitals, Clinics, Clinical Laboratories, and Healthcare Institutions), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2030"
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However, technological advancements in the multi-factor authentication system such as touchless and face detection drives the growth of global healthcare biometrics market. Touchless multi-factor authentication (MFA) increased the safety and convenience of a clinician. For instance, on January 16, 2020, Caregility, a clinical collaboration and communications company focused on providing secure, reliable two-way audio and video communications for any device and clinical workflow, in both inpatient and outpatient settings, launched single sign-on (SSO) and multi-factor authentication (MFA) functionality for its UHE telehealth platform.
Key Takeaways of the Global Healthcare Biometrics Market: