Healthcare Biometrics Market to Surpass US$ 8.7 Billion by 2024 - Coherent Market Insights

Published On : Mar 18, 2017

The Global Healthcare Biometrics Market was valued at US$ 1,333.1 million in 2015 and is projected to expand at a CAGR of 23.4% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Growing security concerns and integration of information technology (IT) with healthcare processes is expected to drive growth of the global healthcare biometrics market.

Frauds and operational inefficiencies are overriding healthcare administration concerns and needs to be addressed soon for overall profitability and improved efficiency. Use of biometrics ensures safety and controlled access. Healthcare insurers are inundated with fraudulent claims. 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. Besides, giving every patient a digital identity is being increasingly adopted as a practice in hospitals to ease processing at every functional level. Healthcare companies and organizations are actively integrating healthcare IT to aid cost reduction, secure patient information and allow for only authorized access.

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Increasing adoption of mHealth and electronic health record among hospitals is major factor fueling growth of the market. Data security becomes critical with the use of digital platforms as underlines by the Health Insurance Portability and Accountability Act (HIPAA) of 1996, which is augmenting growth of the healthcare biometrics market. Furthermore, increasing utilization of fingerprint biometric technology by various sectors is boosting market growth, owing to its ease of access to functional departments and documents.

Developed economies such as North America are adopting biometric systems in healthcare sector to secure data and prevent fraud, especially for those enrolled in clinical trials. Increasing incidences of data theft is propelling demand for enhanced security of patient data, which is expected to create a highly conducive environment for growth of the market in near future. For instance, Celerion—a clinical research service provider—has implemented fingerprint biometric technology in early 2017, to ensure that participants are not enrolled in more than one clinical study at a time. Biometric access control specialist, ievo Ltd, based in the U.K., partnered with Keytracker Ltd. (also based in the U.K.) in February 2017, to offer restricted key access system to the healthcare and construction industries. The fingerprint-based technology is intended to provide access to drug storage area only to the authorized personnel.  Such collaborations are imperative in global healthcare biometrics market for market expansion.

Key takeaways of the healthcare biometrics market:

  • The global healthcare biometrics market is expected to expand at a CAGR of 23.4% during the forecast period (2016–2024) as there exists a huge unrealized market especially in Asia Pacific, Latin America, Middle East and Africa
  • The fingerprint technology dominates the market in the technology segment as it is the primary biometric technology developed and focused by mobile health device manufacturers
  • Different screening technologies such as iris, and vein recognition are expected to gain traction with growing awareness and increasing application areas
  • Hospitals and healthcare institutions are the major end users of biometric systems as these organizations deal with a huge database and many functional departments to be accessed securely
  • Some of the major players involved in global healthcare biometrics market 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.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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