Global Healthcare Biometrics Market By Product Type (Single Factor Recognition (Fingerprint, Face, Palm, Others), Two factor Recognition, Multi Factor Recognition), By Application (Healthcare Record Security, Patient Tracking, Remote Patient Monitoring, Workforce Management, Others), By End User (Healthcare Providers, Healthcare Organizations, Research & Academic Institutes), By Geography (North America, Europe, Asia Pacific, South America, Rest of the World) – Trends and Forecast to 2024
Global Healthcare Biometrics Market has accounted to market revenue of USD 1.4 billion in 2016, and is expected to reach USD 6.3 billion by 2024, growing at a CAGR of 20.1% in the forecast period 2017 to 2024.
The biometric is an essential bit of tool in towards world of cyber and data threats and is used across all industries such as mobile & technology, security, banking, government, defence, healthcare among others. According to the Identity Theft Resource Center, in 2014 about 45% of all data breaches regarding identity thefts were of healthcare. Biometric plays a pivotal role in today’s healthcare system, it enables the proper functioning and security of healthcare IT processes. Biometric solutions is used to prevent free access by identify and recognizing an individual’s unique traits such as face, palm fingerprint, DNA, voice among others.
The global healthcare biometrics market has shown its success by proper maintenance and security of medical records and healthcare providers. The market is driven the government initiatives to stop cyber hacking and protect medical records from prying eyes. The increasing number of security breaches and cyber hacks has led to government making biometric access to healthcare records and provider facilities mandatory. The factors expected to drive the market in near future is the increasing scope of contactless biometrics and integration of biometrics to healthcare IT solutions.
With the increasing digitalization and increasing data gathered by healthcare IT solutions the risk of data theft has increased since 1990. To cope with the rising situation of data security the government legislated the Health Insurance Portability and Accountability Act (HIPAA), with the sole intention of protecting consumer data and Electronic Protected Health Information (EPHI). The U.S. is most advanced in healthcare IT platform and the HIPAA act secures its complexity. The HIPAA act security is enforced by Medicare and Medicaid Services (CMS).
The biometric market is segmented based on product type into single factor authentication, two factor authentication and multi factor authentication. Single factor authentication dominates the market with more than 70% of the market; however two factor authentications is expected to grow with the highest CAGR 23.4% in the forecast period 2016 to 2024. The single factor authentication is further segmented based on technology into fingerprint recognition, palm recognition, iris scan recognition, vein recognition, face recognition and voice recognition among others. The fingerprint recognition is dominant in this market and used across all end users. The non-contact recognition solutions such as voice are expected to grow at the highest CAGR of 23.7% in the forecast period, owing to the need of non-intrusive mode of security and data can be captured while at a distance.
Based on applications the healthcare biometrics market is segmented into healthcare record security, patient tracking, remote patient monitoring, workforce management and, others. In 2015, the healthcare record security application dominates the market accounting to USD 297.6 million, and is expected to grow at a highest CAGR of 27.2% in the forecast period. The growth of this segment is owing to the increasing acceptance of Electronic Health Record (EHR) solutions in the healthcare IT landscape.
Based on geography the healthcare biometrics market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. U.S. is the pioneer of the biometric solutions all along. The biometric solutions market in the U.S. is expected to have excellent growth opportunities, owing to the existence of numerous large hospitals and health systems, changing regulations, increasing funding in healthcare IT framework, and growing need to restrain cyber theft of EHR. The North America biometrics market is expected to grow at the CAGR of 22.3% in the forecasted period.
The healthcare biometrics market is very competitive with a large number of players competing to penetrate the market. The market players are using organic and non-organic growth strategies such as product launch, mergers, acquisitions, investments and funding to penetrate the market. Out of all growth strategies used by the players in this market during 2010 to 2016 product launches were most frequent with 73% of the total number of developments. Fujitsu dominates the market with 17.7% market share of the global healthcare biometrics market, owing to their large depth and breadth in the biometric solutions, such as PalmSecure Biolock, PalmSecure ID Match and PalmSecure TrueIdentity. Some of the other major players in this market are NEC Corporation, 3M Cogent, Inc., Safran S.A., Crossmatch Technologies, Inc., Impravata, Inc., Suprema, Inc., Lumidigm, ZKteco, Digital Persona, Bioconnect, Thales S.A., Fulcrum biometrics, and M2SYS, LLC among others.