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Healthcare Biometrics Market forecast to 2024 explored in latest research

Healthcare Biometrics Market

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. Top Player Profiles – NEC Corporation, 3M Cogent, Inc., Safran S.A., Crossmatch Technologies,

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).

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Healthcare Biometrics Market – Market Segmentation:

The global biometric market is segmented based on product type into single factor authentication, two factor authentication and multifactor 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 2019 to 2026.

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 global 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.

Healthcare Biometrics Market – Geographical Segmentation

Based on geography the 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.

Healthcare Biometrics Market – Competitive Landscape:

The global 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.

TOC of Global Healthcare Biometrics Market

  1. Introduction
  2. Research Methodology
  3. Executive Summary
  4. Key Inferences
  5. Market Overview
  6. Drivers, Restraints, Opportunities, and Challenges Analysis
  7. Market Segmentation
  8. Competitive Landscape
  9. New Project Feasibility Analysis
  10. Research Finding and Conclusion
  11. Appendix

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Key Questions Answered In The Report Include:

  • What is the global market size for Healthcare Biometrics?
  • How are the markets divided into different kinds of products?
  • Are the markets developing or decreasing?
  • What is the present market size in different worldwide countries?
  • How are the markets forecast to develop in the future?

Key Manufacturers Covered in This Report:

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.

Reasons to Access the Healthcare Biometrics Market Report:

  • The report analyses how the shift towards safety will drive the Healthcare Biometrics Market.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
  • Study on the product type that is expected to dominate the market.
  • Study on the regions that are expected to witness fastest growth during the forecast period.
  • Identify the latest developments, market shares and strategies employed by the major market players.

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