The Global market for healthcare biometrics stood at US$1.2 bn in 2012. Analysts at TMR expect this market to expand at an exceptional CAGR of 25.90% during the period from 2013 to 2019 and reach a market value of US$5.8 bn by the end of the forecast period.The report further cites the financial advantages that healthcare biometrics offers as the key driver for the growth of the global healthcare biometrics market. Apart from this, the efficiency of biometric systems in reducing healthcare frauds has also fueled the global market for healthcare biometrics significantly.
The worldwide healthcare biometrics market has been analyzed on the basis of technology and application in this research study. Based on application, the market is segmented into the markets for logical access control, transaction authentication, and physical access control.
By technology, the report classifies the global healthcare biometrics market into the markets for face recognition, hand recognition, iris recognition, fingerprint recognition, voice recognition, vein recognition, and signature recognition.
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Biometric authentication systems include a set of devices that analyze global healthcare biometrics market of users by capturing the most unique features related to the person’s physical traits and using them for authenticating the identity of the person. A variety of human features such as fingerprints, iris, voice, face, hands, and signature help in revealing a number of potential attributes that can be used for biometric authentication.
The use of biometrics system that identifies an authorized person with the help of aforementioned physical attributes along with systems for logical or physical authentication are commonly used to allow or prohibit access to healthcare facilities. The use of these systems has helped in making healthcare infrastructure more secure around the world.
A recent market research report published by Transparency Market Research states that the global market for healthcare biometrics had a valuation of US$1.2 bn in 2012.
The global market for healthcare biometrics is projected to expand at an extremely high 25.90% CAGR between 2013 and 2019, rising to US$5.8 bn by 2019.
One of the key factors corroborating the high growth prospects of the global healthcare biometrics market is high ergonomic factor of biometric systems: they have low base cost, require little maintenance, require very few additional networking or other hardware devices and secure a premise reliably. Demand for more accurate and innovative biometric systems is also very high in the healthcare industry.
The market therefore, presents huge growth opportunities for businesses investing in the development of biometric systems with improved response time, accuracy, and an integration of multiple biometric authentication capabilities in a single system.
The research report also evaluates the global healthcare biometrics market on the basis of its regional distribution. North America, Asia Pacific, Europe, and the Rest of the World are the key regional markets for healthcare biometrics.
Among these, the healthcare biometrics market in North America leads the global market on account of the extensive installation of medical and healthcare fraud controlling systems.In addition to this, the rising demand for biometrics from the medical and healthcare industry together with its verified efficacy in hospitals, research labs, clinical laboratories, and various other medical and healthcare facilities is likely to drive the North America market for healthcare biometrics, maintaining its dominance during the forecast period.
On the whole, the global market for healthcare biometrics looks to be on a decent growth curve. However, the rising incidence of data incongruity is posing a severe threat to this market.
On the other hand, the increasing trend of self-service in the medical and healthcare industry is presenting an opportunity-rich market for established players as well as new entrants in the global healthcare biometrics market, notes the market study.
The profiles of key companies operating in the worldwide healthcare biometrics market have also been analyzed in this report to present the competitive landscape as well as the market hierarchy. 3M Cogent Inc., BIO-key International Inc., Aware Inc., Cross Match Technologies Inc., Fujitsu Ltd., DigitalPersona, Inc., Lumidigm Inc., NEC Corp., M2SYS, SAFRAN, Suprema Inc., Siemens, and ZKTeco Inc. are some of the prominent players in this market, states the research report.
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