Biometrics technology is increasingly being used in various healthcare organizations to provide patient and medical staff the required privacy, verification, and access control. Worldwide, law enforcement, healthcare, and government agencies are constantly leveraging standard laws for biometric devices to support all aspects of patient protection in hospitals and clinics.
The healthcare biometrics market is growing competitive based on the different compelling technologies such as facial recognition and fingerprinting getting introduced into this market. Biometrics is a fast-growing and promising market segment within the healthcare IT industry and is rapidly changing the entire perception and outlook of the healthcare industry with respect to patient security and privacy solutions.
Scope of the Biometrics Market in the field of Healthcare and Medicine Several healthcare facilities are shifting their focus on implementing biometric security solutions for patient identification and privacy of patients’ healthcare information. These systems provide patients and professionals the opportunity to secure their private and business information and keep it confidential to the extent required.
Moreover, to reduce the cost and complexity of biometric devices, the technology used in biometric systems is largely driven by improved accuracy and performance levels and technological advancements in the overall healthcare infrastructure. Growing security concerns among medical insurance providers and patients in a given medical environment have sparked a global demand for biometrics solutions within the healthcare facilities, hence fueling high growth in the global healthcare biometrics market.Reasons to Invest in Healthcare Biometrics Market A biometric identification system is made up of a reader or scanning device – software to convert the essential scanned data into a digital form – and a database to store the biometric data and compare it with existing biometric information. Such advanced security features validate high security protection and accuracy in a repeatable manner.
Biometric systems also replace the need to use photographs, PIN codes, and passwords, and instead use physiological characteristics that commonly include fingerprints, DNA, face, or behavioral characteristics such as digital signature, walk, and his or her voiceprint. The replacement of advanced identification technology over traditional passwords/PINs methods has prevented theft, fraudulent activities, and terrorist threats across the globe.
Today, with the help of biometrics, information is stored in the form of a digital record making it hard to decrypt, reconstruct, or manipulate. All these advanced functions and market trends witnessed in this industry work as growth drivers.
Mergers and acquisitions are further contributing to the healthcare biometrics market. Various Biometric Technologies Generating Revenue in Healthcare Industry The healthcare biometrics market is broken down by the type of biometric modality being employed.
Use of biometrics with the help of physical characteristics such as hand, signature, fingerprint, iris, face, voice, and vein provides immense potential attributes for biometric authentication. Fingerprint Recognition Technology Market will lead until 2019 Amongst all biometric technology types, the fingerprint recognition technology is widely used and is the most prominent biometric modality across different industry verticals.
This market segment is expected to comprise more than 50% of all healthcare biometrics applications by the end of 2019. The introduction of portable fingerprint scanners and a wide range of many other fingerprint recognition devices have demonstrated high growth in the healthcare biometrics market.
The automated fingerprint identification systems market segment is also anticipated to continue its dominance in the global fingerprint market. In terms of revenues, the market is expected to grow at a CAGR of more than 20% over the forecast period 2013-2019.
Current Market Statistics Analysts at a leading market intelligence firm in the U.S. state that the healthcare biometrics market is growing at a compound annual growth rate of 25.9% (from 2013 to 2019) and is en route to reach an approximated value of US$5.8 billion by the end of 2019.
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