Healthcare Biometrics Market to Surpass US$ 8.7 Billion by 2024
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.
Use of mHealth, and electronic health record is increasing rapidly globally. With the use of digital platforms, data security becomes critical as underlines by the Health Insurance Portability and Accountability Act (HIPAA) of 1996. These factors would augment growth of healthcare biometrics market at a rapid rate. Use of fingerprint biometric technology is high, owing to its ease of operation. Moreover, it is a primary biometric technology and is also used by mobile device manufacturers. Use of biometric also finds benefits in providing access to functional departments and documents.
Deployment of biometric systems in healthcare sector is high in developed economies of North America and Europe to ensure effective fraud prevention and securing patent data, especially for those enrolled in clinical trials. Increasing instance of insurance fraud and growing demand for enhanced security of patient data is expected to create a highly conducive environment for growth of the market in the foreseeable future. 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.
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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.
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