Portland, OR, March 21, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, a Portland based research firm, the global healthcare biometrics market generated $5.2 billion in 2021 and is estimated to reach $24.9 billion by 2031, witnessing a CAGR of 17.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $5.2 billion |
| Market Size in 2031 | $24.9 billion |
| CAGR | 17.4% |
| No. of Pages in Report | 280 |
| Segments Covered | Technology, Application, End-user, and Region |
| Drivers | Rising adoption of contactless biometric authentication |
| Increasing healthcare IT application with increasing awareness and demand for cyber security | |
| Biometric development catering to healthcare facilities | |
| Opportunities | Emergence of the digitalization trend |
| Restraints | Data corruption issues |
| Scarcity of professionals to operate the healthcare biometric system |
Impact of Covid-19 on Healthcare Biometrics Market:
- COVID-19 had a significant impact on global industries. The difficulty in operating security solution industries impacted the demand for healthcare biometrics. This pandemic put a strain on healthcare facilities. The patient population in hospitals expanded rapidly which increased the demand for medical facility security.
- However, the market for producing these biometric systems experienced several difficulties. Manufacturing sites were impacted due to the rapid spread of virus. Low biometric system production impeded the growth of the healthcare biometrics industry.
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The report offers a detailed segmentation of the global healthcare biometrics market based on technology, application, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on technology, the fingerprint recognition segment was the largest revenue contributor in 2021, holding more than one-third of the total market share and would dominate the market in terms of revenue through 2031. The same segment is also anticipated to register the highest CAGR of 19.8% during the forecast period. The report also analyzes face recognition, voice recognition, vein recognition, iris recognition, hand recognition, and others segments.
Based on application, the medical record and data center security segment contributed to the major share in 2021, holding more than one-third of the global healthcare biometrics market revenue and is projected to rule the roost by 2031. The same segment would also register the fastest CAGR of 19.9% during the forecast period. The report also discusses patient identification and tracking, care provider authentication, home/remote patient monitoring, and others segments.
Based on end user, the hospitals segment accounted for the highest share in 2021, generating nearly three-fifths of the global healthcare biometrics market revenue and is projected to maintain the lion’s share by 2031. The same segment would also cite the fastest CAGR of 19.2% during the forecast period. The report also studies clinics, clinical laboratories, and healthcare institutions segments.
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By region, North America garnered the major share in 2021, generating nearly two-fifths of the global healthcare biometrics market revenue and would dominate the market in terms of revenue through 2031. The Aisia-Pacific region on the other hand, would showcase the fastest CAGR of 20.9% during the forecast period. The report also discusses LAMEA and North America regions.
The major players operating in the global healthcare biometrics market include NEC CORPORATION, Fujitsu Limited, 3M Cogent, Inc, IDEMIA (Morpho), Zotero, Crossmatch Technologies, Bio-Key International, Suprema Inc, and Imprivata, Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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