USD 74.08 Bn Healthcare Biometrics Market to Expand at CAGR of 15.5% during 2021-2028 - Global Analysis by Transparency Market Research

Wilmington, Delaware, United States, April 27, 2023 (GLOBE NEWSWIRE) -- According to Transparency Market Research, the global healthcare biometrics market stood at USD 22.92 Bn in 2020 and is anticipated to reach USD 74.08 Bn by 2028, expanding at a CAGR of 15.5% between 2021 and 2028.

Biometrics enables patients and healthcare professionals to safeguard and maintain the confidentiality of their information by limiting its distribution to those with the appropriate access.

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Market Scope:

Healthcare institutions are investing in biometric technology to boost patient safety and privacy and make up for the enormous amount that has been lost to healthcare fraud. Most of the industry leaders in healthcare biometrics are based in the U.S., and they are actively engaged in developing nations. These companies are focusing on highlighting the benefits of biometrics in terms of safety and cost, which is expected to help them gain greater acceptance. Healthcare biometrics developers can remain one step ahead of other companies due to technological developments in medical equipment and digitization.

Healthcare institutions across the world are emphasizing on the importance of installing biometric security solutions for effectively determining patient identities and connecting electronic health records (EHR) systems to the relevant patients. One of the many clear benefits of biometrics is the authenticity and accuracy of patient identity management, as well as rapid and safe data capture, prevention of healthcare scams, and a decrease in inventory theft. These benefits present a favorable market growth scenario across the world.

Identification of fake patients reduced medical scams, patient protection, and safety of medical information have pushed people working in the healthcare sector to choose biometrics. These factors are likely to present business opportunities in the global industry.

Key Findings of Market Report

• The field of next-generation personal authentication & security systems, which includes biometrics, is promising and rapidly expanding, and it is transforming people’s perceptions across the globe. Companies investing significantly in the development of automated biometric systems with efficient response times and higher precision could reap higher rewards in the near future. Introduction of innovative, more affordable products and marketing of the benefits and cutting-edge capabilities of biometric security systems at various conferences are likely to drive industry growth in the near future. Moreover, expanding trade exhibits, webcasts, electronic newsletters, and other marketing activities are expected to spur business growth.
  

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Global Healthcare Biometrics Market: Growth Drivers

• Advent of portable fingerprint scanners and utilization of fingerprint recognition devices in healthcare are driving market demand for this technology, which is likely to propel the healthcare biometrics market. Adoption of biometrics based on certain physical traits has become ubiquitous in the healthcare industry. These biometrics can be used with physical or logical access, or both. Security of patients, however, can be compromised by incorrect storage of medical data, which could result in the risk of identity theft. Biometric solutions make it easier to provide limited access to spaces or computer networks while preventing unwanted access.
  

Global Healthcare Biometrics Market: Regional Landscape

• North America is projected to account for significant share of the global market for healthcare biometrics during the forecast period. This is ascribed to increase in adoption of healthcare fraud regulating systems and enforcement in the U.S. The healthcare biometrics market in the region to witness robust growth owing to consistent technological advancements and modern healthcare infrastructure. The market in North America is driven by increase in adoption of biometrics by leading medical institutions and its effectiveness in hospitals, research labs, clinical laboratories, and various other healthcare facilities.
  

Global Healthcare Biometrics Market: Key Players

• Cross Match Technologies, Inc.
• Bio-Key International, Inc.
• NEC Corporation
• Siemens AG.
• DigitalPersona, Inc.
• 3M Cogent, Inc.

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Global Healthcare Biometrics Market: Segmentation

Technology

• Fingerprint
• Vein
• Face
• Iris
• Voice
• Hand
• Signature
• Others

Application

• Logical Access Control
• Physical Access Control
• Transaction Authentication
  

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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