Healthcare Biometric Market Size & Share to Exceed USD 74.08 billion by 2028, at CAGR of 15.5% Predicting a Surge in Adoption for Enhanced Security Solutions | Transparency Market Research Inc.

Wilmington, Delaware, United States, Transparency Market Research, Inc., Sept. 02, 2024 (GLOBE NEWSWIRE) -- The global healthcare biometrics market (헬스케어 생체인식 시장) was projected to attain US$ 22.92 billion in 2020. It is likely to garner a 15.5% CAGR from 2021 to 2028, and by 2028, the market is expected to attain US$ 74.08 billion.

Utilizing biometric identity systems enhances patient privacy, healthcare safety, and quality while preventing and minimizing healthcare fraud and resource waste. The use of biometrics in healthcare is being driven by a number of factors, including the rapid technical improvements in healthcare infrastructure, the rise in accuracy and performance, and the decrease in complexity and cost of biometric equipment.

The need to employ biometrics to minimize security breaches as well as medical identity thefts in order to cut healthcare costs is driving the global adoption of biometric systems in the healthcare sector. The healthcare biometrics market in North America is anticipated to have a major share of the market globally. The widespread adoption and enforcement of healthcare fraud control systems in the United States explains this.

In the next years, the North American healthcare biometrics market is anticipated to be driven by the availability of innovative healthcare infrastructure and technical advancements. The market for healthcare biometrics in North America is driven by the growing adoption of biometrics by key medical sectors and its confirmed efficacy in clinical laboratories, hospitals, research labs, and other healthcare institutions.

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Key Findings of the Market Report

• Biometrics is a technology that not only provides data and identity integrity but also helps save billions of dollars annually.
• Reducing healthcare providers' expenses for rectifying and mitigating operational and administrative mistakes makes this possible.
• The necessity for harmonizing this data interchange is growing, especially in heterogeneous administrative systems where there is an increase in the exchange of healthcare information.
• Using a special biometrics template connected to the record keeping system effectively prevents duplicate medical record keeping and patient-record mismatches.

Market Trends for Healthcare Biometrics

• Password security has been proven to be ineffective when biometrics are adopted and used appropriately.
• Passwords are a somewhat less reliable form of identification since they are frequently forgotten or lost.
• Passwords are the most often used form of personal authentication as they are highly convenient and portable.
• However, biometrics effectively addresses the frequent shortcomings of password authentication by fusing increased security with user comfort, since the user is spared from carrying a particular device or constantly remembering passwords.

Global Market for Healthcare Biometrics: Regional Outlook

• It is anticipated that North America will continue to be a major market for healthcare biometrics technology.
• At present, Europe and North America together control more than 75% of the world market. Due to the expanding local and export markets for biometric devices made in the country, Asia Pacific is thought to provide considerable prospects for biometric security solutions in the healthcare sector in emerging nations.

Global Healthcare Biometrics Market: Key Players

Significant players in the biometric healthcare market work to improve access control, data security, and patient identification using biometric technology.

Their goal is to provide solutions that boost patient care, efficiency, and security in the healthcare ecosystem by streamlining workflows, enhancing patient identification accuracy, reducing fraud, and guaranteeing regulatory compliance.

The following companies are well-known participants in the global healthcare biometrics market:

• 3M Cogent Inc.
• Bio-Key International, Inc.
• DigitalPersona Inc.
• NEC Corporation
• M2SYS LLC
• Cross Match Technologies Inc.
• Suprema Inc.
• Siemens AG.

Product Portfolio

• 3M Cogent Inc. specializes in biometric identification systems. The company sells automated fingerprint, facial recognition, mobile identification, biometric enrollment, and palmprint card conversion systems, among other items. 3M Cogent is a global company.

Global Healthcare Biometrics Market Segmentation 

Technology

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

Application

• Logical Access Control
• Physical Access Control
• Transaction Authentication

Region

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

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