The global healthcare biometrics market is oligopolistic in nature where only a few companies lead this market at the global level, announces Transparency Market Research (TMR) in a new report. In domestic markets, however, local players are seen to be active and predominantly trade in common biometrics technologies such as face and fingerprint recognition systems, says TMR. A high level of market consolidation activities such as mergers and acquisitions, collaborations, and joint ventures are currently the prime feature of the healthcare biometrics market. Some of the prominent players currently active in the global healthcare biometrics market are 3M Cogent, Inc., Aware, Inc., BIO-key International, Inc., Cross Match Technologies, DigitalPersona, Inc., Fujitsu limited, Lumidigm, Inc., M2SYS LLC, NEC Corporation, Safran SA, Siemens AG, Superma Inc., and ZKTeco, Inc.
The global market for healthcare biometrics is projected to reach US$5.83 bn by 2019, expanding at a remarkable CAGR of 25.9% during the forecast period. Geographically, North America currently constitutes the most prominent market for healthcare biometrics and is expected to remain the leading market during the forecast period although growth rate is slowly fading in comparison to the rapid progress shown by the market in emerging countries.
Emerging Economies Experiencing Swifter Growth than Mature Markets
The major biometric technologies used in healthcare biometrics are fingerprint recognition, vein, face, iris, hand, voice, and signature recognition. Currently, fingerprint recognition in healthcare biometrics has the largest demand; the global revenue of this technology type is forecast to breach US$3.0 bn mark by the end of 2019.
North America is projected to constitute 42.1% of the market by 2019 which is a decline in its growth in 2013. Concurrently, the demand for healthcare biometrics in emerging economies such as India, China, Russia, and the Middle East countries is growing. These emerging economies are actively building their healthcare infrastructure to curb healthcare frauds.
Healthcare Biometrics Deployments Driven by Cost-effectiveness and Accuracy
Healthcare facilities are increasingly shifting their focus on using biometric security solutions for patient identification and in linking to electronic health record (EHR) systems of the respective patients. Distinct advantages offered by biometrics are patient integrity, efficient and safe data recording, control on medical frauds, and reduction in inventory theft. As a result of curtailed costs in correction and mitigation of operational and administrative errors, healthcare biometrics saves billions of dollars every year and healthcare providers have begun to place more emphasis on the adoption of modern quantification technologies.
Moreover, biometrics is recognized as the only system currently available that can provide absolute identity of an individual with optimum accuracy. This technology ensures that there is no duplication of patient identity in order to obtain duplicate benefits, services, and drugs. Additionally, appropriate adoption and use of biometrics has proven to be an efficient alternative to password protection.
Rural Areas in Emerging Economies Opening Up an Opportunity
The safe storage of the biometric template (a digital or electronic illustration of an individual) is proving to be the biggest challenge faced in the market for healthcare biometrics. Once enrolled, an individual’s template is passed to the server wherein authentication of such individual is performed at each stage and the server storing such information is therefore the most susceptible to interception and repetitive breach attacks.
One of the most significant challenges for biometrics that is emerging in the healthcare market is to bring a trade-off between the convenience and security of such systems. For instance, it is very difficult to set the sensitivity of fingerprint scanners to the point where they are not an easy target for the production of false targets, often occurring because the individual might have dirt or newsprint on his or her hand.
According to the author of this research study, “An opportunity that has emerged in highly competitive healthcare industry is the lack of medical practitioners in rural areas of emerging economies. Self-service technology can turn out to be handy to improve patient protection and wellbeing while simultaneously improving the protection of critical health records and provide remote healthcare with equal efficiency.”
The information presented in this review is based on a Transparency Market Research report, titled, “Healthcare Biometrics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
Global Healthcare Biometrics Market, by Technology
Global Healthcare Biometrics Market, by Applications
Global Healthcare Biometrics Market, by Applications
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