ID: MRFR/HCIT/1817-HCR | February 2021 | Region: Global | 90 pages
The Healthcare Biometrics market size is expected to grow USD 5.6 billion at the CAGR of 22.3% by 2022. The biometric in healthcare industries is used to monitor the health of the patient. Surveillance, identification, authentication are some f the applications of biometric in hospitals. It is a technology that can offer fingerprint, face recognition and high-end security solutions to hospitals. Through the devices tracking the complete record of patient information is possible.
Data privacy is a crucial aspect. Today, data is the most valuable thing in the world. Anything is possible with authentic data. The Healthcare Biometrics market growth is sharply surging. It is due to the need to safeguard the valuable data of the patient. Patient data is confidential. It is the responsibility of health facilities to safeguard it. Also, the awareness about data security is rapidly increasing. Patient data is useful for a wide range of applications.
However, there are possibilities to misuse this data. In recent years, cyber threats are tremendous. Data theft is higher in the IT and health sectors than in any other field. Therefore, the adoption rate of Healthcare Biometrics is rising. There is a wide range of advantages of this technology. The patient record is massive in health facilities. However, storing all the information in central security rooms is possible with this technology. Also, contactless payments and data review are possible through Healthcare Biometrics. The healthcare biometrics market overview shows that these factors immensely raise the market value.
Covid 19 has a huge impact on global industries. The hindrance in the operation of security solution industries is affecting the demand for Healthcare Biometrics. This pandemic is causing a massive health burden on health facilities. The patients are flooding to hospitals for covid treatment. It is raising the security need in health facilities. The patient population in hospitals is increasing more than ever. It leads to the high adoption of biometrics. However, the market for manufacturing these biometric systems is facing challenges. Due to the rapid spread of the virus, many manufacturing facilities are affected. These facilities are completely shut down. Low production of a biometric system is affecting healthcare biometrics market growth. There is immune demand for this solution. However, the manufacturers are unable to meet current demand. Delay in delivery and deployment decreasing demand. As per the biometrics market report post covid 19, the growth rate is higher.
Today, awareness about cyber threats is rapidly rising. It is a crucial factor that drives demand for the healthcare biometric market. This increasing awareness about healthcare security through biometric is increasing spending on this technology. Today, developing regions are making a high investment in this technology. Especially, developed health facilities are under the threat of cyber attacks. These issues can lead to the potential loss of revenue for these health industries.
Due to these factors deployed of biometric is happening in many health organisations. Increased health security, convenience, false identification and fewer data breaches are achievable through this technology. Those healthcares biometric are reliable solutions proving accurate security details. Those features of this technology will attract many end-users. The supply rate of the healthcare biometrics market is massive.
Also, the government takes initiatives to impose several laws for proper security maintenance in hospitals. Today, any health industry should meet crucial security standards. Governmental support is another market driving factor. In crucial hospitals room’s deployment of biometric is mandatory. In some countries, these rules of hectare surety are compulsory. Governmental support to enhance security is bringing favourable changes in the market. Through these initiatives, frauds and data threats are considerably low. Those crucial drivers will improve the revenue rates of the healthcare biometrics market.
The emergence of the digitalization trend is rising growth opportunities for the healthcare biometrics market. Through digitalization, the quality of services is improving. A safe and reliable environment is created for the patients. Also, contactless biometrics system has high demand in the upcoming years. The launch of enhanced contactless biometric will attract many end-users. Covid 19 is creating more exposure for contactless biometrics. Without the use of fingerprints, retinal scan and face identification is used. This development in the market is leading to high growth in the forecast period.
Furthermore, consumerism in hospitals is rising. Today, many chronic illnesses require treatments in hospitals. The rise of consumerism is leading to high disposable income. This raises opportunities for health facilities to improve security. Contactless payments, organized patient records and more applications increase the adoption of healthcare biometrics. Additionally, the infant population is surging in upcoming years. It creates high opportunities in or healthcare biometrical market. In many hospitals, biometrics systems are compulsory in infant rooms. The launch of multi-model biometrics is led to lucrative market developments. These factors are expected to raise the overall growth rate of the healthcare biometrics market.
The healthcare biometrics installation cost of expensive. It is a major factor that is affecting the adoption of healthcare biometrics market. Most healthcare facilities prefer cost-efficient solutions. The cost-efficient alternatives of the market attract many end-users. The biometrics system can control the doors, lifts, crucial care rooms and information room of the market.
To deploy a healthcare biometric system in Hugh hospitals is complex. Connecting the biometric with the entire building can lead to massive costs. These factors affect the demand of the healthcare biometric market. Also, the adoption rate of the market can decrease due to this.
The lack of professionals to operate the healthcare biometric system is a significant market challenge. The biometrics systems are operated by security. The technical skills to operate this system are very less. Due to this, poor monitoring is reported in many regions.
The lack of experts to handle healthcare biometrics is a significant restraint. Also, data corruption issues are some of the challenges in the healthcare biometrics market. The entire biometric data requires proper management. Poor management can lead to data theft. These two challenges of the market can lead to various malfunctions in the system. Also, these issues can affect growth.
The healthcare biometrics market trends are rapidly rising. The growing awareness about healthcare biometrics is driving demand. Also, cyber threats are advancing in many regions it is increasing the adoption rate of healthcare biometrics market. Multi-factor authentication will create development in foreseeable future.
Tired levels of security, data security, OTP, passwords and secret questions features are available in this system. However, the cost of installation is a major restrain of the healthcare biometrics market. Also, the lack of professionals is a drawback. An increase in research and development will lead to high growth opportunities.
North America is expected to hold the highest amount of healthcare biometric market share. Cyber threats are growing in the region. Patient data and hospital information are prone to many cyber threats. Also, it is a healthcare biometrics market with high technological advancements. The management of patient records and registration is efficient.
Also, the number of professionals to manage the biometrics system is exceptional. There are new health facilities in the market that provide an opportunity for healthcare biometrics market. The rising investment in the healthcare biometrics market will lead to new developments. High-end features will be included in the healthcare biometrics. These factors will make North America the leading market.
The competition in the healthcare biometrics market is constantly surging. The key players of the market are raising their healthcare biometrics. Joint ventures and collaborations are key strategies of the healthcare biometrics market. Also, the increasing playing is increasing awards about healthcare biometrics.
The regional healthcare biometrics are diversified into Asia Pacific, Europe, North America, the Middle East and South America. North America is the largest shareholder of healthcare biometrics. Healthcare biometrics production is rapidly increasing. The innovations in the healthcare biometrics market are impeccable for the forecast period. The Asia Pacific is the next largest shareholder of healthcare biometrics.
The governmental support in the Asia Pacific is rising. Investments from the health industry are growing in the healthcare biometrics market. The regions such as China and India are witnessing huge growth. Also, emerging markets such as the middle east and South America will have high scope for the healthcare biometrics market.
The key players of the healthcare biometric market are
|Market Size||USD 5.6 billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, Application And End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Fujitsu Limited, 3M Cogent Inc., BioEnable Technologies, NEC Corporation, Morpho (A Subsidiary of Safran SA), Bio-Key International, Inc., Suprema, Inc., Crossmatch Technologies Inc., Integrated Biometrics, Imprivata Inc|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The healthcare biometrics market is expected to register a whopping double-digit CAGR of 22% approx. throughout the assessment period (2019-2022).
The healthcare biometrics market is projected to reach a valuation of USD 5.6 BN by 2022.
High demand for healthcare security systems.
North America holds the largest share in the global healthcare biometrics market followed by Europe and Asia Pacific, respectively.
3M Cogent Inc., Fujitsu Limited, BioEnable Technologies, Morpho (A Subsidiary of Safran SA), NEC Corporation, Bio-Key International, Inc., Crossmatch Technologies Inc., Suprema, Inc., Integrated Biometrics, and Imprivata Inc., are some of the major players operating in the global healthcare biometrics market.