Healthcare Biometrics Market

Market Synopsis:

The Global Healthcare Biometrics Market was valued USD 3224.73 Million in 2022 and is anticipated to reach a value of USD 12623.26 Million by 2030. Over the projection timelines, the Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 18.60%.

"Biometrics" refers to the technologies used to assess each individual's distinctive behavioral and physical characteristics. It is primarily used to authenticate, identify, and recognize people under surveillance. Security has always been a primary priority in the healthcare sector regarding protecting patient privacy, medical data, and personal information. Biometric devices analyze a user's biological data by capturing distinctive physical human characteristics and using them as a future point of reference for identification. The fundamental elements of biometric identification systems are scanning equipment, software to convert scanned information into digital form, and a database to save biometric data for comparison with entered biometric data. The growth of the patient population and the enormous amount of healthcare data will be the main factors fueling the development of the Healthcare Biometrics industry. The growth of the digitization trend is another vital aspect contributing to the market's success. The primary factors accelerating market growth include the rise in medical identity theft or healthcare fraud and higher-quality services offered by healthcare institutions. The market growth rate would be moderated by additional essential variables like the increase in the number of biometric device applications in the healthcare industry, rising demand for infant security in hospitals, and rising security system awareness.

Market Segmentation:

Healthcare Biometrics Market is segmented on Technology, Application, End User, and Region. Based on the Technology, the market is further segmented into Single-Factor Authentication, Multi-Factor Authentication, Signature Recognition, Voice Recognition, Other Behavioral Recognition, Multi-Factor Recognition, Biometrics with Pin, Two-Factor Biometrics, and Three-Factor Biometrics. Furthermore, based on the Application segment, the market is further bifurcated into Patient Identification & Tracking, Medical Record Security & Data Center Security, Care Provider Authentication, Home/Remote Patient Monitoring, Pharmacy Dispensing, and Other Applications. In addition, based on the End Users, the market is divided into Hospitals & Clinics, Healthcare Institutions, Research & Clinical Laboratories, and Respiratory Distress Syndrome.

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Based on Technology:

Multi-Factor Authentication category dominated the market in 2021

The Multi-Factor Authentication category dominated the market in 2021 and is expected to continue the same trait in the forecast period. Multi-Factor Authentication (MFA) provides deployable, scalable layers of security for regulating access to the most sensitive data. Medical data, databases, and other sensitive information should all use different degrees of MFA that incorporate factors outside biometrics, such as passwords, secret questions, one-time passwords (OTPs), location, user behavior, registered mobile devices, etc.

Based on End Users:

Hospitals & Clinics category dominated the market in 2021

The Hospitals & Clinics segment dominated the market primarily because they extensively employ this cutting-edge technology to reduce the massive crowd that frequently visits this setup while accompanying the patients. In addition, the Healthcare Biometrics system aids in authenticating people's entry by allowing only eligible people into the central premises of the hospitals. The reason is that it becomes challenging for the medical staff to function when there is too much chaos.

Based on Regional Analysis:

Asia Pacific is projected to grow at the highest CAGR during the forecast period

Asia Pacific is accounted to grow at the highest CAGR (Compound Annual Growth Rate) during the forecast period due to the expansion of government support for the healthcare industry. The market for Healthcare Biometrics has been supported by the growing adoption of new technology in the healthcare industry to win over consumers' trust and increase revenue. New government-led initiatives and expanding security flaws in databases are also anticipated to aid industry expansion during the expected term. To preserve and grow their market share, several businesses are launching various initiatives like partnerships, new product introductions, mergers, and acquisitions.

Recent Developments:

• In March 2022, the medical-grade BioButton Rechargeable wearable device was introduced by BioIntelliSense. Depending on settings, the new BioButton Rechargeable gadget enables continuous multi-parameter monitoring of more than 20 vital signs and physiologic biometrics for up to 30 days on a single charge.
• In January 2022, A facial recognition health monitoring system called HealthCam was unveiled by Mitsubishi Electric Corporation. It can monitor a person's temperature, blood oxygen level, heart rate, and other health indicators.

Competitive Landscape:

The key players in the Global Healthcare Biometrics Market include- NEC Corporation, Fujitsu Limited, 3M Cogent Inc., Morpho, Imprivata Inc., Suprema Inc., BIO-key International Inc., Crossmatch Technologies Inc. and others.

Segmentation of the Global Healthcare Biometrics Market: