Healthcare Biometrics Market to Reach Valuation of USD 7,606.0 Million By 2028 – Growing Demand for Health Care Fraud Prevention Along with The Need to Improve Patient Privacy Drives the Market

In terms of revenue, the Global Healthcare Biometrics Market is expected to reach USD 7,606.0 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 18.60% from 2022 to 2028.

"biometrics" refers to the technologies used to assess everyone'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. The growth of the patient population and the enormous amount of healthcare data will be the main factors fuelling the growth of the Healthcare Biometrics industry. The growth of the digitization trend is another important aspect contributing to the market's success. Furthermore, the rise in medical identity theft or healthcare frauds and enhanced quality care provided by healthcare institutions are the major drivers that will enhance the growth of the market during the forecast period.

Key Highlights from Report:

• The Multi-Factor Authentication (MFA) segment dominated the market in 2021 and is accounted to maintain its dominance in the market during the forecast period. Multi-factor Authentication (MFA) provides deployable, scalable security levels for regulating access to particularly sensitive data. Medical data, databases, and other sensitive information should all implement different levels of MFA, including several factors in addition to biometrics, such as location, user behavior, registered mobile devices, passwords, secret questions, and one-time passwords (OTPs).
• The Hospital segment dominated the market with the largest market share for Healthcare Biometrics in 2021 and is expected to continue its dominance in the projection period. The Hospitals have a better security system to preserve highly confidential patient data and hospital information, which is further expected to bolster the market.
• The North American market is anticipated to develop at the highest CAGR (Compound Annual Growth Rate). Increased government initiatives to guarantee data protection, the security of healthcare institutions, and the existence of several notable players are to blame for this increase. Because of this, biometric technologies are being implemented more frequently to abide by strict standards like HIPAA (Health Insurance Portability & Accountability Act) and HITECH (Health Information Technology for Economic & Clinical Health).

Market Dynamics:

Biometrics enables patients and healthcare professionals to secure and maintain the confidentiality of their information by limiting its distribution to those with the appropriate access. Healthcare institutions are investing in biometric technologies to boost security, privacy, and patient safety to compensate for the enormous sums of money lost to healthcare fraud. Government measures to boost the adoption of biometrics in healthcare facilities and rising healthcare fraud and medical identity theft are the main factors driving the growth of this market. On the other hand, the main factors restricting the market's growth are the high cost of biometric devices and the associated problems.

The highest portion of the global market for Healthcare Biometrics is anticipated to come from North America. This can be linked to the thorough deployment and enforcement of healthcare fraud regulating systems in the United States. The North American Healthcare Biometrics Market is anticipated to grow over the next years because of technological advancements and the availability of modern healthcare infrastructure. The market for Healthcare Biometrics in North America is driven by the growing acceptance of biometrics by the major medical disciplines and its efficiency in hospitals, clinical laboratories, research labs, and other healthcare institutions. Biometric security solutions will be quickly adopted because of decreased healthcare fraud, protected patient privacy, and medical information, reductions in bogus insurance claims, and faster identification and payment processing.

The Global Healthcare Biometrics Market is Segmented as follows:

• Technology
  • Single-Factor Authentication
  • Multi-Factor Authentication
  • Signature Recognition
  • Voice Recognition
  • Other Behavioral Recognition
  • Multi-Factor Recognition
  • Biometrics with PIN
  • Two-Factor Biometrics
  • Three-Factor Biometrics
• Application
  • Patient Identification & Tracking
  • Medical Record Security & Data Center Security
  • Care Provider Authentication
  • Home/ Remote Patient Monitoring
  • Pharmacy Dispensing
  • Other Applications
• End User
  • Hospitals & Clinics
  • Healthcare Institutions
  • Research & Clinical Laboratories
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Healthcare Biometrics Market is:

NEC Corporation, Fujitsu Limited, 3M Cogent Inc., Morpho, Imprivata Inc., Suprema Inc., BIO-key International Inc., Crossmatch Technologies Inc.

The Global Healthcare Biometrics Market Scope can be Tabulated as below: