Healthcare Biometrics Market to Accrue Phenomenally by 2022 with a 22.3% CAGR

ReleaseWire

Pune, India -- (SBWIRE) -- 10/17/2018 -- Biometrics after garnering huge prominence in banking, insurance, and public security sector, are all set to revalorize healthcare sector. Healthcare (HC) officials can leverage some unique approaches using the biometrics techniques such as facial recognition solutions, fingerprint scanners, palm vein readers, and iris scanners among others, in combination with their smartphones.

Implementing these emerging technologies makes it easier for hospitals, practices, payers and other healthcare organizations to recognize individual patients and match an individual's medical data which holds considerable promise. As a result, healthcare biometrics (HB) market is growing pervasively and rapidly.

Recognizing the potential this market holds to grow further, Market Research Future (MRFR) in its recently published study report asserts that the global healthcare biometrics market is expected to evaluate at USD 5.6 BN by 2022, registering a whopping CAGR of 22.3% during the forecast period (2016 – 2022).

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Factors such as spreading awareness about HB technologies and their increasing applications across the healthcare sector along with the proliferating HC insurance market is driving the market of biometrics in healthcare.

Additional factors substantiating the market growth include the growing population, and extensive penetration of healthcare facilities, worldwide. Rapidly improving economic conditions are positively impacting the market growth, availing quality care and insurance facilities, across the globe.

Although biometric technologies have long held promise leveraging, identification of patients and employees, these have been slow to catch on in healthcare. Surely, many hospitals and clinics have implemented some technologies; however, biometrics is not yet entirely in the mainstream of healthcare practices. These factors might obstruct the market growth.

Patient identification and matching is an ongoing healthcare problem worldwide, and, especially in developed regions where the law prohibits the standard identifier, it is made even more complicated, and interoperability and record matching issues are still intimidating HC officials to varying extents. However, with time and seminal efforts put in by healthcare CISOs and biometrics technology vendors, HB is soon expected to get in the mainstream.

Key Players:

Some of the eminent leaders of the market include 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.

Industry/ Innovation /Related News:

October 10, 2018 – Ipsidy Inc. (US), a leading global provider of trusted transactions with identity at the core & enhances security with biometric identity & multi-factor authentication mobile solutions announced a partnership with Safetrade Africa to extend its distribution reach in the African market. Safetrade will act as a reseller in southern African countries and the Indian Ocean islands of Madagascar, Mauritius, and Seychelles.

August 13, 2018 – Ipsidy Inc. (US) announced the launch of Access™ Mobile Biometric Perimeter Protection Access is a mobile, biometric identity access management solution that helps in protecting any perimeter & create a safe environment, monitoring the identities of enrolled people moving in and out around any defined area.

Global Healthcare Biometrics Market - Segments

MRFR has segmented its analysis into four key dynamics for enhanced understanding.

By Technologies: Face Recognition, Fingerprint Recognition, Vein Recognition, Behavioral Recognition, Iris Recognition, and Palm Geometry Recognition among others.

By Applications: Patient Identification, Patient Monitoring, Medical Record Management, Data Security, and others.

By End-users: Hospitals, Research Laboratories, and Healthcare Institutes among others.

By Regions: Europe, North America, APAC and the Rest-of-the-World.

Global Healthcare Biometrics Market – Geographical Analysis

Globally the North American region accounts for the largest market for healthcare biometrics mainly due to the well-established healthcare sector and the augmenting demand for regulatory requests. Simultaneously, some factors such as increasing digital advancements in medical technology, extensive uptake of healthcare biometrics in hospitals, along with the presence of the proliferating healthcare insurance industry are propelling the market growth in the region.

Also, demand for user-friendly software along with the importance of electronic medical records contributes to the market growth. The US backed with the developments in authentication solutions, patient identification, medical record management, patient monitoring, and data security, majorly supports the market growth in the region.

The European region is another lucrative market for healthcare biometrics standing at the second position. The market is heading with the augmenting demand for HB across the region. Undoubtedly, the resurging economy in the region is a dominant factor substantiating the market growth, increasing healthcare facilities. Also, the increased funding in the rising numbers of the medical record management concerns, especially in the field of Insurance are providing impetus to the market growth in the region.

The healthcare biometrics market in the Asia Pacific region is rapidly emerging as a promising market. Burgeoning healthcare sector along with the rapidly developing biometric models and technologies defines the market landscape in the region. Furthermore, rapidly improving economic conditions along with the market penetration of healthcare technology in the region provide impetus to the market growth. The healthcare biometrics market in the APAC with some of its untapped regions offers high growth opportunities.

Global Healthcare Biometrics Market - Competitive Landscape

Highly competitive Healthcare Biometrics market appears to be fragmented owing to the presence of several big & small market players along with new entrants churning the competition. Key players are adopting the strategic trends for business expansion in the emerging markets. Key market players are focusing on optimized situational awareness for customers, ensuring their mission success. Matured players, through various strategies such as collaboration, M&A activities, and innovations are continually seeking market expansion.

They increasingly invest in R&D activities and to develop cost-effective product portfolio. These players possess state of the art facilities to develop software and strong sales and distribution network which have helped them to gain the leadership position in the market. Marketers operating in the Clinical Practice Management industry are focusing on inbound lead generation more than ever. Industry's marketing executives look for ROI-oriented strategies that can pay off quickly.

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