The 97-page comprehensive study forecasts that the global healthcare biometrics market will grow to US$5.8 billion in 2019, from an estimated US$1.2 billion in 2012. The report, titled “Healthcare Biometrics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, also indicates that the healthcare biometrics market will grow at a remarkable 25.9% CAGR from 2013 to 2019.
In a recent report, U.S.-based Transparency Market Research (TMR) states that the worldwide market for healthcare biometrics is largely driven by growing concerns of security that has gripped the global healthcare industry. Medical insurance providers and those working in various healthcare services and facilities advocate the need for biometrics in an industry that is rather data sensitive.
Healthcare biometrics is used in hospitals for medical staff and patient verification as well as data access control. “The use of biometrics in the healthcare industry not only ensures minimization and prevention of fraud, data loss, and resource wastage, abut also enhances the quality, privacy, and safety of hospitals,” states a TMR analyst.
The cost of biometric systems is not very high and these systems function with utmost accuracy and performance, thereby making it a wise and cost-effective investment. The analyst further states, “The amount of capital invested in the installation and maintenance of healthcare biometrics is nothing when compared to the skyrocketing expenses during a time of security breach and medical theft. As a result, the demand for biometrics in the healthcare industry has increased immensely, fueling the growth of the global market.”
However, issues such as storage of biometric templates and the trade-off between security and convenience may pose a threat to the healthcare biometrics market.
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The healthcare biometrics market is segmented on the basis of technology into face recognition, signature recognition, vein recognition, hand recognition, fingerprint recognition, voice recognition, iris recognition, and others. The major applications that make use of healthcare biometrics are physical access control, logical access control, and transaction authentication. By region, the healthcare biometrics market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
North America has been leading the healthcare biometrics market and the region is expected to retain the lead in the years to come. The research report by TMR states that North America and Europe together hold 75% of the global market share.
There are numerous large and small players in the global healthcare biometrics market and by nature, the competitive landscape is fragmented and consolidated. Activities such as mergers, acquisitions, partnerships, and cost-containment efforts are carried out on a large scale, making the healthcare biometrics market highly dynamic. The participants who feature in the research report are SAFRAN SA, BIO-key International, Inc., M2SYS LLC, Lumidigm, Inc., DigitalPersona, Inc., Suprema, Inc., Siemens AG, Aware, Inc., Cross Match Technologies, Inc., NEC Corporation, 3M Cogent, Inc., Fujitsu Ltd., and ZKTeco, Inc.