The prominent factors which fuel the global healthcare biometrics market are the growing demand for practical alternatives to passwords, the pressing need for bringing down the incidence of healthcare frauds, and the financial benefits offered by healthcare biometrics. Biometrics devices capture certain physical features of users for future reference for the purpose of identification. A typical biometric devices is composed of the following: software for converting the scanned data into a digital format, a reader or a scanning device, and a database which stores the relevant biometric information for the purpose of comparison with the biometric data that has already been entered.
On the basis of technology, the global healthcare biometrics market is segmented into signature recognition, vein recognition, fingerprint recognition, voice recognition, hand recognition, iris recognition, face recognition, and other techniques. The growing popularity of biometric self-service in healthcare and palm vein biometric authentication are factors that will drive the global healthcare biometrics market in the years to come. The widening scope of application in this market will contribute significantly to the overall performance of the healthcare biometrics market during the forecast period.
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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.
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.
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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.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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