Biometrics are used extensively in industries such as construction, financial services, hospitality, government, and corporates. In healthcare, biometrics find applications or access control and data security. Healthcare organizations such as manufacturing companies, insurers, hospitals, diagnostic laboratories, and clinical research organizations are potential users of biometric technology. Healthcare IT products and systems is in high demand in emerging nations such as India, China, Brazil, Indonesia, and also Israel, as part of the ongoing upgrade of healthcare infrastructure in these countries. This is expected to propel the healthcare biometrics market in Asia Pacific, Latin America, and Middle East regions. Furthermore, partnerships with the regional players would enhance the market share for global companies in the market. ievo Ltd, a biometric access control specialist based in the U.K., partnered with Keytracker Ltd. (also based in the U.K.) in February 2017, to offer restricted key access system to the healthcare and construction industries. Logical access control, transaction authentication, and physical access control are the major applications of biometrics in healthcare. Highly secured technology at an affordable cost would benefit the healthcare industry and the healthcare biometrics market as a whole.
Click the link below to request PDF of Sample Report,
The global healthcare biometrics market was valued at US$ 1,333.1 million in 2015 and is expected to witness a CAGR of 23.4% during the forecast period (2016 – 2024).
Figure 1. Global Healthcare Biometrics Market Share, By Application (%)
Source: Coherent Market Insights Analysis (2017)
Improving technology for more secured access to propel the healthcare biometrics market
Companies in the global biometrics market are improving their product technology to provide more secure access to critical areas and information to authorized personnel. The iris and vein recognition technology are among the most secured biometric technologies. Palm, eyes and finger are the target areas for vein biometric technology. Veins are unique for each person and stays the same for lifetime which makes it more secured biometric technology. Moreover, this also eliminates the stigma of law enforcement associated with fingerprint technology, something that is a major concern in developed countries such as the U.S. Moreover, biometric vein reader can also read through surgical gloves. Awareness and adaptability to new biometric technologies would augment growth of the healthcare biometrics market.
High usage in healthcare fraud prevention and access control is observed in the healthcare biometrics market
Healthcare fraud costs the global economy billions of dollars annually. Healthcare fraud could be referred to obtaining patient information either by inducing a medical personnel having access to patient information or when patients obtain a free screening. A dentist form Valdosta, Georgia, U.S. was sentenced for two years and three months recently in 2017 for a healthcare fraud. The dentist collected Medicaid payments totaling to US$ 789,000 (for teeth extraction) using patient’s identity without their knowledge. California based St. Joseph’s Health, was asked to pay US$ 6.1 million in October 2016 for Health Insurance Portability and Accountability Act (HIPAA) violations. The server installed at the center was not secured, which enabled access to patient’s database through search engine. According to the Coalition against Insurance Fraud—an anti-fraud watchdog group—nearly US$ 80 billion is lost annually in Medicare fraud in the U.S. Such a big cost to the economy has alerted the healthcare industry and the government to ensure data security and access control. The security becomes more imperative for companies conducting clinical trials. The healthcare biometrics market is therefore expected to boom in the near future.
To Read the Report Description and TOC, click the link below,
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.