SEATTLE, June 08, 2021, (MEDGADGET) — Smart cards are credit cards that have embedded with an integrated circuit (IC) chip that has a microprocessor and has the capability to store manage, calculate, and process data. These smart cards are safer than magnetic strip cards and perform encrypted algorithm tasks. They have wide application across handling of sensitive data such as finances, identity, and personal health information. It improves the confidentiality and security of patient data, secures access to an emergency medical situation, maintains accurate identification across different facilities, ease in payment, reduces healthcare fraud, and secure medical records. Therefore, these factors are projected to boost the market growth of the smart card in healthcare.
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Smart Cards in Healthcare Market Taxonomy
By Product Type
- Hybrid Smart Cards
- Contactless Smart Cards
- Contact-Based Smart Cards
- Dual-Interface Smart Cards
- Memory Card-Based Smart Cards
- Microcontroller-Based Smart Cards
Increasing strategic collaboration in order to develop advanced smart card technology for providing value-added services in healthcare is expected propel the growth of the smart card in the healthcare market
Increasing the focus of manufacturers in the development of new technology via collaboration to tap into the smart cards market is the prime factor propelling market growth. For instance, in 2017, Fintech and CardLogix collaborated to develop a new biometric payment card solution with CardLogix’ security features including fingerprint sensors, aid to store biometric data and additional security features to avoid skimming and cloning for high secure transactions. Fintech and CardLogix has a portfolio to develop high speed, mobility, and security of biometric smart cards. This smart card technology offers one of the applications in healthcare e-records for national healthcare identity programs.
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Increasing government initiatives in the implementation of IoT technology via smart cards in the healthcare system is projected to fuel the growth of the smart card in the healthcare market
The Chhattisgarh government aims to improve the availability, affordability, and accessibility of healthcare with the help of the smart cards. For instance, in 2017, it announced to provide new health smart cards, which are expected to help low-income groups for cashless treatment at the registered hospitals. Smart cards are issued to 55.78 lakh families and aiming to strive about 5.55 lakh people of the low-income group through the camps across the state. Smart cards are expected to provide health insurance benefits of around US$ 774.04 (Rs. 50 K) per family annually.
Moreover, in 2017, Indian government announced to provide new smart cards with an annual budget of over UD$ 24 billion (Rs. 2400 crore) to veterans under the Ex-Servicemen Contributory Health Scheme (ECHS). The government is providing value-added services to veterans and their family members with new security features to avoid misuse of smart cards such as fraud claims and fake bills. Thus, the smart card expires as soon as the person ages to 21. This scheme is entitled in a number of private hospitals across India, which in turn, is expected to fuel the market growth over the forecast period.
Some of the key players operating in the global smart cards in health care market are American Express Company, Giesecke & Devrient (G&D), Gemalto NV, INSIDE Secure SA, VeriFone Holdings, Inc., Atos SE, CardLogix Corporation, GmbH, Infineon Technologies AG, Oberthur Technologies SA, and SCM Microsystems.
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Table of Content
Global Smart Cards In Healthcare Market Research Report
Section 1: Global Smart Cards In Healthcare Industry Overview
Section 2: Global Economic Impact on Smart Cards In Healthcare Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to Regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Smart Cards In Healthcare Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Section 10: Strategies and key policies by Distributors/Suppliers/Traders
Section 11: Key Marketing Strategy Analysis, by Market Vendors
Section 12: Market Effect Factors Analysis
Section 13: Global Smart Cards In Healthcare Market Forecast
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