Smart cards assist healthcare workers in maintaining the efficiency of patient care and privacy safeguards. These cards also allow for the safe storage of information about a patient’s medical history and instantly access the information while also facilitating the provision to update if required. This reduces the risk of healthcare frauds, hence boosting the market growth. The rising adoption of contactless smart cards because of their advantages over contact-based smart cards and no requirement of a reader is expected to boost the segment growth. They work using NFC technology or radio frequencies, which establishes wireless communication between the smart card and wherever it is intended to use.
Global Smart Card in Healthcare Market – Notable Developments
Some of the key developments in the smart card in healthcare market are noted below:
- Brady Corporation, the parent company of IDenticard Systems, reported a decline of 9.1% in its IDS segment, which consists of smart cards for healthcare applications.
- Thales Group reported a 2% decline in its growth rate from 2019 to 2020. Frequent lockdowns and supply chain inadequacies were primarily responsible for hindered adoption.
- In January 2020, Thales Group partnered with Confidex for launching a flexible smart card for the Calypso-based system. With this, Thales provided Confidex with a Gemalto’s OS, which conforms with the Calypso Light Application (CLAP).
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Global Smart Card in Healthcare Market – Drivers and Restraints
There are multitude of factors that are projected to drive the overall development of the global smart card in healthcare market in the coming years of the forecast period. One of the biggest driving factors for the development of the global market has been the increasing digitalization of the healthcare systems across the world. In addition to the growing use of smart cards to store and access patient data and ensure high levels of privacy and security are some of the other factors that are helping to drive the development of the global market. The COVID-19 pandemic impacted the healthcare industry and the rippled effect was observed in the healthcare IT industry too. Smart card market players reported a flat or decline in their sales growth of smart cards business.
Global Smart Card in Healthcare Market – Regional Segmentation
As per the regional segmentation, there are five key regions of the global smart card in healthcare market. These regions are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of these, currently the global market is being dominated by the regional segment of Europe. The regional segmented accounted over a quarter of the overall market share. Growing initiative by several governments as well as non- government organizations for providing better and improved healthcare facilities is expected to fuel the development of market in the Europe market. The European Health Insurance cards are issued for free for residents in over thirty countries in Europe. Many of these European countries have their own national healthcare identification card. Such factors are also expected to further fuel the development of the smart card in healthcare market in the coming years of the forecast period.
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On the other hand, the regional segment of Asia Pacific is expected to witness highly promising growth opportunities in the coming years of the forecast period. Favorable government regulations and initiative along with adoption technologically advanced healthcare systems are some of the key factors influencing the growth of the smart card in healthcare market in Asia Pacific region.
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