by The Healthcare Biometrics Market is estimated to be valued at US$25.77 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Healthcare biometrics refers to the application of computer science and statistical techniques to measure and analyze physiological or behavioral characteristics. Biometrics technologies include fingerprints, facial recognition, voice recognition, iris recognition, etc. These are integrated with healthcare IT systems for improved patient care and security purposes. For instance, fingerprints are used for patient identification during doctor visits or delivery of prescription drugs. Facial recognition helps identify patients during preregistered visits.
Market Dynamics:
The rising adoption of digital technology in the healthcare sector is a key driver fueling the healthcare biometrics market growth. The increasing use of electronic health records, online monitoring systems, and other digital solutions requires robust authentication and identification methods. This is promoting the integration of biometric authentication systems. Additionally, the growing demand for minimizing medical frauds and increasing focus on improved patient care is also propelling the market forward. Biometric technologies help combat identity theft, curb prescription drug abuse, and facilitate quick authentications. This improves clinical workflows and safety. Population aging is another driver as the elderly patients are more prone to memory issues, thus requiring foolproof identification methods during medical treatments and procedures.
Segment Analysis
In the healthcare biometrics market, the dominant sub-segment is the face recognition segment. This is because face recognition biometrics is extremely accurate in identifying individuals and is increasingly being adopted for security surveillance across healthcare facilities. It is gaining popularity for securing entry points like building entrances.
PEST Analysis
Political: Governments across countries are focusing on implementing regulations to secure patient data and digitizing healthcare infrastructure using biometrics. This is boosting market growth.
Economic: The rising healthcare expenses coupled with increasing investment towards development of biometrics technology is fueling the market.
Social: Growing awareness about importance of biometrics for securing access to medical records and identification of patients is propelling the market forward.
Technological: Introduction of advanced technologies like deep learning, 3D face recognition etc. is augmenting the market. Integrating biometrics with AI and IoT offers multiple opportunities.
Key Takeaways
The global healthcare biometrics market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing digitization and emphasis on data security in the healthcare industry.
The North America region dominates the market currently due to stringent regulations regarding security of patient data and early adoption of new technologies. The Asia Pacific region is expected to register fastest growth in the forecast period supported by growing healthcare infrastructure and rising medical tourism in the region.
Key players operating in the healthcare biometrics market are Audi, Autotalks Ltd, Cisco Systems Inc., Delphi Automotive PLC, Denso Corporation, Ford Motor Co., General Motors, Harman International Industries Inc., Infineon Technologies AG, Kapsch TrafficCom (Kapsch), Lear Corporation, Mercedes-Benz, Qualcomm Technologies Inc., Savari Inc., and Toyota Vacaville. Rising investments for product development by these companies will further intensify the competition.
