The global healthcare biometrics market, valued at US$ 22.92 billion in 2020, is on track for significant growth. With a projected compound annual growth rate (CAGR) of 15.5% from 2021 to 2028, the market is expected to reach a substantial US$ 74.08 billion by 2028. This remarkable expansion is driven by a growing focus on enhancing patient privacy, safety, and quality of care, all while working to prevent and minimize healthcare fraud and resource waste.
Several factors are contributing to the adoption of biometrics in healthcare. Rapid advancements in healthcare infrastructure, increased accuracy and performance of biometric technologies, and the decreasing cost and complexity of biometric equipment are all playing key roles. The critical need to implement biometrics to mitigate security breaches, such as medical identity theft, and to reduce healthcare costs further fuels the global adoption of biometric systems.
North America is poised to lead the global healthcare biometrics market, with a substantial market share. This dominance is attributed to the widespread adoption and enforcement of healthcare fraud control systems within the United States. The North American market is expected to be propelled by ongoing innovative healthcare infrastructure development and technological advancements in the coming years.
The growing adoption of biometrics by key medical sectors, coupled with its proven efficacy in clinical laboratories, hospitals, research labs, and other healthcare institutions, drives the healthcare biometrics market in North America. Biometric technology not only provides data and identity integrity but also offers significant cost savings. By reducing healthcare providers’ expenses associated with correcting and mitigating operational and administrative errors, biometrics contribute to substantial financial benefits. The increasing demand for harmonizing data exchange, particularly within heterogeneous administrative systems where healthcare information sharing is on the rise, further underscores the value of biometrics.
Biometric systems effectively prevent duplicate medical record keeping and patient-record mismatches by employing a unique biometric template linked to the record-keeping system. Biometrics offer a more secure alternative to traditional password security, which has proven to be ineffective when used inappropriately. Passwords are often forgotten or lost, making them a less reliable form of identification. While passwords remain the most commonly used form of authentication due to their convenience and portability, biometrics address their limitations by combining enhanced security with user convenience. They eliminate the need to carry specific devices or constantly remember complex passwords.
North America is expected to remain a major market for healthcare biometrics technology. Currently, Europe and North America collectively account for over 75% of the global market share. The Asia Pacific region, driven by expanding local and export markets for biometric devices manufactured within the region, presents significant opportunities for biometric security solutions in the healthcare sector of emerging nations.
Key players in the biometric healthcare market are actively working to improve access control, data security, and patient identification through biometric technology. Their objective is to deliver solutions that enhance patient care, efficiency, and security within the healthcare ecosystem by streamlining workflows, improving patient identification accuracy, reducing fraud, and ensuring regulatory compliance. Some of the prominent players in the global healthcare biometrics market include 3M Cogent Inc., Bio-Key International, Inc., DigitalPersona Inc., NEC Corporation, M2SYS LLC, Cross Match Technologies Inc., Suprema Inc., and Siemens AG.
Companies like 3M Cogent Inc. specialize in biometric identification systems, offering a range of products, including automated fingerprint, facial recognition, mobile identification, biometric enrollment, and palmprint card conversion systems. 3M Cogent has a global presence, catering to the needs of diverse markets.
The healthcare biometrics market is segmented based on technology (fingerprint, vein, face, iris, voice, hand signature, and others), application (logical access control, physical access control, and transaction authentication), and region (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
