Rise in cybercrime and increasing cases of healthcare frauds are pushing the growth of the global healthcare biometrics market

Global Healthcare Biometrics Market   - Overview

Protection and safety of patients is an important goal for every hospital, small or big. Healthcare resources are scarce and are needed to be protected from robbery. These resources are vital for the patients as well as the healthcare provider. Hence, security system play an important role in healthcare sector.

The Healthcare Biometrics Market is projected to reach USD 78.4 billion by 2030 at 22.30% CAGR during the forecast period 2022-2030.

Biometrics are used to identify and recognize the correct identity of the person. There are number of devices, systems, software used for the protection of the valuable data. Healthcare Biometrics is very useful and it has multiple use in healthcare industry such as data security, data management, patient identification etc. Hospitals and other healthcare institutions need to maintain the huge amount of data which they deal day to day. Different data such as medical record, patient details, medical history, staff management, inventory management, financial data etc. are very critical. Healthcare biometric provides safe and secure solution to maintain privacy and security of this data.

According to a recent study published by the Market Research Future analysts, the global healthcare biometrics market is growing at a double digit growth rate; mainly due to the rise in the cybercrime and the increased cases of the healthcare frauds leading to the high demand for the healthcare security systems including the healthcare biometrics. Demand of security system is increasing with an increasing emphasis on patient’s security & wellness, improving quality of care provided in the hospital, growing patient pool, need for security of infants in hospitals, as well as availability of wide of security systems. Moreover, increase in consumer awareness is also driving the market growth which expected to continue its pace in near future.

However, there are some obstacles in the growth of this market. High cost of the security systems, system malfunctions, data corruption, and lack of infrastructure and affordability issues in some of the regions. All these factors may hinder the growth of the market to an extent in the near future.

The global market consist of players such as 3M Cogent Inc. (U.S.), Bayometric (U.S.), BIO-key International Inc. (U.S.), Crossmatch Technologies Inc. (U.S.), Fujitsu Limited (Japan), Imprivata Inc. (U.S.), Integrated Biometrics (U.S.), Lumidigm (a subsidiary of ASSA ABLOY (Sweden)), Morpho (a subsidiary of Safran SA (France)), NEC Corporation (Japan), Suprema Inc. (South Korea), Tyco Integrated Security (U.S.), and ZKteco Inc. (China). These are the prominent players at the forefront of competition in the global healthcare biometrics market and are profiled in MRFR Analysis report.

Explore In-depth Details: Healthcare Biometrics Market Research Report

Global Healthcare Biometrics Market   -

Regional Analysis

Considering the global scenario of the market, America comprise largest market share in global healthcare biometrics market. This major share is mainly attributed to the rise in the healthcare frauds that have been committed in last decade. The healthcare organisations, and hospitals have become more aware of the threads and are willing to spend handsome amount in building their security systems in order to secure their patient data, medical information, and other valuable assets, and to prevent the security breaches in their organisations.  The healthcare frauds costs the industry billions of dollars. For example, 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 amounting to USD 789,000 using patient’s identity without their knowledge. California based St. Joseph’s Health, was asked to pay USD 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 USD 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. All these factors have helped the rapid growth of the healthcare biometrics market in American region.

Further, the European market is also growing continuously and slowly catching up with the American market. On the other hand, Asia-Pacific market is lagging far behind at the moment. Many of the companies in the region are not completely adhering to the security laws. Cost of the security has a lot to do with this underuse of the technology in this region. However, the scenario is changing, and with increasing awareness about the cyber security and healthcare companies investing more on the security are likely to develop a great opportunities for the security firms and security device companies in this region. Middle East & Africa region are likely to have a limited but steady growth in the market.