The need to protect critical medical records and data in the healthcare sector has increased the demand for alternative solutions to passwords. Biometrics is the most significant solution to curb the risk of data theft as biometric systems capture a unique physical feature of an individual, analyze it, and store them for future reference. The rising opportunities in the healthcare sector regarding the use of self-service biometric system are expected to bolster future growth prospects for the healthcare biometric market.
According to a report published by Transparency Market Research, the global healthcare biometrics market is projected to expand at a 25.9% CAGR between 2013 and 2019. The global healthcare biometrics market was valued at US$1.2 bn in 2012 and is expected to reach US$5.8 bn by 2019.
What factors lead to increasing deployment of biometric systems across the healthcare sector?
The adoption of biometric system in the healthcare industry will not only prevent frauds but will also minimize data loss and wastage of resources. It will also enhance the safety, quality, and privacy of hospitals. The use of biometric system in hospitals to verify staff and patient data and also provides control over data access. This is likely to be one of the main reasons behind its growing demand. Another advantage of biometric system is that they have very less set up cost and are accurate on the functional front. According to experts, expenses incurred during the installation and upkeep of biometric system are comparatively less than the expenses occurred during theft of medical data and security breach.
How can new technological innovations used in biometrics system enhance growth opportunities for suppliers?
The evolving technologies in biometrics system are expected to provide abundant growth opportunities to developers of biometric systems. The biometrics kiosk self-service system in healthcare sector is a breakthrough technology that vendors of biometrics can capitalize in future. Moreover, taking advantage of the potential opportunities, companies are investing on the development of automated biometrics with better response time and accuracy. The new market players are focusing on the reduction of cost and upgrading biometric security systems to make them more suitable for use in conferences, trade shows, web casting, laboratories, and electronic newsletter, to carve out new opportunities for themselves. The scope in verification of identity through biometric of the palm vein is also projected to augment the demand for biometric system in the healthcare system.
However, concerns regarding biometrics template storage and security and convenience trade-off are likely to impede the growth of the healthcare biometric system market.
The global healthcare biometric system market is dominated by North America at present and the region is anticipated to maintain its lead in the upcoming years. The TMR report states that Europe along with North America accounts for over 75% of the global share in the healthcare biometrics market.
Browse Research Press Release:
Leading companies such as SAFRAN SA, Lumidigm Inc., Suprema Inc., BIO-key International, ZKTeco Inc., and Siemes AG are carrying out mergers and acquisitions and partnerships to keep pace with the dynamic nature of the market. The presence of various small and large companies has rendered the global healthcare biometric system market highly fragmented.