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(IT-NEWSWIRE.COM, April 13, 2020 ) Market Overview
• Global Healthcare Biometrics market is expected to grow at a CAGR of 18.70% in the forecast period 2019-2026.
• Biometrics for the health care industry primarily refers to staff authentication and patient identification solutions.
• Biometrics are used in combination with smart identification cards or password to provide secure access to sensitive patient records and to assist with patient registration requirements.
• The growing demand for health care fraud prevention along with the need to improve patient privacy and health care safety would propel the market growth for the biometric healthcare market.
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Market Dynamics
• Growing government initiatives supporting the adoption of biometrics in healthcare and increasing healthcare data breaches and medical identity theft would propel the biometric healthcare market in the forecast period.
• Due to the complexity of a fragmented health insurance regime in the United States, the system is highly susceptible to fraud.
• The Federal Bureau of Investigation (FBI) estimates that around 50 to 75 USD billion is lost annually in health care programs nationwide.
• The FBI estimated that fraudulent billings to public and private health care programs total three to ten percent of total health care expenditures.
• Other estimates have placed total annual losses to health care fraud at between US125-175 billion. According to the National Health Care Anti-Fraud Association 69 USD, billion is lost annually in all health care programs nationwide.
• The need to restrain healthcare frauds would fuel the market growth for Healthcare biometric market.
• However, the high cost of biometric devices and lack of awareness regarding biometric might hamper the market growth.
Segmentation Analysis
• By technology global healthcare biometrics market is segmented into Face Recognition, Iris Recognition, Hand Recognition, Voice Recognition, Fingerprint Recognition, Vein Recognition, and Others. Growing adoption of face recognition across the globe would provide a significant growth opportunity for face recognition segment within the global healthcare biometrics market.
• For instance, Jiangxi Provincial People’s Hospital in China installed self-service payment terminals equipped with Alipay’s face recognition technology on September 25, 2018. The hospital has offered a facial recognition-based medical bill payment services.
• Moreover, increasing marketing for iris recognition technology in healthcare would also increase the penetration of biometrics. For instance, Romanick promoted IriTech iris recognition healthcare app in Spain in June 2016. The biometric solution continues to be used at the hospital to help identify about 80 patients daily before crucial medical tests.
Geographical Share
• Geographically the market is segmented into North America, South America, Europe, Asia-Pacific, and Rest of the World.
• North America held the majority of the market share for Healthcare Biometrics in 2018, and it is anticipated to maintain the growth over the forecast period owing to the increasing initiatives by the U.S government for biometrics in the healthcare industry.
• Moreover, growing alliances between leading and significant market players in the healthcare industry would fuel the market growth in the North American region.
• For instance, Find Biometrics and HIMSS (Healthcare Information and Management Systems Society) have entered an exclusive Premier Biometrics Media Partnership on January 3, 2019, to expand technological development of biometric solution in Healthcare domain.
Competitive Analysis
• The global healthcare biometrics market is expected to grow significantly in the coming years owing to the rapid adoption of biometrics in the healthcare domain for various application.
• Technological advancement, product innovation, and acquisitions are key strategies adopted by leading players to expand their business across the globe.
• For instance, HID Global, a worldwide provider of trusted identity solutions, acquired Crossmatch to Expand in Biometric Identity Management on September 24, 2018.
• Further, growing collaborations would also play a vital role in the development of the market in the next couple of years.
• For instance, in February 2016, ZKTeco collaborated with Herta Security to integrate its ZKBio-Access with Herta’s advanced face detection technology. This collaboration offers advantages of both the solutions to provide excellent system performance.
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