What Has Been The Evolution of the Healthcare Biometrics Market in Recent Years?
The healthcare biometrics market has seen considerable growth due to a variety of factors.
• In recent times, the size of the healthcare biometrics market has seen substantial growth. It's projected that the market will expand from $8.46 $ billion in 2024 to $10.32 $ billion in 2025, denoting a compound annual growth rate (CAGR) of 22.0%.
The historic period's growth is tied to the rise in identity theft and fraud, enhanced data security and privacy, decrease in administrative mistakes, cost-saving measures, and the availability of funds and grants in the healthcare sector.
What Are the Future Growth Projections for the Healthcare Biometrics Market?
The healthcare biometrics market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the healthcare biometrics market is projected to experience significant expansion in the following years. It is set to soar to $22.72 billion by 2029 with a compound annual growth rate (CAGR) of 21.8%.
The projected increase for the mentioned period can be ascribed to factors such as the escalating adoption of electronic health records, increased demand for secure patient data, refined patient identification systems, amplified healthcare expenditure, and enhanced societal comprehension and approval of biometric technologies. The forecast period also outlines major trends including technological progress, multimodal biometrics, incorporation of artificial intelligence, integration of machine learning, regulations regarding interoperability, and coupling with Internet of Things (IoT) devices.
What Are The Core Factors Supporting Growth In The Healthcare Biometrics Market?
The healthcare biometrics sector is anticipated to expand due to a surge in hospital admissions. As the population ages, the incidence of chronic illnesses rises, and access to healthcare services improves, the number of patients increases astronomically. Healthcare biometrics promotes safety and individualized attention in hospitals by correctly identifying and verifying identities. For example, the Canadian Institute for Health Information, a not-for-profit entity based in Canada, reported in February 2024 that the number of severe inpatient hospitalizations in Canada escalated from 2.88 million in 2021-2022 to 2.96 million in 2022-2023, indicating a year-over-year increase of 2.78%. As a result, the growing patient count in hospitals is fueling the uptake of biometrics in healthcare.
What Are The Major Segments Within The Global Healthcare Biometrics Market?
The healthcare biometricsmarket covered in this report is segmented –
1) By Technology: Fingerprint Recognition, Face Recognition, Voice Recognition, Vein Recognition, Iris Recognition, Hand Recognition, Other Technologies
2) By Application: Medical Record And Data Center Security, Patient Identification And Tracking, Care Provider Authentication, Home Or Remote Patient Monitoring, Other Applications
3) By End-User: Hospitals, Clinics, Clinical Laboratories, Healthcare Institutions
Subsegments:
1) By Fingerprint Recognition: Optical Fingerprint Recognition, Capacitive Fingerprint Recognition, Ultrasonic Fingerprint Recognition, Thermal Fingerprint Recognition, Multi-Factor Fingerprint Authentication Systems
2) By Face Recognition: 2D Face Recognition, 3D Face Recognition, Infrared Face Recognition, Facial Thermography, Real-Time Face Recognition Systems
3) By Voice Recognition: Speaker Identification Systems, Speaker Verification Systems, Voice Biometric Authentication, AI-Powered Voice Recognition For Healthcare, Multi-Modal Voice Recognition Systems
4) By Vein Recognition: Palm Vein Recognition, Finger Vein Recognition, Infrared Vein Pattern Recognition, Near-Infrared Vein Imaging
5) By Iris Recognition: Near-Infrared Iris Scanning, Multi-Spectral Iris Recognition, High-Speed Iris Recognition Systems, Real-Time Iris Recognition Solutions
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What Emerging Trends Are Influencing The Growth Of The Healthcare Biometrics Market?
Leading enterprises in the healthcare biometrics arena are putting their energies into creating new and innovative solutions for verifying patient identity. The goal is to improve security measures and precision of patient care. Patient identity verification solutions encompass cutting-edge technologies specifically crafted to confirm patients' identities securely and accurately, boosting both safety and efficacy in healthcare environments. An illustration, of this would be VerifiNow. This US-based biometric verification provider created PatientVerifi in February 2024. The solution, designed for telehealth providers, leverages voice biometrics, facial recognition, and liveness detection to authenticate patients reliably during virtual consultations. This system diminishes the potential for patient misidentification, fraudulent prescription use, and incorrect diagnoses leading to malpractice suits. Configured for use with popular digital meeting platforms such as Zoom and Microsoft Teams, PatientVerifi aids in adhering to healthcare regulations and protects both patients and healthcare providers.
Who Are the Key Players In The Healthcare Biometrics Market?
Major companies operating in the healthcare biometrics market are:
• Fujitsu Limited
• NEC Corporation
• Siemens Healthineers AG
• Thales Group
• IDEMIA SA
• GoForward Inc.
• Zkteco Inc.
• Imprivata Inc
• M2SYS LLC
• Cross Match Technologies Inc.
• Daon Inc.
• Facephi
• Aware Inc.
• Integrated Biometrics
• Suprema Inc
• eyeLock
• Bio-Key International
• Facetec Inc.
• RightPatient
• Morpho Dys
What Is The Most Dominant Region In The Healthcare Biometrics Market?
North America was the largest region in the healthcare biometrics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
