What Has Driven the Growth of the Smart Card in Healthcare Market in Recent Years?
The smart card in healthcare market has seen considerable growth due to a variety of factors.
• There has been a remarkable expansion in the healthcare smart card market size recently. It is projected to escalate from $1.59 billion in 2024 to $1.75 billion in 2025, boasting a compound annual growth rate (CAGR) of 9.7%.
The historical period's growth can be credited to improved data protection, digital transformation of health records, enhanced patient identification process, and the incorporation of electronic health records (EHR).
What is the Market Size Forecast for the Smart Card in Healthcare Market?
The smart card in healthcare market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations are high for a swift escalation in the market size of smart cards in healthcare, with projections reaching up to $3.13 billion by 2029, expanding at a compound annual growth rate (CAGR) of 15.7%.
Factors contributing towards this growth in the forecast period include improved workflow efficiency, fewer medical mistakes, patient empowerment, governmental strategies and policies, along with efficient provision of healthcare services. Foreseen trends in the predicted period also comprise of heightened data security mechanisms, biometric fusion, contactless smart cards, telemedicine in conjunction with remote patient surveillance, and health information transfer (HIE).
Which Factors Are Boosting Growth In The Smart Card in Healthcare Market?
The expansion of the smart card market in healthcare is being propelled by the mounting instances of data breaches and unauthorized entries into healthcare portals. Instances where sensitive patient data is at risk due to inadequate security or malicious attempts are considered data breaches and unauthorized access in healthcare portals. The escalation in cyber threats, inadequate security measures, and the increasing digitization of medical records contribute to these breaches. By offering secure authentication and encryption, the application of smart cards can reduce the associated risks. For instance, a report by Check Point, a software security company based in Israel, highlighted that from January to September 2024, an average of 2,018 attacks were targeted at each healthcare organization weekly worldwide, which is a 32% increase from the same period the previous year. Consequently, the escalation in data breaches and unauthorized access in healthcare portals is expected to stimulate the market throughout the forecasted period.
What Key Areas Define The Segmentation Of The Global Smart Card in Healthcare Market?
The smart card in healthcare market covered in this report is segmented –
1) By Type: Contactless Smart Cards, Contact-based Smart Cards, Dual-interface Smart Cards, Hybrid Smart Cards
2) By Component: Memory Card-Based Smart Cards, Microcontroller-Based Smart Cards
3) By Application: Personal Identity, Patient History, Billing and Payment, Security
Subsegments:
1) By Contactless Smart Cards: RFID-Based Healthcare Cards, NFC-Enabled Health Cards
2) By Contact-Based Smart Cards: Chip-Based Medical ID Cards, Health Insurance Cards
3) By Dual-Interface Smart Cards: Cards That Support Both Contact And Contactless Transactions, Multi-Application Healthcare Cards
4) By Hybrid Smart Cards: Cards Combining Various Functionalities
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How Are Emerging Trends Reshaping The Dynamics Of The Smart Card in Healthcare Market?
Leading firms in the healthcare smart cards market are creating innovative solutions like payment cards to broaden their customer base and stay ahead of current competitors in the market. A payment card, whether digital or physical, enables patients to directly pay for medical services and treatments, thus simplifying the claims procedure and minimizing the demand for reimbursement claims. For example, in February 2024, AXA Global Healthcare, a software company from the UK, introduced its novel virtual healthcare payment card, which is designed to make the claims process more efficient for consumers. A recent poll indicated that time and administration are significant hurdles in filing health insurance claims. This virtual card can be integrated with digital wallets like Apple Pay or Google Pay, permitting members to pay for approved outpatient treatments, such as over-the-counter medications, directly, bypassing the use of personal resources or submitting extensive claims. Studies reveal that a large number of international claims are for low-value expenses, often paid out of pocket, which complicates the claims procedure for members.
Who Are the Key Players in the Smart Card in Healthcare Market?
Major companies operating in the smart card in healthcare market include:
• Atos SE
• Giesecke+Devrient GmbH
• Infineon Technologies AG
• Thales Group
• CardLogix Corporation
• NXP Semiconductors N. V.
• Texas Instruments Incorporated
• IDenticard Systems LLC
• SCM Microsystems Inc.
• IDEMIA France SAS
• American Express Company
• Mastercard Incorporated
• Visa Inc.
• HID Global Corporation
• Ingenico Group SA
• Verifone Systems Inc.
• Heartland Payment Systems Inc.
• Square Inc.
• Apple Inc.
• Samsung Electronics Co Ltd.
• Google LLC
• Microsoft Corporation
• International Business Machines Corporation (IBM)
• Oracle Corporation
• Cisco Systems Inc.
• Intel Corporation
• Hewlett Packard Enterprise Company
What Is The Most Dominant Region In The Smart Card in Healthcare Market?
Asia-Pacific was the largest region in the smart card in healthcare market in 2024, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the smart card in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
