- Physical Access Control
- Logical Access Control
- Transaction Authentication
The global healthcare biometrics market size was valued at USD 14.2 billion at a CAGR of 25.8% during forecast period 2023 to 2029. Biometrics is a vital tool in data threats and cyber threats. Biometric system is used across various industries like banking, defense, healthcare, mobile and technology, government, security. Biometric system plays an essential role in healthcare industry which enables the proper security of IT processes related to healthcare data by preventing free access to data by identifying individual features like palm prints, fingerprints, voice, DNA, face, and others. As per, Identity Theft Resource Centre Report 2014, about 45% of all data violations of identity thefts are from the healthcare industry. Healthcare Biometrics is fast-growing and propitious field in security systems and personal authentication sector. Healthcare Biometrics is a highly competitive market with many numbers of market players. Market players in global healthcare biometrics market are focused on the inorganic and organic growth of companies by adopting various growth strategies such as new product launches, acquisitions, and mergers, collaborations, and partnerships, investments, and investments in R&D activities. Market players of healthcare biometrics market are expected to enhance their technologies in order to provide most secure access systems. Vein and iris recognition technologies are most secure technologies in healthcare biometric systems among others. Governments of various countries are providing various regulations for biometric security systems such as Health Insurance Portability and accountability act (HIPAA) which is enforced by the Medicare and Medicaid Services (CMS) and Electronic Protected Health Information. Furthermore, technology developments, followed by product development, will improve biometrics' value proposition for the healthcare industry.
Fastest Growing Market
The Growing incidence of healthcare frauds, rise in demand for alternatives for passwords, wide range of financial benefits regarding healthcare biometrics are major factors expected to fuel growth of global healthcare biometrics market. As per, Coalition Against Insurance Fraud reported that about USD 80 Bn is annually lost in the US in Medicare fraud. Moreover, growing adaptability of biometrics system in healthcare sectors such as research labs, clinical laboratories, and hospitals increase in technological advancements are few other factors which are expected to propel growth of healthcare biometrics market. On the other side, security and convenience trade-off and biometric template storage are restraints of healthcare biometrics market.
The healthcare biometrics market size was valued at USD 14.2 billion in 2022
The healthcare biometrics market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
The key segments covered in the healthcare biometrics market are: by mode, by technology, by end user