WASHINGTON, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Healthcare Biometrics Market finds that the increased adoption of advanced technology such as fingerprint recognition expedites market growth. In addition, advancements in technologies in biometric devices are likely to expand the development of the Global Healthcare Biometrics Market during the forecast period.
The Global Healthcare Biometrics Market revenue is expected to reach a value USD 7,606.0 Million in 2028.
The Global Market revenue was valued at USD 2,719.3 Million in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 18.7% during the forecast period; states Vantage Market Research, in a report, titled “Healthcare Biometrics Market Size, Share & Trends Analysis Report by Technology (Single-Factor Authentication, Multi-Factor Authentication, Signature Recognition, Voice Recognition, Other Behavioral Recognition, Multi-Factor Recognition, Biometrics with Pin, Two-Factor Biometrics, Three-Factor Biometrics), by Application (Patient Identification & Tracking, Medical Record Security & Data Center Security, Care Provider Authentication, Home/Remote Patient Monitoring, Pharmacy Dispensing, Other Applications), by End User (Hospitals & Clinics, Healthcare Institutions, Research & Clinical Laboratories, Respiratory Distress Syndrome), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Healthcare Biometrics Market was valued USD 2,719.3 Million in 2021 and is all set to surpass USD 7,606.0 Million by 2028, exhibiting a CAGR of 18.7% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Healthcare Biometrics industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
List of Prominent Players in Healthcare Biometrics Market:
- NEC Corporation
- Fujitsu Limited
- 3M Cogent Inc.
- Morpho
- Imprivata Inc.
- Suprema Inc.
- BIO-key International Inc.
- Crossmatch Technologies Inc.
Market Dynamics:
Driver:
Rise in Implementation of Fingerprint Recognition Technology to Drive the Market Growth
Security is always an essential concern in healthcare when looking after confidential medical data, records, and patients' privacy. Biometric devices help to analyze a user's biological data by capturing unique human physical features and using them further as a future reference for the identification of the user. In addition, worldwide healthcare facilities are shifting their focus on adopting biometric security solutions for patient recognition and their relation to electronic health records systems for the respective patients.
The essential components of biometric recognition systems comprise a scanning device or a reader, software for converting the scanned data into digital form, and a database for storing the biometric information for comparison with entered biometric information. Moreover, different human features like fingerprint, face, hand, voice, iris, vein, and signature let us know various potential attributes for biometric authentication. In addition, the availability of fingerprint recognition devices and the implementation of portable fingerprint scanners in the healthcare system are key factors boosting the demand for fingerprint technology. As a result, increasing the need for security in the healthcare industry will increase the adoption of fingerprint recognition technology, driving the Healthcare Biometrics Market industry.
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Technological Development in Biometric Tools to Stimulate the Market Growth
Presently, the usage of a multimodal biometric system that combines different types of biometric methods, such as combining facial and iris recognition, is making fast progress trend. Therefore, biometrics shows excellent potential and is the rapidly growing segment of next-generation personal authentication and security systems with the changed perception and look of the healthcare sector. Furthermore, the launching of new products by new competitors with reduced cost and displaying the advantages and advanced capabilities of biometric security solutions at different laboratories, trade shows, conferences, webcasting, and electronic newsletters are expected to fuel the Global Healthcare Biometrics Market expansion in the future. Besides, the top market players are investing a lot in developing automated biometric systems with enhanced accuracy and response time, gaining great profit during the forecast period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide, and the Global Healthcare Biometrics Market is not an exception. Administrative bodies worldwide implemented curb measures, for instance, lockdown, to ensure strict social distancing norms to restrict the spread of the disease. Small and medium-scale industries, which are technology partners to the Healthcare Biometrics Market companies, suffered impact due to the pandemic. In addition, the Healthcare Biometrics Market was also impacted by the restricted movement of goods and people due to the lockdown measures in place during the beginning stages of the COVID-19 spread.
Since the beginning of 2022, the supplies and workforce are expected to resume normal which will further bolster Healthcare Biometrics Market industry coming back on track. Vantage Market Research, while performing the research on the topic for the Global Healthcare Biometrics Market has considered the end-to-end impact of COVID-19 on the Global Healthcare Biometrics Market. In addition, the study also deep dives into the after-effects of the COVID-19 pandemic on the subsidiary units of the Healthcare Biometrics Market industry. Furthermore, the study also does an exhaustive analysis while estimating the present and the future market size for the Global Healthcare Biometrics Market industry primarily based on the aforementioned data points:
1. Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
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The report on Healthcare Biometrics Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
Regional Analysis:
North America Dominated the Global Healthcare Biometrics Market
North America dominated the Global Healthcare Biometrics Market and is expected to continue to dominate in the coming years. This dominance is attributable to the high number of frauds and crimes taking place in the healthcare sector in the region. Also, healthcare organizations are widely using biometric tools for two-factor or multi-factor identification and single sign-in for staff and patient identification in this region. Moreover, the increase in launches of biometric medical systems by major market players, availability of advanced healthcare infrastructure, and technological advances are likely to drive regional market growth. In the coming years, the expansion of innovative technologies in hospitals and clinics will propel the demand for Healthcare Biometrics Market in North America.
Recent Developments:
January 2022: Mitsubishi Electric Corporation announced the launching of its Health Cam scanning technology, which serves touchless, line-of-sight monitoring of vital signals, at the Consumer Electronics Show (CES). In addition, a working prototype of healthcare allows individuals to stand in front of the camera scanner and see their body temperature, blood oxygenation, respiration rate, and heart rate.
August 2021: RAI sonance Inc. announced launching the new product Sound Pass, a non-medical, biometric device with multi-factor authentication (MFA) to establish and maintain a bubble of perimeter security around the premises or a group of people.
May 2021: Imprivata, the digital identity company for healthcare, in partnership with the technology partners Aware and IDEMIA, launched an innovative mobile facial recognition solution, taking advanced security technology and enhancing and simplifying it for the use of unique healthcare requirements.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Healthcare Biometrics Market for the base year and forecast period?
This market titled “Healthcare Biometrics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Technology • Single-Factor Authentication • Multi-Factor Authentication • Signature Recognition • Voice Recognition • Other Behavioral Recognition • Multi-Factor Recognition • Biometrics with PIN • Two-Factor Biometrics • Three-Factor Biometrics • Application • Patient Identification & Tracking • Medical Record Security & Data Center Security • Care Provider Authentication • Home/ Remote Patient Monitoring • Pharmacy Dispensing • Other Applications • End User • Hospitals & Clinics • Healthcare Institutions • Research & Clinical Laboratories • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K. • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • NEC Corporation • Fujitsu Limited • 3M Cogent Inc. • Morpho • Imprivata Inc. • Suprema Inc. • BIO-key International Inc. • Crossmatch Technologies Inc. |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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