Global Healthcare Biometrics Market Expected to Grow at 17.4% CAGR and Garner $24,942.7 Million in the 2022-2031 Timeframe [260-Pages] | Settled by Research Dive

By 2031, the global healthcare biometrics market is predicted to grow immensely, chiefly due to the increasing volume of healthcare data. Also, increasing traction of fingerprint recognition systems in the small-scale industry is expected to make the fingerprint recognition sub-segment the most dominant one. The North America region is predicted to be the most profitable one by 2031.

New York, USA, April 17, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global healthcare biometrics market is anticipated to rise at a healthy CAGR of 17.4%, thereby garnering a revenue of $24,942.7 million in the 2022-2031 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the healthcare biometrics market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily. 

Dynamics of the Market 

Drivers: In recent years, there has been a substantial increase in the volume of healthcare data which is expected to become the primary growth driver of the healthcare biometrics market in the forecast period. Additionally, growth in the global patient pool is anticipated to push the market forward. 

Opportunities: Rise in medical identity theft or healthcare frauds is predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, growing technological advancements in biometrics devices are expected to help the healthcare biometrics market to register substantial growth in the coming period. 

Restraints: However, according to market analysts, growth in the cost of healthcare biometrics might become a restraint in the growth of the healthcare biometrics market. 

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Impact of Covid-19 on the Market 

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The healthcare biometrics market, too, was negatively impacted by the pandemic. Disruptions in global supply chains led to a slowdown in the manufacturing of biometrics devices which ultimately brought down the growth rate of the market in the forecast period. 

Segments of the Market 

The Research Dive report has fragmented the healthcare biometrics market across different segments such as technology, application, end-user, and region. 

Technology: Fingerprint Recognition Sub-segment to be the Fastest Growing 

The fingerprint recognition sub-segment was the most dominant sub-segment in 2021 and is expected to continue to dominate by 2031. The increasing traction of fingerprint recognition systems in the small-scale industry is predicted to help in the growth of this sub-segment.  

Application: Medical Record and Data Center Security Sub-segment to Witness Significant Growth 

The medical record and data center security sub-segment is predicted to have a significant market share by 2031. The growing digital transformation of many healthcare companies has led to these companies shifting their data to cloud services. This increasing trend of adoption of cloud services is predicted to boost the growth of this sub-segment. 

End-User: Hospitals Sub-segment to be Highly Dominant 

The hospitals sub-segment is expected to witness huge growth by 2031. The increasing adoption of biometric systems in hospitals to improve workflow, reduce duplication, and ensure efficient patient recognition is predicted to help in the growth of this sub-segment. 

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Market in the North America Region to Flourish Immensely 

The healthcare biometrics market in the North America region is anticipated to grow significantly by 2031. The expanding healthcare sector along with increasing acceptance of biometric systems are predicted to be the main growth drivers of the market in this region.  

Prominent Market Players 

Some prominent players in the healthcare biometrics market are  

  • Zotero 
  • Bio-Key International  
  • IDEMIA (Morpho) 
  • 3M Cogent Inc.  
  • Imprivata Inc. 
  • Crossmatch Technologies  
  • Suprema Inc. 
  • Integrated Biometrics  
  • Fujitsu Limited 

These players are introducing and coming up with new technological advancements and innovations to gain primacy in the market. 

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For instance, in August 2021, Telos Corp., a Virginia-based information technology company, announced the acquisition of Diamond Fortress Technologies, a biometric software developer. With this acquisition Telos Corp. will take control over the ONYX® biometric system developed by Diamond Fortress Technologies, which will help the company to increase its presence in the market. 

Finally, this comprehensive report also summarizes many crucial facets of the healthcare biometrics market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis. 

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