Wilmington, Delaware, United States, Transparency Market Research, Inc., Sept. 2, 2024 (GLOBE NEWSWIRE) — The global report healthcare biometrics market (Biometric healthcare market) was projected to reach US$ 22.92 billion in 2020. It is likely to achieve a CAGR of 15.5% from 2021 to 2028, and by 2028, the market is expected to reach US$ 74.080 million.
The use of biometric identification systems improves patient privacy, security, and quality of healthcare, while preventing and minimizing fraud and waste of resources. The use of biometrics in healthcare is being driven by a number of factors, including rapid technical improvements in healthcare infrastructure, increasing accuracy and performance, and decreasing complexity and cost of biometric equipment.
The need to employ biometrics to minimize security breaches and medical identity thefts in order to reduce healthcare costs is driving the global adoption of biometric systems in the healthcare sector. The healthcare biometrics market in North America is projected to hold a significant share in the global market. This is explained by the widespread adoption and application of healthcare fraud control systems in the United States.
In the coming years, the North American healthcare biometrics market is anticipated to be driven by the availability of innovative healthcare infrastructure and technical advancements. The healthcare biometrics market in North America is driven by the increasing adoption of biometrics by key medical sectors and its confirmed effectiveness in clinical laboratories, hospitals, research laboratories, and other healthcare institutions.
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Key findings from the market report
- Biometrics is a technology that not only provides data and identity integrity, but also helps save billions of dollars a year.
- This is possible by reducing the expenses that healthcare providers spend on correcting and mitigating operational and administrative errors.
- The need to harmonize this data exchange is increasing, especially in heterogeneous administrative systems where there is an increase in the exchange of health information.
- Using a special biometric template connected to the record keeping system effectively prevents duplication of medical records and discrepancies in patient records.
Market trends in biometrics in healthcare
- Password security has been shown to be ineffective when biometrics are properly adopted and used.
- Passwords are a somewhat less reliable form of identification, as they are frequently forgotten or lost.
- Passwords are the most widely used form of personal authentication because they are convenient and portable.
- However, biometrics effectively addresses the common shortcomings of password authentication by merging increased security with user convenience, as the user does not have to carry a particular device or constantly remember passwords.
Global Healthcare Biometrics Market: Regional Outlook
- North America is expected to remain a significant market for biometric technology in healthcare.
- Today, Europe and North America together control more than 75% of the global market. With the expansion of local and export markets for domestically manufactured biometric devices, the Asia Pacific region is believed to offer considerable prospects for biometric security solutions in the healthcare sector in emerging countries.
Global Healthcare Biometrics Market: Key Players
Major players in the biometric healthcare market are working to improve access control, data security and patient identification using biometric technology.
Its goal is to provide solutions that improve patient care, efficiency and security in the healthcare ecosystem by streamlining workflows, improving patient identification accuracy, reducing fraud and ensuring regulatory compliance.
The following companies are well-known players in the global healthcare biometrics market:
- 3M Cogent Inc.
- Bio-Key International, Inc.
- DigitalPersona Inc.
- NEC Corporation
- M2SYS LLC
- Cross Match Technologies Inc.
- Suprema Inc.
- Siemens AG.
Product Portfolio
- 3M Cogent Inc. specializes in biometric identification systems. The company sells automated fingerprint recognition systems, facial recognition, mobile identification, biometric enrollment and palm print card conversion, among other items. 3M Cogent is a global company.
Global Healthcare Biometrics Market Segmentation
Technology
- Fingerprint
- Vein
- Face
- Iris
- Voice
- Hand
- Signature
- Others
Application
- Logical access control
- Physical access control
- Transaction authentication
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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