Healthcare Biometrics Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2022-2030

The global Healthcare Biometrics market size is expected to be worth around US$ 24.5 billion by 2030 from valued at US$ 12.1 billion in 2020 and is anticipated to grow at a CAGR of 34.2% from 2022 to 2030.

Growth Factors

The migration of health system and hospitals to Electronic Health Records (EHR) and computerized physician order entry is expected to propel the demand for healthcare biometrics over the forecast period.

As more Healthcare Information Exchanges (HIE) are built across the network to coordinate care, the demand for technologies to combat data corruption and unauthorized access is expected to increase, thereby contributing to the market growth of healthcare biometrics during the forecast period.

Implementation of biometrics is expected to increase the security for patients, doctors, and nurses. The HIPPA has imposed stringent new regulations to safeguard confidentiality and privacy of patient information. These regulations are also expected to drive the deployment of biometrics in healthcare system, thereby contributing to the market growth over the forecast period.

Improvements in the existing technologies and the development of multipurpose authentication devices are expected to facilitate commercialization of advanced products. As a result, adoption of these devices is expected to escalate in the healthcare space in the near future.

The rise of consumerism in healthcare and increase in disposable income in emerging countries is also expected to boost the adoption of new technologies such as biometrics by health system, thereby propelling the market growth healthcare biometrics market during the forecast period.

Increasing Demand for Security in Healthcare Sector

Security has always remained a vital concern in the healthcare sector when it comes to safeguard confidential medical data, records, and patients’ privacy. Biometric devices analyze biological data of a user by capturing unique his or her physical human features and use them as a future reference (template) for user’s identification. Healthcare facilities across the globe are increasingly shifting their focus on implementing biometric security solutions for patient identification and their linking to electronic health records system to the respective patients. Integrity of patient identity, efficient and safe data recording, control on medical frauds, and reduction in inventory theft are some of the distinct advantages offered by biometrics.

Biometrics allows matching of a patient to his records with minimal possibility of errors and avoids mixing up of patient information, which can have serious consequence on the health and wellbeing of such patients. Moreover, factors such as culmination of false patient identity, patient protection, and reduction of the overburden of medical frauds and security of medical records have urged those in the healthcare industry to opt for biometrics.

Increasing Adoption of Fingerprint Recognition Technology to Drives Healthcare Biometrics Market

Basic components of biometric identification systems consist of a scanning device or a reader, software to convert the scanned information into digital form and a database to store the biometric data for comparison with entered biometric data. A variety of human features such as fingerprint, face, iris, vein, voice, hand, and signature seem to reveal several potential attributes for biometric authentication. Availability of fingerprint recognition devices and adoption of portable fingerprint scanners in healthcare are factors driving the demand for the fingerprint technology, thus expanding the healthcare biometrics market.

Use of biometrics with the help of these physical characteristics, along with logical or physical access or both together has found a worldwide use in the healthcare sector. However, improper storage of medical data may pose a threat of invasion of the user’s identity and thus, challenge patient security. Biometric solutions facilitate the provision restricted access to rooms or computer network systems from unauthorized access.

Technological Advancement in Biometric Devices to Drive Global Market

The use of multimodal biometric system, which combines different types of biometric methods, such as combining facial and iris recognition is currently rapidly progressing trend. Biometrics is a promising and a fast growing segment in the field of next generation personal authentication & security systems and changing the perception and look of the healthcare industry. Companies investing heavily in developing automated biometric systems with improved accuracy and response time may gain greater benefits in the near future. Introduction of new products with reduced cost and showcasing advantages & advanced capabilities of biometric security solutions at various conferences, laboratories, trade shows, web casting, and electronic newsletters is further boosting the growth of new competitors in the healthcare biometrics market.

Key Takeaways:

• Based on technology, the multi-factor authentication segment is likely to dominate the healthcare biometrics market share with a CAGR of 5.8% during the forecast period 2022 to 2032.
• Based on end users, healthcare institutions are anticipated to lead the healthcare biometrics market size in the forecast period 2022 to 2032.
• The US holds a prominent role in the healthcare biometrics market trends due to the well-establish healthcare infrastructure in the country.
• By 2032, the healthcare biometrics market share is anticipated to rise to the valuation of US$ 17.9 Billion with a CAGR of 18.1%.

North America to Dominate Healthcare Biometrics Market

• North America is expected to remain a prominent market for healthcare biometrics technologies
• Currently, North America, along with Europe account for more than 75% share of the global market. In the developing world, Asia Pacific is estimated to provide significant opportunities for biometrics security solutions in the healthcare sector due to budding domestic and export markets for nationally produced biometric devices.

Key Players

NEC Corporation, Fujitsu, 3M, MorphoTrust, Imprivata, Inc., Suprema, BIO-key International, Crossmatch, Hitachi Ltd., Integrated Biometrics, Genkey Solutions B.V., Agnitio, Nuance Communications, Inc., and Qualcomm Technologies, Inc. With 3M 

Market Segmentation

Technology Outlook 

• • Face recognition

  • Fingerprint recognition

  • Iris recognition

  • Vein recognition

  • Palm geometry recognition

  • Behavioral recognition

    • By Technology

      • Signature recognition

      • Voice recognition

      • Others

    • By Type

      • Single factor recognition

      • Multi factor authentication

      • Multimodal authentication

By Application

• Logical Access Control
• Physical Access Control
• Transaction Authentication

By End User

• Healthcare Providers
• Healthcare Organizations
• Research and Academic Institutes

Regional Outlook 

• • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

  • Asia Pacific

    • Japan

    • China

  • Latin America

    • Brazil

    • Mexico

  • MEA

    • South Africa

    • Saudi Arabia

The Healthcare Biometrics market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Healthcare Biometrics market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Healthcare Biometrics market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Healthcare Biometrics market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Healthcare Biometrics market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Healthcare Biometrics capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Healthcare Biometrics by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Healthcare Biometrics market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Healthcare Biometrics market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Healthcare Biometrics market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Healthcare Biometrics industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Healthcare Biometrics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Healthcare Biometrics market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Healthcare Biometrics market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Healthcare Biometrics market. These factors have benefited the growth of the global market for Healthcare Biometrics. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Healthcare Biometrics. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Healthcare Biometrics are as follows:

• Historic Year: 2017-2020
• Base Year: 2021
• Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

To strategically profile the key players and comprehensively analyze their growth strategies.