Healthcare Biometrics Market Size Is Projected To Be Around $12 Billion By 2025
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A research study titled, “Healthcare Biometrics Market by Technology, Application, and End User - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the healthcare biometrics market is projected to be around $12 billion by 2025.
Healthcare biometrics refers to the application of biometric solutions in physician offices, hospitals, or for use in remote patient monitoring. Biometrics in healthcare is primarily used for doctors’ and patients’ authentication solutions. Owing to its large application, the global market is expected to witness robust growth during the forecast period. Increasing cybercrimes and internet frauds will further drive the global market. High prevalence of cybercrimes worldwide has raised the demand for highly secured systems to protect vital information. This increase in demand for biometric solutions to protect data and authenticate doctors and patients information is expected to boost the growth of the healthcare biometrics market. Technological advancements such as DNA based biometric recognition will further contribute to the market growth.
Fingerprint recognition segment dominated the healthcare biometrics market accounting for two-fifth share of the overall market in 2016, due to ease of availability and reliability. Medical record security and data security segment is projected to exhibit highest CAGR during the forecast period, primarily due to increasing use of electronic mediums to record and analyze healthcare data. Hospitals and clinics market will exhibit favorable growth during the forecast period with increasing adoption of biometric solutions to manage data security and confidentiality.
U.S accounted for the major share of the North American healthcare biometrics market in 2016, as the enforcement of government legislations such as the Health Insurance Portability and Accountability (HIPAA) Act and the Health Information Technology for Economic and Clinical Health (HITECH) Act, and confidentiality and data security measures are strictly followed by the healthcare providers in the U.S. Emerging economies such as India and China are rapidly adopting biometric solutions in the healthcare sector owing the rising awareness about authentication and data security against cyber crimes and frauds.
NEC Corporation of America, 3M Cogent, Inc., Fujitsu, CROSSMATCH Technologies Inc., Integrated Biometrics LLC, BIO-Key International Inc., Suprema Inc., and Imprivata Inc. are some of the key players operating in healthcare biometrics market. These companies are highly focused on using new technologies for developing enhanced biometrics devices. For instance, in April 2017, Suprema, Inc. launched the BioMini Slim 2 which is the world’s slimmest fingerprint authentication scanner.
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Key Findings of the Research Study:
- Fingerprint authentication segment occupied two-fifth share of the global market in 2016, due to their high reliability for doctor’ and patients’ authentication.
- Multifactor authentication market is expected to grow with highest CAGR during the forecast period, due to high demand among healthcare professionals for secure authentication platforms.
- Healthcare institutions market is expected to witness the highest CAGR over the forecast period, due to large scale adoption of biometric platforms for efficient workflow management.
- North America held over two-fifth share of the global healthcare biometrics market in 2016, due to rising acceptance of biometric solutions against cyber thefts and frauds.
- Asia-Pacific healthcare biometrics market is projected to offer lucrative growth opportunities during the forecast period, owing to rising awareness about utility of biometric solutions for patient data security and management.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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