July 19, 2024

Healthcare biometrics projected to boost the growth of Healthcare Biometrics Market

The global Healthcare Biometrics Market is estimated to be valued at US$ 25.77 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Healthcare biometrics refers to the electronic identification and authentication of individuals based on their physiological or behavioral characteristics. It provides secure authentication and verification of patient identity at the point of care. Healthcare biometrics overcome issues such as lost or stolen identification badges, forgotten passwords, and poor handwriting. Some key products in the healthcare biometrics market include fingerprint recognition, palm vein recognition, iris recognition, signature recognition, among others. The growing demand for affordable and effective healthcare delivery is propelling the need for healthcare biometrics products to streamline administrative operations and improve patient safety.

Market key trends:
One of the key trends in the healthcare biometrics market is the increasing use of multimodal biometrics. Multimodal biometrics uses multiple biometric traits such as fingerprint, iris, face, etc. to authenticate identities. It provides more robust verification compared to unimodal biometrics. Major healthcare organizations are implementing multimodal biometrics systems to prevent identity threats and fraudulent activities. Another trend is the growing adoption of cloud-based fingerprint time attendance systems in hospitals and clinics. The cloud-based system enables contactless verification of staff presence and reduces administrative workload. It enhances flexibility and mobility while ensuring social distancing amid pandemic. Rising government initiatives to establish digital healthcare infrastructure is also fueling the integration of biometrics in healthcare applications.
Porter’s Analysis
Threat of new entrants: The healthcare biometrics market requires high R&D investment and regulatory compliances which make it difficult for new players to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of many players providing various healthcare biometrics solutions.
Bargaining power of suppliers: A few technology giants specialized in biometrics hardware and software dominate the supply side. This gives them significant bargaining power over buyers.
Threat of new substitutes: Currently there are no perfect substitutes for healthcare biometrics. Other access control methods like ID cards, RFID tags etc complement biometrics rather than replace them.
Competitive rivalry: The market sees intense competition among key global players differentiating through product offerings and pricing.

Key Takeaways
The global Healthcare Biometrics Market is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing digitization in the healthcare sector and growing concerns over healthcare data security.

Regional analysis
North America dominates the healthcare biometrics market currently due to advanced healthcare infrastructure and early technology adoption. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by increasing medical tourism and investments into digital healthcare in countries like China and India.

Key players operating in the healthcare biometrics market include Audi, Autotalks Ltd, Cisco Systems Inc., Delphi Automotive PLC, Denso Corporation, Ford Motor Co., General Motors, Harman International Industries Inc., Infineon Technologies AG, Kapsch TrafficCom (Kapsch), Lear Corporation, Mercedes-Benz, Qualcomm Technologies Inc., Savari Inc., and Toyota Vacaville.