NEW YORK, Sept. 14, 2016 /PRNewswire/ -- The healthcare industry is one of biometrics' most promising opportunities. Worldwide healthcare spending is about 10% of global gross domestic product (GDP). Healthcare is highly automated, highly regulated, and its objective is people's health. Squeezed by budget constraints while medical technology advances relentlessly, healthcare facilities are desperate to devote more time to caregiving and less time to ever-increasing administrative tasks. Biometrics in healthcare settings can speed up administrative processes, reduce fraud, and eliminate mistakes due to high workloads, which can lead to costly or fatal errors. It would be hard to imagine a higher-profile opportunity for biometrics.
Biometrics for healthcare remains a nascent market. Success stories are scarce; even large healthcare networks are barely dipping their toes in the water, with one-off proofs of concept. To grow this nascent market, biometrics vendors must cultivate the right sales channels. Healthcare facilities will not shop directly for biometrics, but will instead seek fully integrated business and healthcare solutions. Those solutions may or may not include biometrics. Vendors must ensure that biometrics are integrated into the building blocks of those solutions. The market opportunity provides ample justification for that effort: starting from a base of $250 million in 2015, Tractica forecasts that global healthcare biometrics revenue will reach $3.5 billion by 2024, with cumulative revenue for the 10-year period totaling $12.5 billion at a compound annual growth rate (CAGR) of 34%.