NEW YORK, Sept. 29, 2016 /PRNewswire/ -- The global healthcare biometrics market is expected to reach USD 11.7 billion by 2024, according to a new report by Grand View Research, Inc. The demand for biometric systems in the healthcare market is expected to surge due to the rising cases of medical identity thefts, the most predominant form of healthcare fraud jeopardizing patient health, and the resultant government initiatives favoring digitalization of healthcare systems.
Associated benefits, such as data protection, elimination of the need of physical supervision, advanced security protocols, and strengthened patient trust & reliability, are certain vital impact rendering factors propelling the growth of these systems in the healthcare industry.
Also, establishment of federal laws, such as the Electronic Protected Health Information and Health Insurance Portability and Accountability acts are expected to propel the demand for these advanced biometric systems.
Further key findings from the study suggest:
Based on technology, the healthcare biometrics market has been fragmented into face recognition, fingerprint analysis, iris recognition, vein recognition, palm geometry recognition, behavioral recognition, and others. Technologies such as DNA analysis and retina scanning-based solutions are expected to witness the fastest growth over the forecast period.
The other technologies segment is anticipated to grow at a CAGR of about 27.0%, which is attributable to the rapid development of DNA-based recognition systems and their incorporation within the healthcare field
The behavioral recognition technology is further classified into voice recognition, signature recognition, and others. The voice recognition segment is expected to witness lucrative growth over the forecast period due mainly to the technology advancements comprising miniaturization and greater processing power.
Systems with the ability to identify voice prints are being developed, for instance, Amerigroup Community Care of Florida aims to acquire a voice biometric solution for its Indian policy holders to overcome security lapses in telephonic communication
Based on region, North America is expected to dominate the market whereas Asia Pacific is anticipated to witness the fastest growth over the forecast period. The growth drivers in both these regions are similar, however, the presence of well-established infrastructure and digitalized platforms in North America are responsible for the high market share. By 2024, the Asia Pacific region is expected to contribute to over 20.0% of the revenue.
Some of the major industry players include BIO-key International, NEC Corporation, Imprivata, Inc., Fujitsu, Crossmatch, Suprema, 3M, HID Biometric, and MorphoTrust. New product launches and rising R&D efforts directed toward technology refinements by these companies will be witnessed over the forecast period.
Imprivata, Inc., approved the certification of their palm scan-based biometric platform PatientWorks, developed as a kiosk center whereby patients may identify themselves and register an appointment for one or more of the services offered at the respective healthcare facility. The approval was granted in July 2016 after it was showcased at the Healthcare Information and Management Systems Society conference.
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