Biometrics Alert: Healthcare Biometrics Market Expected to Reach USD 5.8 Billion Globally in 2019: Transparency Market Research
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AlBANY, New York - September 25, 2013 (Investorideas.com Newswire) According to a new market report published by Transparency Market Research "Healthcare Biometrics Market (Fingerprint, Face, Iris, Voice, Vein, Signature and Hand Recognition Technologies, Logical Access Control, Physical Access Control and Transaction Authentication Applications) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019" the global healthcare biometrics market was valued at USD 1.2 billion in 2012 and is expected to grow at a CAGR of 25.9% from 2013 to 2019, to reach an estimated value of USD 5.8 billion in 2019.
Biometrics is used to identify and authenticate an individual's identity by their biological characteristics or traits. This technology is used in the healthcare industry for the purpose of patient and medical staff's verification and access control. Use of biometric identity solutions reflects prevention and minimization of healthcare fraud and resource wastage while also improving healthcare safety, quality and patient privacy. Rapid technological advancements in healthcare infrastructure, increasing accuracy and performance levels, along with reduced complexity and cost of biometric devices are some of the major factors driving the biometrics growth in healthcare. Furthermore, growing preference for reducing healthcare expenditure by minimizing the risk of security breaches and medical identity thefts with the use of biometrics, support the growing acceptance of biometric systems in the healthcare industry worldwide.
Growing security concerns with healthcare facilities and medical insurance providers has impelled the demand for biometrics solutions in healthcare.
The global healthcare biometrics market can be categorized into biometric technologies and their applications in various authentication processes. Fingerprint recognition technology is the most prominently used biometric technology and will make up more than 50% percent of biometrics demand in healthcare industry through 2019. Availability of a wide range of fingerprint recognition devices, introduction of portable fingerprint scanners and their efficacy in healthcare are the major factors driving the demand for fingerprint technology. Based on adaptability to cost effective security enhanced formats, AFIS (automated fingerprint identification systems), will continue to lead in terms of market revenues. It is expected that the global market for fingerprint biometric devices will grow at a CAGR of more than 20% from 2013 to 2019.
On the other hand, vein, face and iris recognition are expected to witness fastest growth among the other biometric technologies and will account for the most rapidly expanding demand from applications in the logical access control. Demand for these products will benefit from more strict government regulations and industry standards covering the safety, security, and functional features of biometric systems. Logical access control, physical access control and transaction authentication are the three prime application areas of healthcare biometrics. Use of logical access is essential for user's authentication to permit access to computer systems in hospitals and healthcare facilities. Thus, in terms of allocations, logical access control segment is expected to dominate the global healthcare biometrics market during the given forecast period of 2013 to 2019.
Geographically, North America is expected to remain the largest market for healthcare biometrics technologies. Currently, North America along with Europe captures more than 75% of the market share. In the developing world, Asia-Pacific region will provide the largest and most diverse sales opportunities for biometrics security solutions in the healthcare sector due to budding domestic and export markets for nationally produced biometric devices.
The healthcare biometrics market is highly fragmented and consists of many large and small players. The competition in this market is characterized by market consolidation activities, partnerships, and intensive mergers and acquisitions as well as intensive cost-containment measures. Some of the major companies currently active in the healthcare biometrics market include 3M Cogent, Inc., Bio-Key International, Inc., DigitalPersona, Inc., NEC Corporation, M2SYS LLC, Cross Match Technologies, Inc., Suprema, Inc., and Siemens AG.
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