Healthcare Biometrics Market Surges to USD 136.02 Billion by 2032 with a CAGR of 21.8% - S&S Insider

Increasing awareness of healthcare fraud, rising cybersecurity needs & government-backed initiatives fuel unprecedented growth in healthcare biometrics industry

AUSTIN, TX, UNITED STATES, November 12, 2024 /EINPresswire.com/ -- According to Research by S&S Insider, The Healthcare Biometrics Market, which was valued at USD 23.05 billion in 2023 and is anticipated to expand at a CAGR of 21.8%, reaching USD 136.02 billion by 2032 during the forecast period of 2024-2032.

Healthcare Biometrics Market Overview

Biometrics, the technology employed to assess individuals' distinctive physical and behavioral characteristics, is becoming vital for safeguarding sensitive patient information, strengthening security in healthcare settings, and enhancing the accuracy of patient identification. The healthcare industry has consistently emphasized security, particularly with the increase in digital records, telehealth, and remote observation. Biometric systems are essential for confirming patient identities, safeguarding against data breaches, and adhering to stringent regulatory requirements.

Biometric systems use physical traits—like fingerprints, facial recognition, and iris scans—to identify and verify individuals instantly. The fundamental elements of biometric identification consist of a scanner or reader, software that transforms the biometric input into digital data, and a database to hold these identifiers for comparison. As healthcare becomes more digital, biometric technology is becoming vital for protecting patient information. Government efforts encouraging safety and technological progress are additionally boosting demand. The increase in government investment to upgrade hospital systems and improve patient safety using biometrics drives this market forward. Moreover, healthcare facilities are increasingly required to implement biometric technologies to decrease fraud, manage data security risks, and protect patient records.

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Healthcare Biometrics Market Trends

The healthcare biometrics market is mainly driven by the demand for secure data handling and patient verification, due to increasing cases of healthcare fraud. Biometric systems provide enhanced security, crucial for healthcare organizations to uphold compliance with strict data privacy laws, like HIPAA in the U.S. and GDPR in Europe. The increasing use of mobile devices featuring biometric functions, along with the rise of telemedicine, has greatly widened the market landscape. Improvements in artificial intelligence (AI) and machine learning (ML) are increasing the accuracy and dependability of biometrics in healthcare, making them more attractive for clinical uses where precision is crucial.

Key Healthcare Biometrics Industry Players:
• NEC Corporation
• Thales
• Fujitsu
• HID Global Corporation
• IDEMIA
• BIO-key International
• Aware, Inc.
• Imprivata, Inc.
• Suprema, Inc.
• Hitachi Ltd.
• Qualcomm Technologies, Inc.

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Segment Insights

By Technology
In 2023, the fingerprint recognition segment captured the largest portion, representing 39% of the market. The prevalence of fingerprint technology owes to its strong reliability, cost-effectiveness, and extensive acceptance. Fingerprint recognition systems are widely utilized because of their simple implementation, serving healthcare organizations of different sizes. The expansion of healthcare facilities in developing nations has also enhanced the use of fingerprint biometrics.

The iris recognition segment is expected to expand swiftly, with a forecasted CAGR of 24.1% over the projected timeframe. The growing need for contactless recognition systems has sparked interest in iris recognition, particularly in settings that demand limited physical interaction, like hospitals and healthcare environments. Iris recognition technology provides secure, touchless authentication, aiding in the prevention of infectious agent spread—a critical concern in healthcare environments. This trend corresponds with an increasing inclination towards non-invasive security measures in healthcare settings.

By Applications
In 2023, the market was dominated by the patient identification and tracking segment, which held a 35% share. Biometric technologies for identifying patients facilitate precise record maintenance and monitoring, thereby improving medical decision processes and reducing the likelihood of misidentifying patients. These systems play a crucial role in fighting healthcare fraud by protecting patient information. In the meantime, the segment focused on medical record security and data protection is projected to expand considerably at a CAGR of 25.1%, as healthcare organizations prioritize the safeguarding of digital medical records from unauthorized access and fraud.

Key Market Segmentation

By Technology Type
• Single-factor Authentication
• Signature Recognition
• Voice Recognition
• Other Behavioral Recognition
• Single-factor Authentication
• Multi-factor Authentication
• Biometrics with PIN
• Multimodal Authentication
• Two-factor Biometrics
• Three-factor Biometrics

By Application
• Patient Identification & Tracking
• Medical Record Security & Data Center Security
• Care provider authentication
• Home/remote patient monitoring
• Pharmacy dispensing

By End User
• Hospitals & Clinics
• Healthcare institutions
• Research & Clinical laboratories

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Regional Market Highlights

In 2023, North America's healthcare biometrics market contributed a notable market share of 83%. The nation's significant market presence is attributed to the increased use of biometric systems propelled by a surge in healthcare fraud cases. Heightened investments in the healthcare industry have prompted healthcare providers to implement stringent security protocols to protect both their facilities and patient information. The use of biometrics for identity verification and secure access has become crucial for meeting federal regulations, thus aiding in the market expansion in the U.S.

In 2023, the healthcare biometrics market in Europe represented 17% of the worldwide share, highlighting the region's promising growth opportunities. Growing worries about fraudulent practices in the healthcare industry have prompted hospitals and medical facilities throughout Europe to implement biometric systems to ensure precise data recording and storage.

Recent Developments

• In February 2024 Imprivata, Inc., a frontrunner in digital identity technology, introduced its Biometric Patient Identity solution. This cutting-edge facial recognition technology is designed for healthcare facilities to guarantee precise and effective patient identification.
• In February 2024, Suprema launched Template on Mobile (ToM), an advanced biometric authentication system that employs facial recognition technology on mobile devices. This device-based authentication method safeguards user privacy while guaranteeing secure access, making it an optimal choice for healthcare organizations aiming for top-level security and privacy in mobile settings.

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