Healthcare Biometrics Market worth $2,848.3 Million by 2021

Posted on 2020-09-15 by MarketsandMarkets in Healthcare // 0 Comments

The healthcare biometrics market is projected to reach USD 2,848.3 Million by 2021 from USD 1,182.6 Million by 2016, at a CAGR of 19.2% during the forecast period. The growth of this market is majorly driven by government initiatives to support the implementation of biometrics in healthcare facilities and increasing healthcare fraud & medical identity theft. On the other hand, the high cost of biometric devices and issues related to the use of biometric technologies are the major factors limiting the growth of the market.

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In this report, the healthcare biometrics market is segmented on the basis of technology, application, end user, and region. Based on technology, the market is segmented into single-factor authentication, multi-factor authentication and multimodal authentication. The multi-factor authentication segment is expected to grow at the highest CAGR due to the demand for secure authentication platforms from developed countries and wider acceptance of multi-factor authentication among healthcare providers. By type, the single-factor authentication market is sub-segmented into contact biometrics and non-contact biometrics. In 2016, contact biometrics is expected to account for the largest share of the single-factor authentication market by type. However, the market for non-contact biometrics is expected to grow at the highest CAGR during the forecast period. The growth in this segment is attributed to the non-intrusive nature of non-contact biometrics (as it allows data to be captured even from a distance) and its speed of identification.

The single-factor authentication market is further categorized by technology into face recognition, iris recognition, palm geometry recognition, fingerprint recognition, vein recognition, behavioral recognition, and other authentication technologies. Vein recognition is expected to grow at the highest CAGR during the forecast period due to its accuracy, fast recognition, and contactless.

Geographically, the healthcare biometrics market is dominated by North America, followed by Europe. North American market is expected to grow at the highest CAGR of 20.2% during the forecast period. This growth can be attributed to increasing government initiatives to ensure data protection and the security of healthcare facilities and presence of large number of prominent players. Owing to this, biometric technologies are increasingly being adopted to comply with stringent laws such as HIPAA and HITECH.

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The healthcare biometrics market is highly competitive. Prominent players in the market include NEC Corporation (Japan), Fujitsu Limited (Japan), 3M Cogent, Inc. (U.S.), Morpho (a subsidiary of Safran SA (France)), Imprivata, Inc. (U.S.), Suprema Inc. (South Korea), BIO-key International, Inc. (U.S.), Crossmatch Technologies, Inc. (U.S.), Lumidigm (a subsidiary of ASSA ABLOY Sweden)), and ZKteco, Inc. (China).

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