"Rising need of healthcare fraud prevention is anticipated to boost the healthcare biometrics market growth"
The global healthcare biometrics market was valued at USD 1.7 billion in 2015 and is expected to witness a CAGR of 24.1% over the forecast period. Development of biometrics catering to healthcare demands and the rising healthcare IT application owing to the increasing concerns regarding cyber security are the major drivers propelling the market growth rate. In addition, favorable government initiatives such as National Health Assurance Mission launched in Indian market are augmenting the market growth.
Persistent efforts undertaken by the government authorities to speed up and secure the treatment process for patients are expected to act in favor of the market over the forecast period. For instance, Genkey Solutions B.V., established in the Netherlands, is actively participating toward the incorporation of these systems in the healthcare industry of the African region. In 2012, the company installed their identity solutions across medical claim systems of Ghana. Owing to this initiative, more than five million users gained access to insurance coverage by 2014, thereby facilitating cashless medical treatment.
Improvements in the existing technologies and the development of multipurpose authentication devices are expected to facilitate commercialization of advanced products. As a result, adoption of these devices is expected to escalate in the healthcare space in the near future.
For instance, in August 2016, University Health System launched RightPatient solution. This system comprises a facial recognition technology seamlessly integrated with its Epic EHR (Electronic Health Record), designed to furnish patients with access to medical history and registration records.
Similar initiative was undertaken by the Indian Government in 2014, wherein the National Health Assurance Mission scheme was introduced using the database of Aadhaar card. Through this program, the central government expects to provide every Indian citizen access to affordable healthcare.
Healthcare Biometrics Market (2014 - 2024)
"Fingerprint recognition to spearhead the technology segment"
The market has been studied on the basis of technology, employed in the identification of patients, healthcare providers, hospital personnel, & insurance providers, and comprises face recognition, fingerprint identification, iris recognition, vein recognition, palm geometry recognition, behavioral recognition, & others. The behavioral recognition-based systems are further classified on the basis of technology and type in this report.
Fingerprint recognition technology is expected to dominate the sector owing to their vast foothold and high reliability. As of 2015, this technology contributed to over 40.0% of the share for the healthcare biometrics market.
However, DNA and electroencephalogram-based recognition technology are expected to witness lucrative growth over the forecast period. Higher security offered by the DNA analysis systems is expected to be the vital impact rendering factor responsible for this growth.
"Rising threat of medical identity fraud drives the North American healthcare biometrics market"
The North American healthcare structure is highly fragmented with security loopholes for various fraud and crime incidences. The incidence rate of fraud cases is on the rise due to various system insufficiencies, thus boosting the demand for advanced biometric solutions to ensure secure authentication. As of 2015, the region held over 40.0% of the market share.
Over the forecast period, the establishment of new hospitals across the region opting for digitalization is expected to propel the demand for healthcare management and recognition solutions.
Rising government support and increasing healthcare IT development coupled with the emergence of IoT applications and digital patient monitoring systems in the vertical, within the Asia Pacific region, is expected to witness the fastest growth. Furthermore, rising lapses in database security and the introduction of new government-led schemes to streamline the healthcare industry is anticipated to support this sector’s growth.
"Active participation of market players such as BIO-key International in strategic collaborations"
Key market players of the healthcare biometrics sector include but are not limited to NEC Corporation, Fujitsu, 3M, MorphoTrust, Imprivata, Inc., Suprema, BIO-key International, Crossmatch, Hitachi Ltd., Integrated Biometrics, Genkey Solutions B.V., Agnitio, Nuance Communications, Inc., and Qualcomm Technologies, Inc.
Development of DNA-based recognition systems and integrated healthcare biometric solutions are expected to be the rising trend over the forecast period. Hence, collaboration and joint ventures among the players is anticipated in the near future.
Furthermore, efforts directed toward raising the awareness levels and providing seamless integration solutions across the different verticals of the healthcare industry are expected to be the key strategies implemented by the vertical players.
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