Global Healthcare Biometrics Market Expected to Make a Strong Come Back After the Pandemic with a Stunning CAGR of 17.4% over the Forecast Period 2022-2031 [260-Pages] | Details by Research Dive

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26 Apr, 2023, 10:59 GMT

The global healthcare biometrics market is predicted to observe striking growth by 2031, due to the increasing technological advancements in biometrics devices. The North America region held the largest market share in 2021.

NEW YORK, April 26, 2023 /PRNewswire/ -- Global Healthcare Biometrics Market Forecast Analysis:

As per the report published by Research Dive, the global healthcare biometrics market is envisioned to generate a revenue of $24,942.7 million and grow at a healthy CAGR of 17.4% over the estimated timeframe from 2022 to 2031.

Segments of the Healthcare Biometrics Market

The report has divided the healthcare biometrics market into the following segments:    

  • Technology: fingerprint recognition, face recognition, voice recognition, vein recognition, iris recognition, hand recognition, and others
    • Fingerprint Recognition – Predicted to have the fastest growth by 2031
      The increasing popularity of fingerprint identification across various industries due to its higher reliability, ease of access, and safeguarding of patient data and information is expected to foster the growth of the market sub-segment forward.
  • Application: medical record and data center security, patient identification and tracking, care provider authentication, home/remote patient monitoring, and others
    • Medical Record and Data Center Security – Held the highest market share in 2021
      The rapid digital transformation of several healthcare companies has increased the transfer of their client's data in the cloud using biometric fingerprint screening as a method of identification which is expected to propel the growth of the sub-segment further.
  • End-User: hospitals, clinics, clinical laboratories, and healthcare institutions
    • Hospitals – Held the biggest market share in 2021
      The increasing use of biometrics in hospitals for employee and patient identification, improving workflow, reducing duplication, and many other beneficial advantages is expected to boost the growth of the market sub-segment forward.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • North America – Held the dominant market share in 2021
      The expanding acceptance of healthcare of biometrics among the main medical specialties by hospitals, research labs, hospitals, and other healthcare organizations across the region is predicted to drive the regional growth of the market over the analysis period.

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Dynamics of the Global Healthcare Biometrics Market

The rising technological advancements in biometric devices such as combined facial and iris recognition are expected to bolster the growth of the healthcare biometrics market over the estimated period. Besides, the increasing introduction of new low-cost products and the growing capabilities of biometrics security solutions at webcasting, various conference laboratories, electronic newsletters, and many more are expected to fuel the growth of the market during the analysis period. However, the high cost of healthcare biometrics may impede the growth of the market over the forecast period.

The rising adoption of contactless biometric authentication across the healthcare industry to control data breaches and medical identity theft is predicted to create huge growth opportunities for the market in the coming period. Additionally, the increasing popularity of biometrics due to its capacity to integrate cloud technology with healthcare services, and cost-effectiveness is expected to augment the market growth over the analysis period.

Covid-19 Impact on the Global Healthcare Biometrics Market

The rise of the novel coronavirus has brought several uncertainties across various businesses. It has also had an adverse impact on the healthcare biometrics market. This is mainly due to the disruptions in the supply chain, the shutdown of many manufacturing plants, and economic slowdown across various nations. However, the increased switch from touch-based biometric authentication to touchless biometric authentication technologies across various businesses and the rapid adoption of biometric systems for medical screening, early detection of the Covid-19 virus, and public safety monitoring have created wide growth opportunities for the market over the crisis. 

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Key Players of the Global Healthcare Biometrics Market

The major players of the market include

  • 3M Cogent Inc.
  • Bio-Key International
  • Suprema Inc.
  • Fujitsu Limited
  • IDEMIA (Morpho)
  • Crossmatch Technologies
  • Imprivata Inc.
  • NEC CORPORATION
  • Integrated Biometrics
  • Zotero

These players are widely working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to attain a leading position in the global industry.   

For instance, in May 2022, IDEMIA, a multinational technology company, introduced the new edition of MorphoWave contactless fingerprint terminals to simplify biometric verification. With the help of these contactless fingerprint terminals, users would be able to perform a 3D scan quickly and verify their gestures and four fingerprints.  

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What the Report Covers  

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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