Market Definition: Healthcare Biometrics Market
The Global Healthcare Biometrics Market has accounted to market revenue of USD 1.4 billion in 2016, and is expected to reach USD 6.3 billion by 2024, growing at a CAGR of 20.1% in the forecast period 2019 to 2026.
The global healthcare biometrics market has shown its success by proper maintenance and security of medical records and healthcare providers. The market is driven the government initiatives to stop cyber hacking and protect medical records from prying eyes. The increasing number of security breaches and cyber hacks has led to government making biometric access to healthcare records and provider facilities mandatory. The factors expected to drive the market in near future is the increasing scope of contactless biometrics and integration of biometrics to healthcare IT solutions.
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Key Market Competitors: Healthcare Biometrics Market
Few of the major competitors are NEC Corporation, 3M Cogent, Inc., Safran S.A., Crossmatch Technologies, Inc., Impravata, Inc., Suprema, Inc., Lumidigm, ZKteco, Digital Persona, Bioconnect, Thales S.A., Fulcrum biometrics, and M2SYS, LLC among others.
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Market Segmentation: Healthcare Biometrics Market
The biometric market is segmented based on product type into single factor authentication, two factor authentication and multi factor authentication. Single factor authentication dominates the market with more than 70% of the market; however two factor authentications is expected to grow with the highest CAGR 23.4% in the forecast period 2016 to 2024. The single factor authentication is further segmented based on technology into fingerprint recognition, palm recognition, iris scan recognition, vein recognition, face recognition and voice recognition among others. The fingerprint recognition is dominant in this market and used across all end users. The non-contact recognition solutions such as voice are expected to grow at the highest CAGR of 23.7% in the forecast period, owing to the need of non-intrusive mode of security and data can be captured while at a distance.
Based on applications the healthcare biometrics market is segmented into healthcare record security, patient tracking, remote patient monitoring, workforce management and, others. In 2015, the healthcare record security application dominates the market accounting to USD 297.6 million, and is expected to grow at a highest CAGR of 27.2% in the forecast period. The growth of this segment is owing to the increasing acceptance of Electronic Health Record (EHR) solutions in the healthcare IT landscape.
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The healthcare biometrics market is very competitive with a large number of players competing to penetrate the market. The market players are using organic and non-organic growth strategies such as product launch, mergers, acquisitions, investments and funding to penetrate the market. Out of all growth strategies used by the players in this market during 2010 to 2016 product launches were most frequent with 73% of the total number of developments. Fujitsu dominates the market with 17.7% market share of the global healthcare biometrics market, owing to their large depth and breadth in the biometric solutions, such as Palm Secure Bio lock, Palm Secure ID Match and Palm Secure True Identity.
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