Biometrics in Healthcare To Grow at a Healthy CAGR of +20% by 2023 According to new research

Key players profiled in this report are : NEC Corporation, Fujitsu, 3M, MorphoTrust, Imprivata, Inc., Suprema, BIO-key International, Crossmatch, Hitachi Ltd., Integrated Biometrics, Genkey Solutions BV, Agnitio, Nuance Communications, Inc. , And Qualcomm Technologies, Inc. 3M

Houston, United States - April 11, 2018 /MarketersMedia/ —

The medical biometric market is expected to Grow at a CAGR of +20% The growth of this market is driven by government initiatives to support biometrics implementations in healthcare facilities and to increase medical fraud and medical identity theft. On the other hand, the high cost of biometric devices and the problems associated with the use of biometric technologies are key factors limiting market growth
In this report, the medical biometric market is categorized by technology, application, end user, and region. Based on technology, the market is divided into single factor authentication, multi-factor authentication and compound authentication. The multi-factor authentication segment is expected to grow to the highest CAGR due to the need for a secure authentication platform in developed countries and the widespread acceptance of multi-factor authentication between healthcare providers. By type, the single factor authentication market is subdivided into contact biometric and non-contact biometric. By 2016, contact biometric technology is expected to account for the largest portion of the single factor authentication market by type. However, the non-contact biometric market is expected to grow to the highest CAGR during the forecast period. Growth in this sector is due to the non-contact biometric technology (non-contact biometric technology makes it possible to capture from a distance) and the impermeability of the identification rate.

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The single factor authentication market is classified as face recognition, iris recognition, palm geometry recognition, fingerprint recognition, vein recognition, behavior recognition and other authentication technologies through technology. Vein recognition is expected to grow to the highest CAGR over the forecast period due to accuracy, prompt recognition and contactlessness.
Geographically, the healthcare biometric market was followed by North America and followed by Europe. The North American market is expected to grow at a CAGR of 20.2% over the forecast period. This growth may be due to increased government efforts to ensure data protection, healthcare facility security and the emergence of a large number of prominent players. As a result, biometric technologies are increasingly being adopted to comply with stringent laws such as HIPAA and HITECH.

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North America has a 40.0% stake in 2016 due to the high number of fraud and offenses in the healthcare sector. Frequent fraudulent activities are expected to increase the adoption rate of technologically advanced biometric systems to collect patient data and registration data. In addition, due to the establishment of new medical facilities such as hospitals and clinics, this market can be a major driving force for growth.
The Asia Pacific region, on the other hand, is expected to record the fastest growth due to factors such as increased government support, increased medical IT development and the emergence of IoT applications along with digital patient monitoring systems. In addition, the rapid decline in new government initiative plans and database security is also expected to drive market growth in the expected period.
Key markets for medical biometrics include NEC Corporation, Fujitsu, 3M, MorphoTrust, Imprivata, Inc., Suprema, BIO-key International, Crossmatch, Hitachi Ltd., Integrated Biometrics, Genkey Solutions BV, Agnitio, Nuance Communications, Inc. , And Qualcomm Technologies, Inc. 3M is one of the major players in the market. Key trends observed in this sector are integrated biometric systems and DNA-based recognition systems.
During the forecast period, cooperation between the joint venture and the Key players is expected. These systems are a key strategy that players are expected to implement by increasing awareness and combining a complete, integrated solution system across multiple industries.

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