Healthcare Biometrics Market Value will Grow to US$ 5.8 Billion in 2019
Added: (Sun Feb 04 2018)
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The healthcare industry is highly competitive, wherein intermediaries face immense pressure for increasing productivity and improving operating margins. In particular, in less developed countries the gap between the availability of qualified medical personnel and the number of patients that require medical care is high. As such, the use of self-service technology can turn out to be convenient for a high level of patient care, while simultaneously safeguarding critical health records with equal efficiency.
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The integration of biometrics with healthcare self-service technologies is expected to be useful in making appointment, reimbursement registration, and medical bill payment. This, in turn, will help increase patient inflow in such facilities, thereby providing a competitive advantage for these facilities. The use of electronic authentication helps reduce the chances of error while administering medication and also improves patient safety and keeps a check on high healthcare costs. Biometric self-service technologies are also helpful in improving and streamlining the admission procedure in hospitals and improve patient care.
The major driver of the global healthcare biometrics market is the increasing focus of healthcare facilities for the adoption of a foolproof patient identification system. Biometric systems function with utmost accuracy and can be linked to the electronic health records (EHR) of individual patients. As the technology involves the physical presence of an individual at the time of service, the loopholes of paper-based identification are eliminated completely. A TMR analyst further states, “The investments involved in the installation and maintenance of healthcare biometrics is insignificant as compared to the costs incurred due to a security breach and medical theft.
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Not only this, the use of biometrics has proven to be an effective alternative to password protection. This is because biometrics overcome the shortcomings of password authentication by offering both enhanced security and convenience for the user. For these reasons, biometrics have received positive acceptance from several industry verticals for identity protection. For instance, the use of fingerprint scanning in healthcare enables physicians and medical practitioners to obtain quick access to patients’ EHR, thereby assisting in delivering speedy medical care.
In addition to the data and identity integrity benefits of biometrics, this technology helps save billions of dollars each year. This is mainly due to the curtailment of costs that are otherwise incurred by healthcare providers on account of operational and administrative errors. With increasing focus on patient safety, healthcare providers are emphasizing on the adoption of hi-tech systems in the bid to intensify their efforts for avoidable medical errors.
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North America is currently the largest market for healthcare biometrics and is expected to retain its position until the end of 2019. However, the region will display a declined market share between 2012 and 2019 from 44.0% to 42.1%. This is because the region is a mature market for biometric technologies and will display stagnant growth in the future. As such, the market is losing its attractiveness to the emerging economies of Asia Pacific. The global healthcare biometrics market is anticipated to display a CAGR of 25.9% between 2013 and 2019.
A high level of consolidation efforts such as mergers and acquisitions, joint ventures, and collaborations hold immense growth avenues for players in the global healthcare biometrics market, states Transparency Market Research. The global healthcare biometrics market is characterized by the presence of a handful of global players that dominate this market, along with several local players that operate at the domestic level.
Some of the key players in the global healthcare biometrics market are 3M Cogent Inc., BIO-key International Inc., Fujitsu Limited, and Superma Inc.
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