Medical Biometrics Market Global Trends, Market Share, Industry Size, Growth, Opportunities

The global medical biometrics market is estimated to value over USD 7 Billion by 2029 end and register a CAGR of over 23% from 2019 to 2029.

The factors driving the growth of the market the increasing prevalence of cyber-attacks and the growing healthcare IT application. Multiple initiatives taken by the government in order to impede healthcare fraud and improve the security of healthcare information is stimulating in the market. Rising healthcare infrastructure is developing nations is fueling the growth of the market as well. The quickness provided by these biometrics had a positive influence on the market. For example, Genkey Solutions B.V based, a Dutch company deployed medical claim system in Ghana in 2014. The deployment of the system enabled approximately four million users to go cashless treatment. The rising scope of contactless biometrics is also positively influencing the market.

The market is bifurcated into by type, technology, end-user, geography. Based on type the market consists of contact biometric and non-contact biometric. Based on technology, the market consists of single-factor authentication and multi-factor authentication. Single-factor is expected to dominate the growth of the market. Single-factor authentication is cost-effective and easy to install. Rising deployment of iris recognition, face recognition, voice recognition in government sectors and BFSI is driving the demand of single-factor authentication, thus propelling the market. Iris and vein recognition are secured biometric technology owing to uniqueness of identity. The combination of iris and facial recognition is expected to create a progressing trend. Such biometric technology eliminates the stigma linked with fingerprint technology.

Based on end-user, healthcare institutes are expected to witness significant growth. The rising incidence of data theft, secured medical records, secured patient privacy and cyber-attacks on healthcare institutes and hospitals have prompted for the adoption of the biometric solution.

In terms of region, North America is expected to dictate the growth of the market. Presence of prominent players like Cross Match Technologies and Aware is driving the market in the region. In addition, favorable governments policies in the US and Canada is boosting the presence of the market in the region. Asia-Pacific region is expected to be a lucrative region for the manufacturers. Rising healthcare infrastructure and government support are elevating the market in the region. The Indian government launched a healthcare program called National Health Assurance Mission in India, a database facility which caters the citizens of the country with healthcare services at affordable prices.

Prominent players of the market are Integrated Biometrics, Fujitsu, 3M, Imprivata, Inc., BIO-key International, Agbitio, Qualcomm Technologies, Inc, NEC Corporation, Fujitsu, MorphoTrust, Suprema, Hitachi Ltd., Genkey Solutions B.V. and Nuance Communications, Inc.,

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Global Medical Biometrics Market Segmentation

By Type

Contact biometric

Non-contact biometric

By Technology

Single-factor authentication

Iris Recognition

Face Recognition

Signature Recognition

Hand Recognition

Voice Recognition

Fingerprint Recognition

Others

Multi-factor authentication

Biometric Card

Password

Others

By End-User

Hospitals

Clinics

Healthcare Institutes

Research Laboratories

By Region:

North America

Latin America

Europe

Asia-Pacific

Rest of the World

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Competitive Landscape:

• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants

Futurewise Key Takeaways

• Growth Prospects
• SWOT Analysis
• Key Trends
• Key data-points affecting market growth

Objectives of the Study:

• To provide with an exhaustive analysis on the global medical biometrics market by type, by technology, by end-users, and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financial and core competencies

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About FutureWise Research: We specialise in high-growth niche markets, assuring flexibility, agility and customised solutions for our clients.