Health care biometrics market to reach $5.8 billion by 2019
27 September, 2013
category: Biometrics, Health
A market report from Transparency Market Research estimates that the global health care biometrics market, which was valued at $1.2 billion in 2012, is expected to see a compound annual growth rate of 25.9% from 2013 to 2019, en route to an estimated market value of $5.8 billion in 2019.
The report, entitled “Health care Biometrics Market (Fingerprint, Face, Iris, Voice, Vein, Signature and Hand Recognition Technologies, Logical Access Control, Physical Access Control and Transaction Authentication Applications) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” reveals that biometrics technology is increasingly being used in the health care sector for patient and medical staff verification and access control. The report also maintains that the use of biometric identity solutions reflects a greater demand for healthcare fraud prevention and resource depletion while also improving healthcare safety and patient privacy.
In addition to reduced complexity and cost of biometric devices, biometric technology growth in the health care sector is largely being driven by technological advancements in health care infrastructure and increased accuracy and performance levels. Moreover, growing security concerns with health care facilities and medical insurance providers has sparked demand for biometrics solutions.
Transparency’s report further breaks down the use of biometrics in healt hcare by the type of biometric modality being employed. Fingerprint recognition technology is currently the most prominent biometric modality and is expected to comprise better than 50% percent of all healthcare biometrics implementations through 2019. The availability of a wide range of fingerprint recognition devices, the introduction of portable fingerprint scanners and the value that the modality has already displayed in healthcare are the major factors driving the demand for fingerprint technology.
The report also suggests that automated fingerprint identification systems will continue its dominance in terms of market revenues, with the global fingerprint market expected to grow at a CAGR of more than 20% from 2013 to 2019.
Also included in Transparency’s report are the vein, face and iris recognition modalities, which the company expects will see the fastest growth amongst biometric technologies, accounting for the most rapidly expanding demand in logical access control.
Use of logical access will be vital for user authentication to computer systems in hospitals and health care facilities alike. Therefore, Transparency posits that logical access control is likely to dominate the global healthcare biometrics market during the 2013 to 2019 time period.
Geographically speaking, North America and Europe are currently responsible for more than 75% of the biometrics market share. Elsewhere, in the developing world, the Asia-Pacific region is expected to see the largest and most diverse sales opportunities for biometric security solutions in health care thanks largely to burgeoning production and export efforts of biometric devices.
See Transparency’s full biometric market forecast here.
