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Kenneth Research recently added a report on 'Digital Therapeutics Market' in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Digital Therapeutics Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter's five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Therapeutics Market products.
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“By end of 2021, the global healthcare biometrics market size is estimated to be valued at ~USD 2.1 billion, expanding at a compound annual growth rate ~23% during the forecast period 2022-2030. The main drivers attributed to the growth of this market are the increase in IT applications in healthcare, as well as increased awareness and demand for network security and biometric development in healthcare facilities.
This has been further strengthened by the launch of government programs such as the National Health Insurance Corps of India. Other parameters that affect the growth of this market are to ensure that the treatment it receives is safe for the patient and that the treatment is as short as possible. The same example is the system launched by the Netherlands-based Genkey Solutions BV, headquartered in Africa. The company installed a medical claims system in Ghana in 2012 and allowed more than 5 million users to receive treatment without cash.
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The number of these products can be attributed to the development of multi-purpose authentication devices and improvements in existing technologies, which contribute to the growth of the market during the forecast period. For example, in August 2016, the University Health System launched a system called the RightPatient solution, which includes Epic EHR (Electronic Health Record) combined with facial recognition technology. This helps patients have direct access to medical records and medical history. The Indian government has launched a new system under the national health protection mission, which is a database facility called Aadhar Card. The main purpose of this facility is to provide affordable health services to all citizens of the country.
INFORMATION TECHNOLOGY :
The medical biometrics market is segmented according to technologies such as facial recognition, vein recognition, palm geometry recognition, fingerprint recognition, and behavior recognition. Behavior recognition is further subdivided. Market segmentation is mainly based on type and technology. Due to its widespread adoption and higher reliability, fingerprint recognition had the largest market share in 2020, at approximately 42%. In addition, the high-security facilities provided by the DNA analysis system are expected to promote the growth of EEG and DNA-based recognition technology during the forecast period.
REGIONAL INFORMATION:
Due to a large number of frauds and crimes in the healthcare industry, North America held more than 41% of the shares in 2020. The high incidence of fraudulent activities is expected to increase the adoption rate of these technologically advanced biometric systems in collecting patient data and registration data. In addition, due to the establishment of new medical facilities such as hospitals and clinics, it can become the main driving force for the growth of this market in the region.
On the other hand, due to the increase in government support, the emergence of IoT applications, the development of healthcare IT and IT systems, and the digital monitoring of patients, the Asia-Pacific region is expected to record the fastest growth. In addition, new government-led plans and deficiencies in database security are also expected to promote market growth during the expected period.
LEADING COMPANIES AND MARKET SHARES:
Key Players in the Medical Biometrics Industry are NEC Corporation, Fujitsu, 3M, MorphoTrust, Imprivata, Inc., Suprema, BIO-key International, Crossmatch and Hitachi Ltd., Integrated Biometrics, Genki Solutions BV, Agni and Nuance Communications, Inc. and Qualcomm Technologies, Inc. use 3M as a major player in the market.
The main trends observed in this section are integrated biometric systems, DNA identification systems, joint ventures, and anticipated collaborations between actors during the forecast period. These systems, along with growing industry awareness and integrated integrated solutions, are some of the key strategies actors are looking forward to.
SECTION REPORTED IN THIS REPORT:
The report estimates sales growth and provides industry trend analysis for each subsection from 2022-2030. For the purposes of this study, the market is segmented into Biometric Healthcare Market by Technology and Industry: Technology Forecast (Sales, Millions, 2022-2030) Another is Multi-Functional Speech Recognition Authentication Based on Multi-Mode Signature Recognition.”
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