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Healthcare Biometrics Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The healthcare biometrics market size is expected to see exponential growth in the next few years. It will grow to $18.67 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%” - The Business Research Company
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The healthcare biometrics market has grown exponentially in recent years. It's projected to rise from $6.95 billion in 2023 to $8.46 billion in 2024 on track with compound annual growth rate CAGR of 21.7%. This impressive growth spurt owes it to increasing cases of identity theft and fraudulent activities, augmenting concerns around data security and privacy, and an earnest drive for reduction in administrative errors. Cost reduction and an uptick in availability of funding and grants for healthcare also contribute to this growth.
How is the Healthcare Biometrics Market On Course for Rapid Expansion?
That said, the healthcare biometrics market isn't planning on slowing down. With estimates showing an expected growth to $18.67 billion in 2028, pointing to a compound annual growth rate CAGR of 21.8%, this market sector is one to watch. Factors aiding this forecasted growth include increasing adoption of electronic health records, surging demand for patient data security, improved patient identification systems, escalating healthcare expenditure, and growing public awareness and acceptance of biometric technologies. Case in point, serious technological advancements, use of multimodal biometrics, integration of artificial intelligence and machine learning, interoperability standards, and integration with Internet of Things IoT devices, are emerging trends set to steer the future of healthcare biometrics.
Dive deep into the growth projections of the global healthcare biometrics market with this detailed sample report:
What is Driving the Surge in the Healthcare Biometrics Market?
Hospitalization rates are on the rise with an increasing number of patients projected to further propel the growth of the healthcare biometrics market. In specific, the number of patients is on the incline due to an aging population, an increased prevalence of chronic diseases, and improved access to healthcare services. Healthcare biometrics helps hospital patients by enhancing security and personalized care through accurate identification and authentication of individuals. A recent example is from February 2024, according to the Canadian Institute for Health Information, a Canada-based not-for-profit organization, acute inpatient hospitalizations in Canada rose to 2.96 million in 2022–2023, from 2.88 million in 2021–2022. This represents a 2.78% increase in hospitalizations year-over-year, thereby driving the growth of the healthcare biometrics market.
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Who Are the Key Industry Players Crafting the Growth Arc of the Healthcare Biometrics Market?
Major industry players shaping the healthcare biometrics market include Fujitsu Limited, NEC Corporation, Siemens Healthineers AG, Thales Group, IDEMIA SA, GoForward Inc., Zkteco Inc., Imprivata Inc, M2SYS LLC, Cross Match Technologies Inc., Daon Inc.,, Facephi, Aware Inc., Integrated Biometrics, Suprema Inc, eyeLock, Bio-Key International, Facetec Inc., RightPatient, and Morpho Dys.
Furthermore, these companies are heavily investing in innovative patient identity verification solutions to bolster security and improve patient care. These solutions deploy advanced technologies to accurately and securely authenticate patients' identities, thereby improving both safety and efficiency in healthcare settings.
What are the Market Segments Shaping the Healthcare Biometrics Market?
The healthcare biometrics market spans across diverse segments as follows:
By Technology: Fingerprint Recognition, Face Recognition, Voice Recognition, Vein Recognition, Iris Recognition, Hand Recognition, Other Technologies
By Application: Medical Record And Data Center Security, Patient Identification And Tracking, Care Provider Authentication, Home Or Remote Patient Monitoring, Other Applications
By End-User: Hospitals, Clinics, Clinical Laboratories, Healthcare Institutions
How is the Healthcare Biometrics Market Shaping Across Different Regions?
Regional insights highlight that North America was the largest region within the healthcare biometrics market in 2023. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare biometrics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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