The global biometric healthcare market will grow from a value of $2.1 billion last year to $13.9 billion by 2025, according to a new market forecast from Credence Research, Inc. That reflects a CAGR of 22.9 percent for the forecast period.
The firm argues that concerns about digital security and fighting fraud are the major drivers of this market, with government efforts helping things along as well. Technological innovation, particularly with respect to multi-layered authentication systems, will also help to push market growth during the forecast period.
Right now, fingerprint recognition is the dominant modality in the healthcare biometrics market, thanks to its relatively early introduction, its low cost, and its ease of use. But going forward, Credence Research predicts that vein, hand, and iris recognition will see the fastest growth through 2025 thanks to a general scaling up of security.
Looking to a regional breakdown, Credence Research says North America and Europe are currently the dominant markets, but that the APAC and Latin American regiions will see the strongest growth in the coming years. Major players in the overall global market, meanwhile, include BIO-key, TOC Biometrics, Princeton Identity, BioConnect, NEC, CrossMatch, NuData, FST Biometrics, HID Global, Iris ID, and MorphoTrak.
More information can be found in Credence Research’s full report, “Healthcare Biometrics Market – Growth, Future Prospects and Competitive Analysis, 2017-2025”.