The global healthcare biometrics market will continue to expand dramatically, according to a new forecast from Grand View Research. The firm says the market will reach a value of $11.7 million by the year 2024.
In a statement announcing its predictions, Grand View Research credited the growth to a “surge” in demand thanks to “the rising cases of medical identity thefts, the most predominant form of healthcare fraud jeopardizing patient health, and the resultant government initiatives favoring digitalization of healthcare systems.” New federal legislation including the Health Insurance Portability and Accountability and Electronic Protected Health Information acts are further promoting this demand.
While palm vein biometrics are currently seeing some popularity thanks to the kinds of patient identification solutions offered by Imprivata, Grand View Research predicts that DNA-based biometric recognition will see the fastest growth over the forecast period, with a CAGR of about 27 percent. Voice recognition, meanwhile, will also see “lucrative growth”.
Looking to regional growth, North America will be the biggest market, with Asia Pacific expected to see the fastest growth. Grand View Research says that by 2024 the latter region will produce 20 percent of the healthcare biometrics market’s revenue.
October 3, 2016 – by Alex Perala