Healthcare Biometrics Market to Grow at 25 Percent CAGR: Report

Healthcare Feature sizeThe healthcare biometrics market is undergoing booming growth, according to a new report from Transparency Market Research (TMR). Entitled “Healthcare Biometrics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, the report forecasts an annual growth rate of 25.9 percent CAGR for its forecast period.

TMR estimates that the market was valued at about $1.2 billion (USD) in 2012, and that in 2019 it will reach a value of $5.8 billion. In a report synopsis, TMR asserts that the market growth “is largely driven by growing concerns of security that has gripped the global healthcare industry,” with insurance providers increasingly requiring the implementation of biometric security for sensitive health data. Meanwhile, biometric technology has become cost-effective enough that its implementation in healthcare systems “is nothing when compared to the skyrocketing expenses during a time of security breach and medical theft,” TMR says.

Looking at potential market impediments, TMR notes that the “storage of biometric templates and the trade-off between security and convenience may pose a threat to the healthcare biometrics market,” echoing concerns that a recent ABI Research report has raised more broadly. Still, the healthcare biometrics market is a busy one that is going to get busier, with North America expected to maintain its lead over TMR’s forecast period; that region and Europe together currently have 75 percent of the total marketshare.

October 20, 2015 – by Alex Perala