A new report from market intelligence firm Tractica, “Biometrics in the Healthcare Industry”, forecasts that by 2024 global healthcare biometrics revenue will hit $3.5 billion. The company currently pegs the market at $250 million. Adoption is expected to be driven by remote and home care solutions, patient ID, dispensing technology and of course authentication for care providers.
Bob Lockhart, Tractica’s principal analyst, asserts that a key challenge for biometrics companies looking to capitalize on these opportunities will be cultivating the proper sales channels. He points out that healthcare providers are not going to be shopping directly for biometrics but will rather be looking for fully integrated solutions.
The forward sounding speak is warranted here, as Lockhart emphasizes: “The outlook is strong for healthcare biometrics, however it remains a nascent market. Success stories are scarce; even large healthcare networks are barely dipping their toes into the water, with early proofs of concept.”
This said, the demand is incredibly high, as the above numbers suggest. According to a press release from Tractica “healthcare facilities are desperate to devote more time to caregiving and less time to ever-increasing administrative tasks.” FindBiometrics readers will no doubt be aware of the benefits biometric technology can bring to a sector feeling this pressure: in addition to offering robust security, accountability and anti-fraud measures, strong authentication solutions (especially mobile solutions) trade in a great deal of convenience as well.
Tractica is currently offering a free executive summary of the report on its website, where the report can also be purchased.
FindBiometrics recently held Healthcare Month in which we focused on the real applications of biometric technology in healthcare and delved into the increasing demands of time-poor health professionals adopting the technology.
August 17, 2015 – by Peter B. Counter