Transparency Market Research (TMR) is predicting that the healthcare biometrics market will grow at a steady clip for the next few years. The firm valued the market at $22.92 billion in 2020, and expects it to display a CAGR of 15.5 percent to climb to $74.08 billion by 2028.
According to TMR, the demand for secure identity verification solutions will help drive much of that growth. Biometric technologies are becoming increasingly popular in patient-oriented establishments like clinics and hospitals, where they can ensure that only authorized individuals have access to sensitive patient information. The technologies can also guard against identity theft and insurance fraud. A biometric check stops fraudsters who try to use duplicate patient information to obtain illicit benefits, and guarantees that a real person was present for an appointment whenever someone files an insurance claim.
Outside of the security question, biometric technologies can improve patient monitoring practices, and provide doctors with more accurate data about each individual. That, in turn, will improve the quality of care, and lead to better health outcomes for patients and physicians.
As for the actual market breakdown, fingerprint recognition represented more than half of the total biometric healthcare market in 2020, making it far and away the most popular biometric technology in the healthcare industry. North America is the largest region, thanks primarily to the strict regulatory environment and the presence of many leading biometric vendors. However, the technology is spreading to emerging markets as it becomes more affordable.
TMR identified BIO-Key, NEC, Cross Match, and Suprema as some of the key players in the healthcare biometrics space. The report also singled out RAIsonance’s SoundPass app, which can verify someone’s identity and detect health problems based on the way they cough. Grand View Research has previously predicted that the market for automated identification solutions in the healthcare industry will hit $62 billion in the same 2028 forecast window.
March 15, 2022 – by Eric Weiss