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Report
Biometrics As a Service in the Healthcare Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
Market Report I 2024-08-19 I 110 Pages I Global Market Insights
The Global Biometrics as a Service in Healthcare market was valued at USD 605.8 million in 2023. Projections indicate a robust growth trajectory, with an expected CAGR of 18.8% from 2024 to 2032. This surge can be linked to several factors: continuous advancements in biometric technologies, an escalating demand for data security and privacy, the rising adoption of telemedicine and remote care, a growing incidence of identity theft and fraud, and an overall digitalization of healthcare.
The U.S. government's Office for Civil Rights (OCR) reported 145 breaches in healthcare information during Q1 2023. Alarmingly, around 95% of identity theft cases stem from compromised healthcare records. Given this backdrop, biometrics emerges as a pivotal tool, ensuring reliable patient identity verification and significantly curbing fraud risks. By associating biometric data with patient records, healthcare providers can guarantee precise identification, a cornerstone for both fraud prevention and patient safety.
The growth is further driven by trends like rising adoption of cloud-based solutions, an increasing integration of artificial intelligence (AI) and machine learning (ML) in healthcare, a shift towards multimodal biometrics, and heightened investments in digital health. The infusion of AI and ML into biometric systems is amplifying their accuracy, efficiency, and adaptability. AI-driven algorithms are refining biometric identification and verification, bolstering system reliability across varied healthcare scenarios. Furthermore, AI's capability for real-time monitoring and analysis is invaluable for applications like patient oversight and access control.
The Biometrics as a Service in Healthcare Industry is classified based on modality, application, scanner type, end-use and region.
Market segmentation by modality reveals a split between unimodal and multimodal systems. In 2023, the multimodal segment led the charge, raking in USD 343.9 million. These systems, which amalgamate multiple biometric identifiers like fingerprints, facial recognition, and voice are gaining traction in healthcare. Their multi-layered authentication bolsters security, curbing potential errors or breaches. Given the paramount importance of accuracy and security in healthcare, the shift towards multimodal biometrics is both strategic and essential.
When categorized by scanner type, the market encompasses fingerprint, iris, palm, facial, voice recognition, and other modalities. Dominating the landscape in 2023 was the fingerprint recognition segment, commanding a 47% market share. The evolution of fingerprint technology has ushered in heightened accuracy and reliability for patient identification. Such precision is indispensable in healthcare, where aligning a patient with their medical records is crucial for effective treatment. This accuracy not only minimizes errors but also fortifies trust in the system.
North America Biometrics as a Service market in healthcare industry generated a revenue of USD 264.5 million in 2023. Forecasts suggest a steady growth at a CAGR of 18.5% from 2024 to 2032. The region's stringent regulations, like the U.S.'s HIPAA (Health Insurance Portability and Accountability Act) and Canada's equivalent, underscore the emphasis on safeguarding sensitive healthcare data. With its advanced security features, Biometrics as a Service stands out, aiding healthcare entities in adhering to these regulations. It ensures secure access and fortifies patient information against unauthorized breaches and data leaks.
Report Content
Chapter 1 Methodology and Scope
1.1 Market scope and definitions
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates and calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Executive Summary
2.1 Industry 360 synopsis
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Growing need for efficient patient identification and management
3.2.1.2 Rising adoption of telemedicine and remote healthcare
3.2.1.3 Technological advancements in biometric solutions
3.2.2 Industry pitfalls and challenges
3.2.2.1 High implementation and maintenance costs
3.3 Growth potential analysis
3.4 Regulatory landscape
3.5 Technology landscape
3.6 Key market trends
3.7 Porter's analysis
3.8 PESTEL analysis
3.9 Gap analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company matrix analysis
4.3 Competitive analysis of major market players
4.4 Competitive positioning matrix
4.5 Strategy dashboard
Chapter 5 Market Estimates and Forecast, By Modality, 2021 - 2032 ($ Mn)
5.1 Key trends
5.2 Unimodal
5.3 Multimodal
Chapter 6 Market Estimates and Forecast, By Scanner Type, 2021 - 2032 ($ Mn)
6.1 Key trends
6.2 Fingerprint recognition
6.3 Iris recognition
6.4 Palm recognition
6.5 Facial recognition
6.6 Voice recognition
6.7 Other scanner types
Chapter 7 Market Estimates and Forecast, By Application, 2021 - 2032 ($ Mn)
7.1 Key trends
7.2 Medical record and data center security
7.3 Patient identification and tracking
7.4 Care provider authentication
7.5 Remote patient monitoring
7.6 Pharmacy dispensing
7.7 Other applications
Chapter 8 Market Estimates and Forecast, By End-use, 2021 - 2032 ($ Mn)
8.1 Key trends
8.2 Hospitals
8.3 Long term care centers
8.4 Ambulatory surgical centers
8.5 Other end-users
Chapter 9 Market Estimates and Forecast, By Region, 2021 - 2032 ($ Mn)
9.1 Key trends
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 France
9.3.4 Spain
9.3.5 Italy
9.3.6 Netherlands
9.3.7 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 Australia
9.4.5 South Korea
9.4.6 Rest of Asia Pacific
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Argentina
9.5.4 Rest of Latin America
9.6 Middle East and Africa
9.6.1 South Africa
9.6.2 Saudi Arabia
9.6.3 UAE
9.6.4 Rest of Middle East and Africa
Chapter 10 Company Profiles
10.1 Aratek
10.2 Aware, Inc.
10.3 BIO-key International
10.4 Cognitec Systems GmbH
10.5 Fujitsu
10.6 HID Global Corporation (ASSA ABLOY)
10.7 Hitachi, Ltd.
10.8 IDEX Biometrics ASA
10.9 Imageware
10.10 Imprivata, Inc.
10.11 NEC Corporation
10.12 Spectra Technovision(India) Pvt. Ltd.
10.13 Suprema Inc.
10.14 Thales
10.15 Voice Biometric Group
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