Healthcare Biometrics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

Healthcare Biometrics Market is expected to grow at a CAGR of 9.8% in the forecast period.

The main challenge for the healthcare system in many countries was to limit the spread of COVID-19 among people and provide the best care to infected patients and decrease the number of possible deaths. A profound impact on the healthcare biometrics market was observed as well. According to the article published in Biometric Technology Today in April 2020, the COVID-19 circumstance necessitates the implementation of contactless and efficient operations, particularly in retail. Contactless technologies such as face and iris-based detection systems are being pushed to new heights, while applications that rely on fingerprint recognition modalities suffer a substantial loss due to the COVID-19 pandemic's increasing criteria. Furthermore, Covid-19 will also have a significant and long-term impact on biometrics companies, developers, investors, and customers.

Healthcare biometrics refers to different biometric applications used in hospitals and clinics to monitor patients' health. Different initiatives are taken by the government in the field of healthcare biometrics due to the rise in healthcare fraud and to increase security for protecting healthcare information drive the market for healthcare biometrics. For instance, in September 2019, the Government of India introduced biometric patient authentication to crack down on ghost admissions under Ayushman Bharat, its flagship health insurance scheme.

Furthermore, emerging applications across novel fields of clinical research of medical devices are expected to open new avenues in the biometric healthcare market. Also, the increase in government initiatives toward healthcare infrastructure in developing countries drives the global healthcare biometric market.

Additionally, the key activity by the market players, such as expansion and product launch, is anticipated to drive the market growth. For instance, in November 2021, ZKTeco reported the opening of a new factory in Bangalore, India, claiming that this would pave the way for new possibilities and business opportunities. Which aims to develop a modern and efficient infrastructure base to open up new opportunities for local production and workforce procurement, as well as create a conducive eco-system for the Biometric and Security Industry.

However, factors such as consumer acceptance and the high cost of healthcare biometric devices impede the market growth.

Scope of the Report

Healthcare biometrics refers to different biometric applications used in hospitals and clinics to monitor the health of patients. It allows users to access applications and patient data quickly and get instant access to the records they need. The market is segmented by Technology (Single-factor Authentication, Multi-factor Authentication, and Other Technologies), Application (Medical Record and Data Center Security, Patient Identification and Tracking, Care Provider Authentication, Home/Remote Patient Monitoring, Other Applications), End User (Hospital/Clinics, Research and Clinical Laboratory, Other End Users) and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.

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Key Market Trends

Multifactor-factor Authentication is Expected to Cover a Large Share of the Market Over the Forecast Period

Adding more authentication factors expands the security of any access management solution into multi-factor authentication (MFA). MFA offers scalable, tiered levels of security that can be deployed for controlling access to the most sensitive of data. Medical information, databases, and other valuable information should all deploy various levels of MFA, incorporating several factors, which can include passwords, secret questions, OTPs, location, user behavior, registered mobile devices, etc., other than biometrics.

According to the study titled "Advances in Feature Transformation based Medical Decision Support Systems for Health Informatics," published in the Hindwi Journal in March 2022, most biometrics authentication in healthcare is used for patient tracking and monitoring, although usage for access control, identification, workforce management, and patient record storage is also increasing. Hence all these factors, coupled with the safety of MFA over traditional methods, are expected to help the growth of the market.

However, technological advancements in the MFA system, such as touchless and face detection. The touchless MFA increased the safety and convenience of the clinician. For Instance, in June 2020, Caregility's telehealth platform has single sign-on (SSO) and multi-factor authentication (MFA) capabilities. End users can log into the platform with a single set of credentials and gain access to the various apps, websites, and data for which they have permissions, thanks to SSO enhancements. By reducing password fatigue, the feature improves security and system usability, as well as employee satisfaction.

Thus all aforementioned factors are expected to boost the segment growth over the forecast period.

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