The Global Smart Card in Healthcare Market size is expected to reach $2.3 billion by 2027, rising at a market growth of 13% CAGR during the forecast period. Smart cards in healthcare offer more privacy and security for managing personal data like personal health data and identity. In addition, this smart card validates a patient’s identity at the time of medical care and helps in health system management.
The increasing adoption of smart cards in managing patient data with patient management is expected to boost the growth of smart cards in healthcare market. In addition, the surging usage of these smart cards decrease the chances of medical errors and reduce healthcare costs, which are estimated to surge the adoption of smart cards in the healthcare sector. Along with that, these smart cards have an embedded electronic chip with an integrated circuit, which decreases incidence regarding medical identities like fraud and theft. Due to these aspects, the smart card in healthcare market will witness a surge in demand. Growing demand for improved patient care with a low risk of fraud is expected to further augment the growth of the market.
The increasing cases of misuse of medical benefits and other frauds in the healthcare sector have significantly augmented in the past few years. Several national governments are inclining towards smart cards for obtaining medical records of people in the country. In addition, smart health cards are generally issued by healthcare insurance organizations for improved regulation of claims & other medical practices.
COVID-19 Impact Analysis
The outbreak of the global COVID-19 pandemic has impacted various segments of the business domain. The imposition of various restrictions across various nations like the travel ban, lockdowns, temporary ban on manufacturing units has negatively impacted many industrial verticals. In addition, the supply chain disruption and low demand for a wide range of products and services are among the key impacts of the pandemic. Smart health card companies have also faced a decline in sales due to the pandemic.
The adoption of smart health cards has witnessed a decline due to the frequent lockdowns and supply chain disruptions. In addition, the instability caused by the pandemic in the insurance and healthcare sector is negatively impacting the smart card in healthcare market. The less demand for these smart cards during the pandemic is expected to result in a slowdown of the overall market growth during the forecast period.
Market Growth Factors:
Increasing government initiatives
There are increasing government initiatives across various regions to push the implementation of smart cards in the healthcare sector to improve the functioning of the healthcare system. There are many organizations, which are also taking initiatives to promote the adoption of smart health cards among people. This is expected to augment the demand for smart cards in healthcare sector.
Growing digitalization in the healthcare industry
As everything is getting online and digitalization is at its high pace, healthcare companies are also getting updated with the trend and are introducing numerous products like smart health cards. In addition, the adoption of smart cards is increasing in order to manage patient data with patient management tools, which is anticipated to surge the demand for smart cards in healthcare market.
Market Restraining Factor:
Fair chances of data breaches
There are more chances of security and data breaches of these smart health cards. Though, several key players are highly investing in making these cards smarter and safer than before to provide assurance to the customers about the safety of their data. But, until the security system of smart health cards gets more advanced, people may restrict themselves from getting the smart health card to avoid any security and data breaches.
Product Outlook
Based on Product, the market is segmented into Contactless Smart Cards, Contact-based Smart Cards, Hybrid Smart Cards and Dual-interface Smart Cards. The hybrid smart cards segment is anticipated to witness the fastest growth rate over the forecast period. It is because these cards include more than one card technology. For example, these cards may consist of an embedded microprocessor smart card together with a contactless RFID proximity chip. In addition, dual interface smart cards utilize a single chip technology to connect through contact-based & contactless interfaces.
Component Outlook
Based on Component, the market is segmented into Microcontroller Based Smart Cards and Memory-card Based Smart Cards. The microcontroller-based smart cards segment acquired the highest share in the market in 2020. These cards are compact and have massive memory, which is expected to augment the growth of the segment over the forecast period. This segment is also projected to garner the fastest growth rate over the forecast period owing to the growing adoption in the healthcare sector.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia Pacific region is estimated to procure the highest CAGR during the forecast period. It is due to aspects like the technologically improved healthcare system and supportive government initiatives, which are anticipated to surge the regional growth of the market during the forecast period.
Cardinal Matrix - Smart Card in Healthcare Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; American Express Company and Texas Instruments, Inc. are the forerunners in the Smart Card in Healthcare Market. Companies such as IDEMIA SAS, Giesecke & Devrient GmbH, Infineon Technologies AG are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Infineon Technologies AG, Texas Instruments, Inc., NXP Semiconductors N.V., Thales Group S.A., Atos Group, Giesecke & Devrient GmbH, American Express Company, VeriFone Holdings, Inc. (Francisco Partners), IDEMIA SAS (Advent International, Inc.) and CardLogix Corporation.
Recent Strategies Deployed in Smart Card in Healthcare Market
Partnerships, Collaborations, and Agreements:
- Aug-2021: IDEMIA collaborated with Handelsbanken, a Swedish bank. Under this collaboration, Handelsbanken selected IDEMIA as an outsourcing partner for Handelsbanken’s card personalization.
- Jun-2021: Giesecke & Devrient (G+D) teamed up with BBVA, a Spanish multinational financial services company. Under this collaboration, BBVA selected Giesecke & Devrient to produce the bank's latest sustainable cards to fight against climate change.
- Jun-2021: American Express entered into a partnership with Electronic Pay plus, Nigeria’s smart card manufacturer and payment Solution Company. This partnership aimed to produce a range of smart cards.
- Mar-2021: Thales teamed up with Veolia, a French transnational company. This collaboration aimed to make the first eco-designed SIM card manufactured from recycled plastic, which is a part of Thales strategy to decrease the carbon footprint of all its products & services.
- Dec-2020: IDEMIA came into a partnership and distribution agreement with ZWIPE, a Norwegian biometric technology company. This partnership aimed to promote biometric cards as the reference for the upcoming contactless payments.
- Dec-2020: IDEMIA teamed up with Rocker, a Swedish challenger bank. Together, the companies is expected to bring their F.CODE biometric payment cards to Sweden. These F.CODE cards is expected to enable cardholders to carry out contactless payments safely through fingerprint authentication.
- Nov-2020: American Express formed a partnership with MobiKwik, a leading fintech platform. This partnership aimed to introduce MobiKwik Blue American Express Card, a digital prepaid Card.
- Oct-2020: IDEMIA collaborated with MasterCard and MatchMove. This collaboration aimed to introduce a biometric card, which utilizes a fingerprint to allow transactions at in-store payment terminals. The card named F.CODE Easy takes the effortless and instinctive experience of biometric authentication from a smartphone to a smart card. This card makes transactions simpler, safe and secure by eradicating the requirement for a cardholder to give a PIN number or signature, and thus, decreasing touch points in public places.
- Sep-2020: American Express came into a partnership with SBI Card. This partnership aimed to provide a powerful mix of global advantages and exclusive privileges for discerning users in India. Through this partnership, SBI Card`s top-end premium products like SBI Card ELITE and SBI Card PRIME is expected to be accessible on American Express’ global merchant network.
- Aug-2020: Infineon Technologies collaborated with Fingerprint Cards, a Swedish biometrics company. In this collaboration, Fingerprints’ biometric technology is expected to integrate with Infineon's expertise in energy efficiency, chip security, and contactless performance, to develop a system solution, which is expected to be simple to combine and provide their users a head starts in an emerging growth market.
Product Launches and Product Expansions:
- Apr-2021: IDEMIA launched a new biometric payment card. This card enables customers to authorize payments with fingerprint recognition and features the latest TrustedBio sensor from IDEX Biometrics. As per IDEX, the IDEMIA offering is the most efficient card integration and is expected to provide a high level of biometric performance.
- Mar-2021: Giesecke & Devrient (G+D) along with IDEMIA and NXP Semiconductors unveiled the White Label Alliance (WLA). WLA establishes and updates an open and complete payment standard, which allows ready-to-deploy dual interface payment solutions including mobile devices, contact & contactless payment cards, and payment terminal acceptance.
- Jun-2020: NXP Semiconductors launched its latest MIFARE DESFire EV3 IC. This new IC is backward compatible and provides improved performance with a more operating distance and enhanced transaction speed. In addition, the latest IC has advanced features to provide faster, safer transactions, which are actually contactless like paying for parking, accessing offices or campuses, and utilizing other important city services, all touch-free.
Scope of the Study
Market Segments Covered in the Report:
By Product
- Contactless Smart Cards
- Contact-based Smart Cards
- Hybrid Smart Cards
- Dual-interface Smart Cards
By Component
- Microcontroller Based Smart Cards
- Memory-card Based Smart Cards
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Infineon Technologies AG
- Texas Instruments, Inc.
- NXP Semiconductors N.V.
- Thales Group S.A.
- Atos Group
- Giesecke & Devrient GmbH
- American Express Company
- VeriFone Holdings, Inc. (Francisco Partners)
- IDEMIA SAS (Advent International, Inc.)
- CardLogix Corporation
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Companies Mentioned
- Infineon Technologies AG
- Texas Instruments, Inc.
- NXP Semiconductors N.V.
- Thales Group S.A.
- Atos Group
- Giesecke & Devrient GmbH
- American Express Company
- VeriFone Holdings, Inc. (Francisco Partners)
- IDEMIA SAS (Advent International, Inc.)
- CardLogix Corporation
Methodology
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