Smart Card in Healthcare Global Market Report 2024

A smart card is a plastic card containing a computer chip that facilitates the storage and exchange of data between users. The data, associated with either value or information or both, is stored and processed within the chip embedded in the card. In healthcare, smart health cards play a crucial role in managing patient identity and providing practitioners and pharmacists with secure access to medical records. Patient identification forms the foundation of quality medical care and effective health system management. Smart cards are utilized in various operational activities within the healthcare industry.

The main types of smart cards in healthcare are contactless smart cards, contact-based smart cards, dual-interface smart cards, and hybrid smart cards. Contactless smart cards employ RF technology and operate at short ranges (less than 4 in. ), ensuring high security. This technology is widely used for secure identity applications globally. Contactless smart cards resemble contact smart cards but lack the contact plate, communicating with the reader through a contactless RF interface. Components of smart cards in healthcare include memory card-based smart cards and microcontroller-based smart cards. Applications of smart cards in healthcare encompass personal identity, patient history, billing and payment, and security.

The smart card in healthcare market research report is one of a series of new reports that provides Smart card in healthcare market statistics, including Smart card in healthcare industry global market size, regional shares, competitors with a Smart card in healthcare market share, detailed Smart card in healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the Smart card in healthcare industry. This Smart card in healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart card in healthcare market size has grown rapidly in recent years. It will grow from $1.47 billion in 2023 to $1.63 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The increase during the historical period can be credited to improved data security, the digitalization of healthcare records, enhanced patient identification, and integration with electronic health records (EHR).

The smart card in healthcare market size is expected to see rapid growth in the next few years. It will grow to $2.67 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The expansion anticipated in the forecast period can be ascribed to the optimization of workflow efficiency, a decrease in medical errors, empowerment of patients, government initiatives and regulations, and efficient delivery of healthcare services. Significant trends during this forecast period encompass heightened data security measures, the integration of biometrics, utilization of contactless smart cards, the growth of telemedicine and remote patient monitoring, and the establishment of health information exchange (HIE).

The growth of the smart card in healthcare market is being propelled by the increasing interest of healthcare organizations and governments worldwide in adopting smart card technology. Across the globe, institutions and government bodies are embracing advanced smart technologies to enhance transparency in business operations. Smart cards in healthcare play a crucial role in ensuring the security and confidentiality of patient data, maintaining accurate patient identification across different facilities and regions, enabling secure access to emergency medical information, facilitating easy bill payment through financial transactions, and reducing healthcare fraud. A noteworthy example is the European Commission's decision in 2021 to mandate the introduction of a card-based replacement for the E-111 paper form in cross-border healthcare, providing a significant boost to the utilization of smart card technology in healthcare. Hence, the growing inclination of healthcare organizations and governments towards adopting smart cards is anticipated to drive market growth in the forecast period.

The increasing adoption of electronic health records (EHRs) is expected to further boost the smart card in healthcare market. EHRs, as digital versions of patient medical records, offer real-time, patient-centered information securely accessible to authorized users. Smart cards play a role in verifying the identity of healthcare providers accessing EHRs and encrypting EHR data to safeguard patient privacy and prevent unauthorized access to medical records. Notably, as of 2021, a significant percentage of office-based physicians (78%) and almost all non-federal acute care hospitals (96%) in the United States had adopted certified EHRs, underlining the significant impact of EHR adoption on the growth of the smart card in healthcare market.

A key trend gaining traction in the smart card in healthcare market is the development of advanced smart card technology. Leading market players are investing in cutting-edge technologies to broaden their customer base and maintain a competitive advantage. An example is CardLogix Corporation's release of a new edition of BIOSID in March 2020, featuring robust mobile identity solutions with multiple biometric modalities and high-security smart card technology.

Strategic partnerships and collaborations are also prominent in the smart card in healthcare market, with major companies joining forces to launch smart card facilities and gain a competitive edge. An instance is the collaboration between the All India Institute of Medical Sciences (AIIMS) and the State Bank of India in November 2022 to launch the AIIMS Smart Card facility, simplifying payments for patients and seamlessly integrating with the hospital's billing system. This collaboration aims to enhance patient care, reduce healthcare costs, and improve access to care.

In August 2022, Recuro Health, a US-based virtual health solutions company, acquired Competitive Health Inc, a move that expands Recuro's digital solutions portfolio and strengthens its client network. This acquisition demonstrates the ongoing developments and strategic initiatives within the smart card in healthcare market.

Major companies operating in the in the smart card in healthcare market report are Atos SE, Giesecke+Devrient GmbH, Infineon Technologies AG, Thales Group, CardLogix Corporation, NXP Semiconductors N. V., Texas Instruments Incorporated, IDenticard Systems LLC, SCM Microsystems Inc., IDEMIA France SAS, American Express Company, Mastercard Incorporated, Visa Inc., HID Global Corporation, Ingenico Group SA, Verifone Systems Inc., Heartland Payment Systems Inc., First Data Corporation, Square Inc., PayPal Holdings Inc., Apple Inc., Samsung Electronics Co Ltd., Google LLC, Microsoft Corporation, International Business Machines Corporation (IBM), Oracle Corporation, Cisco Systems Inc., Intel Corporation, Hewlett Packard Enterprise Company

Asia-Pacific was the largest region in the smart card in healthcare market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the smart card in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the smart card in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The smart card in healthcare market consists of revenues earned by entities by providing memory smart cards and contactless smart cards. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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