Healthcare Biometrics Market Report 2024

This Healthcare Biometrics market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The healthcare biometrics market size has grown exponentially in recent years. It will grow from $6.95 billion in 2023 to $8.46 billion in 2024 at a compound annual growth rate (CAGR) of 21.7%. The growth during the historic period can be attributed to several factors, including the rising incidence of identity theft and fraudulent activities, a heightened focus on data security and privacy, a decrease in administrative errors, cost reduction efforts, and the availability of funding and grants for healthcare.

The healthcare biometrics market size is expected to see exponential growth in the next few years. It will grow to $18.67 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The projected growth in the forecast period can be attributed to the increasing adoption of electronic health records, a growing emphasis on patient data security, enhanced patient identification systems, rising healthcare expenditure, and greater public awareness and acceptance of biometric technologies. Key trends expected during this period include technological advancements, the rise of multimodal biometrics, the integration of artificial intelligence and machine learning, the development of interoperability standards, and the integration with Internet of Things (IoT) devices.

The growing number of patients in hospitals is expected to drive the expansion of the healthcare biometrics market. This increase in patient numbers is attributed to an aging population, a higher prevalence of chronic diseases, and improved access to healthcare services. Healthcare biometrics benefits hospital patients by providing enhanced security and personalized care through precise identification and authentication of individuals. For example, in February 2024, the Canadian Institute for Health Information, a Canada-based not-for-profit organization, reported that acute inpatient hospitalizations in Canada increased to 2.96 million in 2022-2023, up from 2.88 million in 2021-2022, marking a 2.78% year-over-year rise. Thus, the growing patient population in hospitals is fueling the healthcare biometrics market.

Leading companies in the healthcare biometrics sector are concentrating on creating innovative patient identity verification solutions to bolster security and improve the accuracy of patient care. These solutions involve advanced technologies designed to accurately and securely verify patients' identities, enhancing safety and efficiency in healthcare environments. For instance, in February 2024, VerifiNow, a U.S.-based biometric verification provider, launched PatientVerifi, a biometric identity verification solution tailored for telehealth providers. This solution utilizes voice biometrics, facial recognition, and liveness detection to precisely authenticate patients during virtual appointments, reducing the risks associated with incorrect patient identification, misdiagnosis malpractice claims, and prescription misuse. PatientVerifi is designed for seamless integration with popular video platforms such as Zoom and Microsoft Teams, ensuring compliance with healthcare regulations while safeguarding both patients and providers.

In July 2024, DNA Partners L.P., a U.S.-based investment firm with a focus on the healthcare sector, acquired SIC Biometrics Inc. for an undisclosed amount. This acquisition is intended to strengthen DNA Partners' portfolio in advanced biometric technologies and expand its capabilities in healthcare applications. SIC Biometrics Inc., a Canada-based company, offers a variety of multimodal identity verification methods, including fingerprint, facial recognition, and iris scanning.

Major companies operating in the healthcare biometrics market are Fujitsu Limited, NEC Corporation, Siemens Healthineers AG, Thales Group, IDEMIA SA, GoForward Inc., Zkteco Inc., Imprivata Inc, M2SYS LLC, Cross Match Technologies Inc., Daon Inc., Facephi, Aware Inc., Integrated Biometrics, Suprema Inc, eyeLock, Bio-Key International, Facetec Inc., RightPatient, Morpho Dys.

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

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

Healthcare biometrics involves the application of biometric technologies and systems within the healthcare sector to improve security, patient identification, and overall healthcare delivery. These systems rely on unique biological characteristics such as fingerprints, facial recognition, iris patterns, voice, or even behavioral traits to identify and authenticate individuals.

The primary technologies in healthcare biometrics include fingerprint recognition, facial recognition, voice recognition, vein recognition, iris recognition, hand recognition, and more. Fingerprint recognition, a key biometric technology, identifies individuals based on the distinctive patterns of ridges and valleys in their fingerprints. This technology has various applications, including securing medical records and data centers, patient identification and tracking, care provider authentication, and monitoring patients at home or remotely. These biometric systems are employed by end users such as hospitals, clinics, clinical laboratories, and other healthcare facilities.

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

The healthcare biometrics market consists of revenues earned by entities by providing services such as telemedicine authentication, patient engagement, and biometric authentication. The market value includes the value of related goods sold by the service provider or included within the service offering. The healthcare biometrics market also includes sales of fingerprint scanners, hand geometry systems, behavioral biometrics, and biometric sensors. 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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