The global market for biometrics in healthcare is witnessing strong revenue growth, with a higher rate of adoption of electronic healthcare systems and digital tools for healthcare. The rise of a smart, connected healthcare system augurs well for the uptake of biometrics in healthcare. Worldwide adoption of electronic health records is the key marker driver for biometrics in healthcare.
Initially, biometrics adoption in healthcare was limited to patient identification and verification use cases. However, non-traditional biometric systems (e.g., behavioral biometrics, cognitive recognition, and wearable technologies) are emerging due to the distinct advantages they provide, in terms of remote monitoring and diagnostic healthcare services. In addition, the integration of technologies such as the Internet of Things (IoT) in healthcare is promoting the shift of cloud-based healthcare systems, providing new avenues for cloud-based authentication and biometrics integration to ensure enhanced cybersecurity. Multi-modal biometrics is expected to be a growth opportunity that reinforces the adoption of biometric technology, as it ensures higher resilience to data thefts and counterfeit. Multimodality can promote biometrics as a stand-alone authentication by replacing passwords with multilayer biometric modalities.
Technology in the healthcare market is rapidly evolving, and biometrics strives to meet the dynamic demands of the industry. Cloud-based healthcare services, electronic health records, electronic prescriptions, remote monitoring, and digital care provisions have security gaps and low operational efficiencies that can be resolved by integration with biometrics technology. Therefore, biometric technology vendors need to be well positioned and adjust their product portfolio to meet the diverse needs of the healthcare market. Synergic market network and partnership with key stakeholders across the healthcare value chain remains imperative to establishing dominance in the industry. As service models and value-based care business models emerge in hospitals and clinics, vendors need to differentiate their biometrics offerings to enhance efficiency and healthcare experience and capitalize on the emerging as-a-service trends of the industry.
Key Issues Addressed
- Is the market growing? How long will it continue to grow, and at what rate?
- What are the key growth drivers and restraints for the market?
- How is the competitive environment, and which companies are the key market players in the industry?
- What are the major growth opportunities and trends for biometrics in the healthcare industry?
- Which Mega Trends have an impact on the healthcare biometrics market?
- Are the vendors in the space ready to go it alone, or do they need partnerships to take their businesses to the next level?