Healthcare Biometrics Market – Rising Healthcare Fraud and Medical Identity Theft is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 18.7% from 2022 to 2028

Healthcare Biometrics
  • Healthcare Biometrics Market

As stated in our extensive report; the Global Healthcare Biometrics Market accounted forUSD 2,719.3 Millionin the year 2021.

Government measures to boost the adoption of biometrics in healthcare institutions, as well as rising healthcare fraud and medical identity theft, are the main factors driving the growth of the Healthcare Biometrics Market. On the other hand, the main factors restricting the market's growth are the high cost of biometric devices and the associated problems.

Since it is essential to manage appropriately, preserve, and link medical and personal patient data across networks, concerns over the security of information sharing and data integrity have grown with the expanding adoption of EHRs (electronic health records) at medical facilities. In this sense, medical data center owners and healthcare providers can benefit from biometric technologies' precise, effective, and practical solutions. Regarding sensitive samples in data centers, patient privacy, and ongoing patent studies, biometric solutions ensure that only authorized people have access. Additionally, these technologies streamline all ID processes, lessen the possibility of medical identity theft, and reduce the duplication of medical records.

Patients are frequently tracked and identified using biometric measures. Before granting someone physical access to a medical facility or access to information, biometric technologies use the patients' recorded information to authenticate and ensure their identity. A growing number of healthcare organizations are implementing biometric technology due to its simplicity of use and accuracy in order to reduce the likelihood of hacking and bogus claims. Additionally, biometrics aids medical professionals in keeping track of patients' medical histories and related therapies. As crucial as the identification of the patient getting these services is the verification of the healthcare practitioners who are providing services and monitoring patients. With unauthorized access by fraudsters, the likelihood of problems like prescribing incorrect medication to patients and medical data hacking increases. Biometric technology is widely used in healthcare organizations to reduce these incidences.

One of the biometrics's main uses is administering medications and pharmaceuticals. Authorities in numerous nations have put policies into place and are encouraging the development of hospital procedures that use automation and computerization to cut down on drug errors due to the high rate of these mistakes. Additionally, a variety of hardware platforms that collaborate with hospital information systems significantly contribute to ensuring that the appropriate medication, dose, and instructions are created for the appropriate patient.

dominated the market in 2021. This dominance is due to significant companies in this market launching more medical biometric systems. For instance, in February 2018, the analytics and technology services company Applied Health Analytics, LLC, introduced bMetrix, a screening tool that aids in automating biometric data collection. With the help of this new system, healthcare professionals may collect precise data on-site during biometric screenings, health fairs, and retail clinics. In addition, the most well-liked biometric diagnostic tools, including CardioChek and Cholestech LDX, are supported by bMetrix.

Some of the prominent players in the Global Healthcare Biometrics Market include- NEC Corporation, Fujitsu Limited, 3M Cogent Inc., Morpho, Imprivata Inc., Suprema Inc., BIO-key International Inc., Crossmatch Technologies Inc. and others.