A high level of consolidation efforts such as mergers and
acquisitions, joint ventures, and collaborations hold immense growth
avenues for players in the global healthcare biometrics market,
states Transparency Market Research. The global healthcare biometrics
market is characterized by the presence of a handful of global
players that dominate this market, along with several local players
that operate at the domestic level.
Some of the key players in the global healthcare biometrics market
are 3M Cogent Inc., BIO-key International Inc., Fujitsu Limited, and
Superma Inc.
The major driver of the global healthcare biometrics market is the
increasing focus of healthcare facilities for the adoption of a
foolproof patient identification system. Biometric systems function
with utmost accuracy and can be linked to the electronic health
records (EHR) of individual patients. As the technology involves the
physical presence of an individual at the time of service, the
loopholes of paper-based identification are eliminated completely. A
TMR analyst further states, “The investments involved in the
installation and maintenance of healthcare biometrics is
insignificant as compared to the costs incurred due to a security
breach and medical theft.
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Not only this, the use of biometrics has proven to be an effective
alternative to password protection. This is because biometrics
overcome the shortcomings of password authentication by offering both
enhanced security and convenience for the user. For these reasons,
biometrics have received positive acceptance from several industry
verticals for identity protection. For instance, the use of
fingerprint scanning in healthcare enables physicians and medical
practitioners to obtain quick access to patients’ EHR, thereby
assisting in delivering speedy medical care.
In addition to the data and identity integrity benefits of
biometrics, this technology helps save billions of dollars each year.
This is mainly due to the curtailment of costs that are otherwise
incurred by healthcare providers on account of operational and
administrative errors. With increasing focus on patient safety,
healthcare providers are emphasizing on the adoption of hi-tech
systems in the bid to intensify their efforts for avoidable medical
errors.
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The healthcare industry is highly competitive, wherein intermediaries
face immense pressure for increasing productivity and improving
operating margins. In particular, in less developed countries the gap
between the availability of qualified medical personnel and the
number of patients that require medical care is high. As such, the
use of self-service technology can turn out to be convenient for a
high level of patient care, while simultaneously safeguarding
critical health records with equal efficiency.
The integration of biometrics with healthcare self-service
technologies is expected to be useful in making appointment,
reimbursement registration, and medical bill payment. This, in turn,
will help increase patient inflow in such facilities, thereby
providing a competitive advantage for these facilities. The use of
electronic authentication helps reduce the chances of error while
administering medication and also improves patient safety and keeps a
check on high healthcare costs. Biometric self-service technologies
are also helpful in improving and streamlining the admission
procedure in hospitals and improve patient care.
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North America is currently the largest market for healthcare
biometrics and is expected to retain its position until the end of
2019. However, the region will display a declined market share
between 2012 and 2019 from 44.0% to 42.1%. This is because the region
is a mature market for biometric technologies and will display
stagnant growth in the future. As such, the market is losing its
attractiveness to the emerging economies of Asia Pacific. The global
healthcare biometrics market is anticipated to display a CAGR of
25.9% between 2013 and 2019.
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