The global healthcare biometrics market will reach a value of $14.5 billion by the year 2025, according to a new report from Grand View Research. The figures reflects a CAGR of 24.2 percent over the 2018 – 2025 forecast period.
A number of factors are contributing to this growth trend, according to the market research firm. Broadly speaking, IT applications and a growing awareness of the need for biometric security are on the rise; meanwhile, major government-led programs like India’s National Health Assurance Mission – linked with India’s Aadhaar biometric ID program – are also helping to push the market up. Technological advancements are continuing to play a role as well.
Looking to regional trends, GVR says that North America held the lion’s share of the healthcare biometrics market in 2016, 40 percent, but that the Asia Pacific region “is expected to record the fastest growth due to factors such as rising government support, the emergence of IoT applications along with increasing healthcare IT development and digital patient monitoring system,” according to a report summary. Likewise with respect to modalities, fingerprint recognition also held a majority of 40 percent marketshare in 2016, but “the high-security facility provided by the DNA analysis system is expected to facilitate the growth of the electroencephalogram and DNA based recognition technology over the forecast period.”
Major solutions providers highlighted in the report include NEC, Fujitsu, 3M, MorphoTrust, Imprivata, Suprema, BIO-key, Crossmatch, Integrated Biometrics, Hitachi, Agnitio, Genkey, Nuance Communications, and Qualcomm Technologies.
The full report, entitled, “Healthcare Biometrics Market Size, Share & Trends Analysis Report By Technology (Face, Fingerprint, Iris, Vein, Palm Geometry, and Behavioral Recognition), And Segment Forecasts, 2018 – 2025”, is available from GVR’s website.
(Originally posted on FindBiometrics)