Global Market for Healthcare Biometrics Led by North America, Report Says
An increased focus by healthcare facilities to adopt a failsafe patient identification system is considered the major driver of the healthcare biometrics market.
ALBANY, N.Y. – North America is currently the largest market for healthcare biometrics and is expected to retain its position until the end of 2019, according to a new report published by Transparency Market Research. However, the region will display a declining market share between 2012 and 2019 from 44.0% to 42.1%. The expectations for stagnated growth are due to the maturing market for biometric technologies in North America.
The global healthcare biometrics market is anticipated to display a compound annual growth rate (CAGR) of 25.9% between 2013 and 2019.
A high level of consolidation efforts such as mergers and acquisitions, joint ventures and collaborations hold immense growth opportunities 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 the market, along with several local players that operate at the domestic level.
The increasing focus of healthcare facilities for the adoption of a foolproof patient identification system is considered the major driver of the healthcare biometrics market. Biometric systems can be linked to electronic health records of individual patients. Hence, because the technology involves the physical presence of an individual at the time of service, the loopholes of paper-based identification can be eliminated completely, according to the report.
“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,” the report states.
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The use of biometrics has also proven to be an effective alternative to password protection, given biometrics can 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’ electronic health records, thereby assisting in delivering speedy medical care.
In addition to the data and identity integrity benefits of biometrics, the technology helps save billions of dollars each year, according to the report. 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 the adoption of hi-tech systems in the bid to intensify their efforts for avoidable medical errors.
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 the 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, according to the report.
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