According to FutureWise analysis the market for medical biometrics in 2023 is US$ 6.12 billion, and is expected to reach US$ 22.4 billion by 2031 at a CAGR of 17.62%.
The increasing government support owing to increase in healthcare fraud and cyber-attacks are driving the growth of the market. The growing need to secure healthcare information is elevating the market as well. Government initiatives supporting healthcare and healthcare infrastructure in developing countries is fueling the growth of the market. The rising scope of contactless biometrics is also positively influencing the market.
The market is bifurcated into by type, technology, end-user, geography. Based on type the market consists of contact biometric and non-contact biometric. Contact biometric is currently in vast demand; however, the emergence of IoT will expand non-contact biometric. Based on technology, the market consists of single-factor authentication and multi-factor authentication. Single-factor is expected to dominate the growth of the market. Growing adoption of iris and face recognition is driving the demand for single-factor authentication, thus expanding the market. Fingerprint recognition is the most deployed single-factor authentication. Single-factor authentication is cost-effective and easy to install. Iris and vein recognition are secured biometric technology owing to uniqueness of identity. The combination of iris and facial recognition is expected to create a progressing trend. Such biometric technology eliminates the stigma related to single-factor authentication.
Based on end-user, healthcare institutes are expected to witness significant growth. The increasing digitalization and increasing data collection have led to a rise in data theft. It also gave birth to healthcare frauds and fake insurance claims. In order to overcome this, healthcare institutes have deployed biometric solutions, as a result of boosting the market.
In terms of region, North America is the global leader of the market. The extensive norms to curb healthcare fraud is accelerating the market in the region. Enforcement of acts such as HIPPA (Health Insurance Portability and Accountability) in the US is boosting the presence of the market. Countries like the US and Canada are aggressively investing in technological advancements which have elevated the market. Rising acceptance of biometrics in major medical fields, research labs, and clinics is stimulating the market in the region. Asia-Pacific region is expected to show significant growth owing to increasing healthcare infrastructure and the expansion of healthcare IT. Increasing government support and deployment of IoT applications is also driving the growth of the market in the region. Latest governments and schemes are also expanding the market in the region. The Indian government launched a healthcare program called National Health Assurance Mission in India, a database facility which caters the citizens of the country with healthcare services at affordable prices.