Global biometrics market in healthcare to witness a four-fold growth: Frost & Sullivan
The biometrics market is estimated to inflate at a CAGR of 32.3%, reaching US$2.72 billion by 2024
SANTA CLARA, Calif. – Frost & Sullivan’s recent analysis, Global Biometrics in Healthcare Market, Forecast to 2024, predicts that the industry is likely to experience exponential growth over the next few years.
By 2024, the market is estimated to witness a more than four-fold growth, reaching US$2.72 billion, up from $670 million in 2019, at a compound annual growth rate (CAGR) of 32.3%.
“The increase in adoption of electronic health records across the globe is the key market driver for biometrics in healthcare,” said Rajalingam Arikaarampalayam Chinnasamy, industrial project manager at Frost & Sullivan, in a prepared statement. “Further, with the current COVID-19 crisis, adoption of non-intrusive and wearable biometric solutions in the healthcare industry will be more pronounced.”
The initial high cost of biometrics deployment is one of the prominent factors restraining it from receiving immediate investments, according to Frost & Sullivan.
However, the report finds that government regulations for establishing electronic healthcare systems and databases, and the rise of digitization in the healthcare industry, will encourage healthcare market participants to adopt biometrics, presenting immense growth prospects in various areas:
- The Biometrics-as-a-Service healthcare model will encourage healthcare market players to partner with third-party technology vendors to formulate plans to implement software-centric biometric market offerings.
- Behavioral biometrics help establish an integrated biometric portfolio that offers multiple behavioral biometric tools that can be customized based on the level of security and accuracy required.
- Healthcare-as-a-Service aims to partner with wearable technology vendors to develop integrated market solutions, incorporating both front-end and back-end biometric applications.
- To curb healthcare data breaches, technology vendors should focus on multimodal biometric offerings and implementation of machine learning to ensure higher cybersecurity.
“Transition to as-a-service healthcare models will be the key growth area as it will be strongly supported by technological capabilities that enhance efficiency and value-added care services,” Chinnasamy concluded. “Integration of advanced technologies such as artificial intelligence, blockchain, and machine learning will give a further push to next-generation biometric solutions because they enable and ensure robust and multilayered security for critical healthcare data.”