Biometrics in healthcare to see four-fold increase by 2024 to over $2.7B
Although biometric adoption in the healthcare sector was initially limited to patient identification and verification, the adoption of electronic health records will generate a four-fold revenue growth for the global biometrics in healthcare market by 2024, estimates Frost & Sullivan. The market will reach $2.72 billion, up from $670 million in 2019, at a compound annual growth rate (CAGR) of 32.3 percent.
Interest is growing in non-traditional biometric systems and the Internet of Things (IoT), as they enable remote monitoring and diagnostic healthcare services, as well as cloud-based authentication and biometrics integration to boost infrastructure security. An efficient solution against data theft and fraud, multimodal biometrics will see a major growth opportunity.
“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.”
“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 added. “Additionally, 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.”
Biometric deployment can be expensive, which is why not all organizations are rushing into investing in it. The governments’ actions to promote electronic healthcare systems and databases will stimulate organizations to pursue biometric technology deployment. Implementing a biometrics-as-a-service healthcare model, behavioral biometrics tools, healthcare-as-a-service through wearable technology and multimodal biometrics to boost cybersecurity are just some of the opportunities provided by the global growth.
A recent forecast from Global Industry Analysts puts the market at $3.8 billion in 2025 on 19.7 percent CAGR.