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Healthcare biometrics market to exceed $74B by 2028 amid ‘phantom claim’ fight

According to new data from Transparency Market Research
Healthcare biometrics market to exceed $74B by 2028 amid ‘phantom claim’ fight

The global healthcare market for biometrics is set to reach a value of $74.08 billion by 2028 as healthcare providers seek greater certainty about who their patients are, new data from Transparency Market Research (TMR) suggests.

The figures would mark a compound annual growth rate (CAGR) of 15.5 percent between 2021 and 2028, substantially outgrowing the $22.92 billion valuation recorded by TMR for 2020.

Among the reasons behind the surging adoption of biometrics in healthcare applications, the report mentions the technology’s high accuracy in identifying individuals.

Correct biometric identification would translate to avoiding duplication of patient identity in order to obtain duplicate benefits, services, and drugs, as well as tackling identity theft and “phantom claims” attempts, according to the report.

The TMR report directly mentions a few use cases, including the biometric security tool named SoundPass that was released by RAIsonance in 2021.

In terms of specific biometric technologies deployed by healthcare professionals, fingerprint recognition technology would be at the forefront of the aforementioned growth, with the TMR report suggesting it accounted for more than 50 percent of the biometrics market in 2020, driven by substantial technological developments in portable fingerprint scanners.

Other biometric technologies mentioned in the document include vein, face, iris, voice, hand, and signature.

From a geographical standpoint, TMR suggests North America will dominate the healthcare biometrics market over the next six years, mainly due to substantial implementation of healthcare fraud controlling systems and enforcement of legislation like the Health Insurance Portability and Accountability Act (HIPAA).

The report also lists some of the companies more likely to push the growth of the healthcare biometrics market over the forecast period, including BIO-key, NEC Corporation, and Suprema, among others.

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