Healthcare biometrics revenue to total $12.5 billion worldwide by 2024, driven by home/remote patient access, care provider authentication, patient identification and tracking, and pharmacy dispensing.
The healthcare industry is one of biometrics’ most promising opportunities, according to a new report from market intelligence firm Tractica.
Healthcare biometrics revenue to total $12.5 billion worldwide by 2024, driven by home/remote patient access, care provider authentication, patient identification and tracking, and pharmacy dispensing.
Worldwide healthcare spending is about 10% of global gross domestic product (GDP). Healthcare is highly automated, highly regulated, and its core objective is people’s health. Squeezed by budget constraints while medical technology advances relentlessly, healthcare facilities are desperate to devote more time to caregiving and less time to ever-increasing administrative tasks. Biometrics in healthcare settings can speed up administrative processes, reduce fraud, and eliminate mistakes due to high workloads, which can lead to costly or fatal errors.
“The outlook is strong for healthcare biometrics, however it remains a nascent market”
“The outlook is strong for healthcare biometrics, however it remains a nascent market,” says principal analyst Bob Lockhart. “Success stories are scarce; even large healthcare networks are barely dipping their toes into the water, with early proofs of concept.”
Lockhart adds that, to succeed in the healthcare market, biometrics companies will face a key challenge in cultivating the right sales channels. Healthcare facilities will not shop directly for biometrics technology, but will instead seek fully integrated business and technology solutions. Those solutions may or may not include biometrics. Vendors must therefore ensure that biometrics are integrated into the building blocks of those solutions.
According to Tractica’s analysis, the market opportunity provides ample justification for that effort: starting from a base of $250 million in 2015, the firm forecasts that global healthcare biometrics revenue will reach $3.5 billion by 2024, with cumulative revenue for the 10-year period totaling $12.5 billion. Tractica anticipates that the key healthcare use cases, which will drive adoption of biometrics hardware and software in the industry, will include home/remote patient access, care provider authentication, patient identification and tracking, and pharmacy dispensing.
Tractica’s report, “Biometrics in the Healthcare Industry”, analyzes the market opportunity for healthcare biometrics, including 10-year forecasts for the period from 2015 through 2024. The report examines four use cases specific to healthcare, with a focus on biometrics to identify and authenticate people, rather than diagnosing or treating patients. The report forecasts revenue, device shipments, and software licensing volumes. An Executive Summary of the report is available for free download on the firm’s website.