London, March 03, 2023 (GLOBE NEWSWIRE) -- Healthcare fraud is a major concern for both public and private healthcare systems. In most countries, particularly in the West, healthcare insurance is highly fragmented and extremely complex. The sheer value and volume of healthcare insurance claims in these areas make these insurance entities tremendously prone to fraud. There are several aspects covered under healthcare insurance policies that are capable of committing fraud practices, such as medical equipment suppliers, nursing homes, insurance doctors, attorneys, and diagnostics centers. All of whom are usually subject to scrutiny during the entire lifecycle of a claim. Fraud also results in insurance companies incurring heavy financial losses because of these malpractices. For example, the NHCAA estimates that as little as US$68 Bn or as high as US$300 Bn are lost annually because of fraud. Making this a key factor that is expected to continue positively influencing the demand for healthcare biometric solutions. Moreover, Fairfield Market Research has found the need for better healthcare security as a primary area of concern that is expected to result in an even greater demand for reliable security protocols. This is another factor that is expected to fuel growth prospects for the many players engaged in the global healthcare biometrics market in the years to come.
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Insights into Segmental Analysis
The healthcare biometrics market has been segmented accordingly – By Technology, Application, End-User, and Region. Based on the ‘Technology’ market segmentation, the ‘Fingerprint Recognition’ sub-segment is expected to account for the majority share of this market owing a higher reliability and greater ease of access to these systems. With respect to the ‘Application’ market segmentation, the ‘Medical Record & Data Center Recognition’ sub-segment is expected to reserve the majority market share due to stringent policies concerning patient information confidentiality that are enforced by respective government authorities. Concerning the ‘End-User’ segmentation of this market, the ‘Hospitals & Clinics’ sub-segment is slated to account for the majority market share over the forecast period. This can be attributed to the growing need for advanced technology in managing large swathes of individuals/patients.
Insights into Regional Analysis
Considering the regional analysis of this industry, North America is slated to account for the majority share due to supportive governmental policies that allow for the easy adoption of newer technologies. This is a trend that is expected to continue over the forecast period. However, the Asia Pacific is expected to register the highest CAGR over this projected timeline due to a growing adoption of electronic healthcare records in medical facilities as well as increased investments towards bettering the implementation rates of healthcare biometrics solutions in many medical facilities across this region.
Key Players in the Healthcare Biometrics Market
Apart from 3M, Fujitsu, NEC Corporation, MorphoTrust, Imprivata Inc, and Suprema, this report will also cover other prominent players in the healthcare biometrics market, particularly detailing their respective key strategic developments that lend a competitive edge. Some of these other major profiled companies include BIO-key International, Hitachi Ltd., Qualcomm Technologies Inc, Nuance Communications Inc., Crossmatch Technologies Inc., and HID.
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Global Healthcare Biometric Market is Segmented as Below:
By Technology
- Face Recognition
- Fingerprint Recognition
- Iris Recognition
- Vein Recognition
- Palm Geometry Recognition
- Behavioral Recognition
- Others
By Application
- Patient Identification and Tracking
- Medical Record Security and Data Centre Security
- Care Provider Authentication
- Home/Remote Patient Monitoring
- Pharmacy Dispensing
- Others (includes narcotic security and counter insurance frauds)
By End User
- Hospitals and Clinics
- Healthcare institutions
- Research and Clinical laboratories
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Key Elements Included In The Study: Global Healthcare Biometrics Market
- Healthcare Biometrics Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value, 2018 - 2021
- Market Value at Regional and Country Level, 2022 - 2029
- Market Dynamics and Economic Overview
- Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/healthcare-biometrics-market/more-information
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