A new report from market intelligence firm Tractica has found that the healthcare industry presents one of the most promising opportunities for the purveyors of biometric technology.
Squeezed by budget constraints while medical technology continues to advance at a relentless pace, healthcare facilities are desperate to devote more time to caregiving and less time to ever-increasing administrative tasks. As a result, Tractica predicts that healthcare providers will turn to biometrics as a way to speed up administrative processes, reduce fraud, and eliminate mistakes due to high workloads.
“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.
Click here for more information or to download a free executive summary of the report.