Global Palm Vein Recognition in Healthcare Market Analysis By Application (Patient Identification, Medical Record Access, Medication Dispensing, Others), By End-user (Hospitals, Clinics, others) & Forecast
- PUBLISHED ON
- 4/28/2023
- NO OF PAGES
- 248
- CATEGORY
- Healthcare & Life Sciences
The global Palm Vein Recognition in Healthcare Market size was valued at USD 1.2 billion in 2022 and is expected to reach USD 3.5 billion by 2032, growing at a CAGR of 17.5% during the forecast period.
Increasing Adoption of Electronic Health Records: The adoption of electronic health records (EHRs) is growing rapidly worldwide, which is creating a significant opportunity for palm vein recognition technology. By using palm vein recognition, healthcare providers can securely access patient records and ensure that only authorized personnel have access to sensitive information. Government Initiatives and Regulations: Governments worldwide are investing in healthcare IT infrastructure and promoting the adoption of electronic health records, which is driving the growth of the palm vein recognition market. Additionally, regulatory bodies are enforcing the use of secure patient identification methods to comply with data protection regulations, which is creating a significant opportunity for palm vein recognition technology.
Overall, the palm vein recognition market is expected to grow rapidly in the coming years, driven by the increasing demand for secure and contactless biometric identification solutions in healthcare settings. The technology's high accuracy, non-invasiveness, and ease of use make it an attractive solution for healthcare providers, which is likely to contribute to market growth.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 1.2 Billion |
Market Forecast in 2032 | USD 3.5 Billion |
CAGR % 2023-2031 | 17.5% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2031 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | By Application, By End-user |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Fujitsu Ltd., M2SYS Technology, NEC Corporation, Hitachi Ltd., BioSec Group Ltd., BioEnable Technologies Pvt. Ltd., BioID AG, iDLink Systems Pte Ltd., BioEnable FZE, Mantra Softech (India) Pvt. Ltd., Innovatrics, MedStar Health, PalmSecure Medical, BioEnable Technologies (USA), ValidSoft UK Ltd. |
Driver: Growing demand for contactless biometric identification solutions is propelling Palm Vein Recognition in Healthcare Market growth.
One of the key driving factors contributing to the growth of the palm vein recognition market is the increasing demand for contactless biometric identification solutions in healthcare settings. The COVID-19 pandemic has accelerated the need for contactless biometric identification solutions, as it reduces the risk of infection transmission in healthcare facilities. Traditionally, biometric identification methods such as fingerprint scanning and facial recognition require physical contact with the device, which can increase the risk of infection transmission. In contrast, palm vein recognition technology is non-invasive and does not require physical contact with the device, making it an ideal solution for contactless biometric identification. In addition to reducing the risk of infection transmission, palm vein recognition technology provides a highly secure and accurate method of patient identification. Patient identification errors are a common problem in healthcare, which can lead to medical errors and patient safety risks. Palm vein recognition technology can help reduce the risk of errors and improve patient safety by providing a highly accurate and reliable method of patient identification.
The increasing adoption of electronic health records (EHRs) is also driving the demand for contactless biometric identification solutions. By using palm vein recognition, healthcare providers can securely access patient records and ensure that only authorized personnel have access to sensitive information. Overall, the demand for contactless biometric identification solutions is expected to continue to grow in the coming years, driven by the ongoing COVID-19 pandemic and the increasing adoption of electronic health records. Palm vein recognition technology is well-positioned to capitalize on this trend, as its non-invasiveness, high accuracy, and ease of use make it an ideal solution for contactless biometric identification in healthcare settings.
Segmentation:
By Application
• Patient Identification
• Medical Record Access
• Medication Dispensing
• Others
By End-user
• Hospitals
• Clinics
• others
Geographical Analysis:
Currently, North America dominates the palm vein recognition market in healthcare due to the region's high adoption of advanced healthcare technologies and the presence of several leading market players. In the US, the adoption of electronic health records (EHRs) has been increasing rapidly in recent years, which is driving the demand for secure and accurate patient identification solutions like palm vein recognition. Additionally, the US government has been promoting the use of biometric identification methods in healthcare settings to improve patient safety and reduce medical errors, which is also contributing to the growth of the market. Several leading companies in the palm vein recognition market are based in North America, including Fujitsu Ltd., M2SYS Technology, NEC Corporation, and Hitachi Ltd. These companies offer a range of palm vein recognition solutions for healthcare applications, such as patient identification, medical record access, and medication dispensing.
For instance, Fujitsu has developed a palm vein recognition system called PalmSecure, which is used in several healthcare facilities in North America for patient identification and medical record access. The system uses near-infrared light to capture palm vein patterns, which are unique to each individual, and converts them into biometric templates for secure and accurate identification. Moreover, the increasing demand for contactless biometric identification solutions in healthcare facilities due to the ongoing COVID-19 pandemic is likely to further drive the growth of the palm vein recognition market in North America.
Overall, North America is expected to continue to dominate the palm vein recognition market in healthcare in the coming years, driven by the region's high adoption of healthcare IT solutions, the presence of leading market players, and the increasing demand for secure and contactless biometric identification solutions in healthcare settings.
Recent Development: Global Palm Vein Recognition in Healthcare Market
• In September 2020, Fujitsu Frontech North America announced the launch of its new PalmSecure Truedentity solution for contactless biometric authentication. The solution combines Fujitsu's PalmSecure palm vein recognition technology with identity management software to provide a secure and convenient authentication solution for various industries, including healthcare.
• In August 2020, M2SYS Technology, a leading provider of palm vein recognition solutions, announced that it had been awarded a General Services Administration (GSA) IT 70 Schedule contract for its biometric software and hardware products. The contract allows M2SYS to offer its solutions to government agencies and organizations in the US.
• In July 2020, Hitachi Ltd. announced the launch of its new biometric authentication system, which uses palm vein recognition technology for secure and contactless authentication. The system is designed for various applications, including healthcare, finance, and government.
Company Profiles:
• Fujitsu Ltd.
• M2SYS Technology
• NEC Corporation
• Hitachi Ltd.
• BioSec Group Ltd.
• BioEnable Technologies Pvt. Ltd.
• BioID AG
• iDLink Systems Pte Ltd.
• BioEnable FZE
• Mantra Softech (India) Pvt. Ltd.
• Innovatrics
• MedStar Health
• PalmSecure Medical
• BioEnable Technologies (USA)
• ValidSoft UK Ltd.
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