The global healthcare biometrics market is expected to reach $2,848.3 million (USD) by the year 2021 from $1,182.6 million (USD) in 2016 at a CAGR 19.2% within the forecasted period. According to a recent report, the rise of medical healthcare insurance fraud and medical identity theft increased the demand for biometric technology in the healthcare industry that fueled the market’s growth. The government initiative to support biometric implementation in the healthcare industry also played a vital role in driving the healthcare market.
Reason for Rising Demand
Medical identity theft, insurance fraud, and duplicate medical records cost millions of dollars every year to healthcare service providers. Almost 20% to 30% of healthcare spending goes to waste, yielding no benefits to the patients because of inaccurate patient IDs. The use of biometric technology in healthcare can help to eliminate this problem. This robust technology recognizes the patients using their fingerprints, finger vein, and iris. Since biometric patterns are unique for every individual on the planet and extremely difficult to spoof or forge, it makes biometrics a very popular choice in the industry for fraud prevention and eliminating data corruption.