According to Nova one advisor, the global Healthcare Biometrics for Children market was valued at USD 879.1 million in 2021 and it is expected to hit around USD 2.30 billion by 2030 with a CAGR of 23.9% during the forecast period 2022 to 2030.
Biometric technology in healthcare enables healthcare professionals and patients to secure their information and keep it confidential by releasing it to only those who with rightful access. Healthcare organizations are investing in biometric technologies in order to increase security, privacy, and improve patient safety, and compensate the significant money lost in healthcare frauds. Palm vein technology in healthcare for biometric authentication uses palm veins as the biometric feature. Palm vein patterns are usually captured using near-infrared light via either reflection or transmission methods.
Currently, the number of children aged 0 to five years stands at 600 million globally, while 353,000 new babies are born every day on an average. The need for biometric technology in healthcare sector is increasing, especially for child recognition, as majority of these births take place in developing countries, where children lack any kind of identification.
The global healthcare biometrics for children market size is driven by the increase in usage of biometric system in the implementation of vaccine programs and for identification of missing children. Recent improvements in the healthcare biometrics for children market, such as introduction of innovative biometric medical devices, have led to a growth in demand for these devices.
Report Scope of the Healthcare Biometrics for Children Market
Rise in Usage of Biometric System in Implementation of Vaccine Programs and Identification of Missing Children to Drive Global Market
The burden of various chronic diseases is expected to rise significantly across the globe in the next few years. Global demand for vaccination in children for prevention of major chronic diseases is increasing. Around 1.5 million children die each year globally from illnesses that could have been prevented through vaccination. India is one of the countries most affected by this issue. This is not only due to the lack of availability of vaccinations, but also the lack of maternal and children’s medical records in poverty-stricken and rural areas.
Incidence of missing children, especially in highly populous countries such as India and China, has increased in the past few years. This requires innovative biometrics systems, which record all activity related to children. According to the Federal Bureau of Investigation, an estimated 460,000 children are reported missing in the U.S. every year. Hence, increase in need of biometric system for children to maintain vaccination record is likely to drive the global healthcare biometrics for children market during the forecast period.
Ability to Identify and Verify an Individual to Augment Fingerprint Technology Segment
Based on technology, the fingerprint segment accounted for significant share of the global market in 2021. Fingerprint recognition is referred to as verification of two or more human fingerprints, either through automated or non-automated methods, for authentication. It is widely used in biometric systems, which help in identification and verification of an individual. The modern approach entails utilization of fingerprint readers working on optical, thermal, silicon, or ultrasonic principles.
Application of the fingerprint recognition technology is easy and relatively inexpensive. Usage of fingerprint recognition biometrics in healthcare eliminates newborn baby swaps and enables tracking of child vaccination schedules and welfare. For instance, in June 2019, Gavi, NEC, and Simprints deployed the world's first scalable child fingerprint identification solution to boost immunization in developing countries. This solution gives children aged one to five a digital ID linked to an accurate, complete medical record.
Growth in Number of Child Deaths Propelling Tracking Child Vaccination Schedules and Welfare Segment
In terms of application, the tracking child vaccination schedules and welfare segment held major healthcare biometrics for children market share in 2021. Biometric systems are commonly used for tracking and maintaining child vaccination schedule and welfare. Increase in number of child deaths due to non-receipt of lifesaving vaccination at the appropriate time is another major factor propelling the segment. According to recent study, 2.5 million children die across the globe every year, since they do not receive lifesaving vaccinations at the appropriate time.
Increase in Demand for Advanced Biometric Systems that Track Child Activities Bolstering Hospitals Segment
Based on end-user, the hospitals segment is likely to account for major share of the global healthcare biometrics for children market during the forecast period. Growth of the segment can be ascribed to factors such as rise in adoption of biometric systems in hospital settings. Increase in number of hospitals and rise in demand for advanced biometric systems that track child activities are factors driving the segment. Globally, an estimated 650 million children are not registered at birth, creating foundational barriers to accessing education, healthcare, and other essential services. For instance, just 7% of children in the world’s poorest countries are fully vaccinated, in parts, because it is difficult to identify them and track their vaccination over time. This indicates an increase in need for biometric systems in hospitals for child care.
Regional Outlook of Global Healthcare Biometrics for Children Market
North America held the largest share of around 46% of the global healthcare biometrics for children market in 2021. The healthcare biometrics for children market analysis appears lucrative in North America, with high market attractiveness index. North America's dominance of the global healthcare biometrics for children market can be ascribed to the increase in incidence of missing children in the region. Additionally, rise in need of biometric systems in birth registration is likely to augment the healthcare biometrics for children market in North America during the forecast period. The U.S. dominated the market in North America owing to factors such as presence of key market players and increase in the demand for biometric systems in hospitals settings.
Asia Pacific is projected to be the fastest growing market for healthcare biometrics for children during the forecast period. The market in the region is anticipated to grow at a high CAGR from 2022 to 2031. High birth rate in India and China; and increase in cases of missing children are key factors expected to propel the market in the region in the next few years.
Analysis of Key Players in Global Healthcare Biometrics for Children Market
The global healthcare biometrics for children market is consolidated, with the presence of small number of leading players. Most of the companies are investing significantly in research & development activities, primarily to introduce innovative biometric systems for children. Expansion of product portfolio and mergers & acquisitions are the key strategies adopted by the key players in the global healthcare biometrics for children market. Simprints, Crossmatch (HID Global), M2SYS Technology, IDEMI, Fujitsu Ltd., NEC Corporation, and Element, Inc. are key the players operating in the market.
Some of the prominent players in the Healthcare Biometrics for Children Market include:
- Simprints
- Crossmatch (HID Global)
- M2SYS Technology
- IDEMI
- Fujitsu Ltd.
- NEC Corporation
- Element Inc.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Healthcare Biometrics for Children market
- Technology
- Fingerprint
- Face
- Footprint
- Iris
- Others
- Application
- Identification of Missing Children
- Elimination of Newborn Baby Swaps
- Tracking Child Vaccination Schedules and Welfare
- Others
- End-user
- Hospitals
- Healthcare Institutions
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Healthcare Biometrics for Children industry analysis from 2022 to 2030 to identify the prevailing Healthcare Biometrics for Children industry opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global Healthcare Biometrics for Children industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Healthcare Biometrics for Children industry trends, key players, market segments, application areas, and market growth strategies.
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