Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global smart card in healthcare market. In addition, complete analysis of changes on the global smart card in healthcare market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The pandemic has more or less affected the market specifically due to lockdown, restrictions, supply chain has certainly hampered the market to some extend. However, post pandemic the market has witness positive growth in the market.
The global smart card in healthcare market is driven by increasing digitalization of the healthcare systems globally, rising concerns related to the security and privacy of patient information and growing demand for better patient data management systems has fuelled the market to huge extend. Also, growing awareness for smart card in healthcare for different application has propelled the market demand. Alternatively, different benefits provided by the smart card in healthcare like decreased medical error, expedites the admission process, reduce healthcare cost, expedites claims reimbursement, reduces the incidence of medical identity theft and fraud has accelerated the market. This factors is expected to drive the market over the estimated time period.
The market finds its majority opportunities with increasing concern for security in healthcare. Likewise, growing digitalization in healthcare, increasing healthcare companies focus on introducing different smart health card has led the market with new growth opportunities. Besides, increasing adoption of smart card to manage patient data has contributed healthy growth in the market.
The market is expected to have major restraining factor like increasing security and data breaches of the smart health cards. Also, increasing security system of smart health cards with more advanced has led the people to limit themselves to use the smart health card to avoid different security and data breaches.
The major growth challenge for the market is price volatility and high manufacturing cost. Likewise, quality standard for Smart Card in Healthcare is expected to be major growth challenge for the market.
The report provides in-depth analysis of global Smart Card in Healthcare market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various smart card in healthcare in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
The global smart card in healthcare market comprises of different market segment like product type, component, application and geography.
By product type, the smart card in healthcare includes key segment of hybrid smart cards, contactless smart cards, contact-based smart cards, dual-interface smart cards. Contactless smart cards is likely to dominate in the global market for smart card in healthcare attributing to its advantage in the healthcare facilities, helps to minimize the overhead dealing with the biometric template management and distribution. Besides, the contactless smart cards allows biometric template to be carried by the card holder, offering a stronger level of authentication and security. Besides, these cards enhance the security and address the privacy concern which has further accelerated its demand in smart card in healthcare market. Likewise, hybrid smart cards is likely to have fastest growth over the estimated time period as these cards include different technology.
The smart card in healthcare market is significantly studied for key component like memory-card based smart cards, microcontroller based smart cards. The microcontroller based smart cards is likely to have increasing demand in the market during the forecast period as this component is specifically designed and developed for human management which add an advantage for management in healthcare facilities. Besides, these microcontroller based smart cards mostly facilitate intelligent communication and have on card dynamic data processing abilities. This factor is likely to boost the market demand over the estimated time period. Likewise, memory-card based smart cards is anticipated to contribute healthy growth in the market.
The smart card in healthcare market finds its major application in billing & payment, patient history, personal identity, security. Billing & payment followed by personal identity is anticipated to have rising demand for smart card in healthcare market during the projection period. The key factor contributing in the market growth are with the developing technology, the smart card has also gained its attention in healthcare domain. In healthcare, the billing and payment using a smart cards are specifically providing a safer and secure means conducting the financial transaction while life easier to go cashless. Besides, smart card billing and payment installation in the healthcare has contributed in the market growth. Also, patient history followed by personal identity, security is expected to boost the market over the estimated time period.
The global smart card in healthcare market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America has gained majority of market share in the global smart card in healthcare market during the forecast period (2022-2028) and is likely to maintain its dominance over the estimated time period. The increasing technological advancement, well developed healthcare facilities and infrastructure, favorable government initiative , rising concerns related to the security and privacy of patient information has further propelled the market growth over to major extend. On the other hand, Asia Pacific is anticipated to have growth at highest pace over the projection period. The market in region is driven by increasing digitalization of the healthcare system, growing demand for better patient data management systems has surged the demand for the market.
The competitive landscape analysis of smart card in healthcare market is majorly focused on expanding the global market growth of smart card in healthcare with new product innovation, product availability, increasing presence of range of manufacturer operating in smart card in healthcare has led the growing demand for the market. Besides, the market offers range of products in different application to fulfill the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are Giesecke+Devrient GmbH, Atos Se, Infineon Technologies AB, NXP Semiconductors, Texas Instruments Incorporated, Thales Group, CardLogix Corporation, IDenticard Systems, American Express Company, Gemalto NV, INSIDE Secure SA, Oberthur Technologies SA, VeriFone Holdings, Inc. and SCM Microsystems
May 2019: CardLogix Corporation which is a leading smart card manufacturer and software developer had announced the launch of BIOSID, a robust mobile identity solution featuring multiple biometric modalities (face, fingerprints, iris, and signature) and high security smart card technology. It is ideal for application requiring instant identity verification or enrollment from any location BIOSID is a complete solution with advanced capabilities offered at a price 70% less than those of comparable products. Adding to that the hardware casing, software and smart cards are fully customizable by CardLogix to meet a wide range of needs across the government, enterprise, healthcare, retail, event and school campus applications.
Currently smart card technology has increasing gaining attention in healthcare domain. A smart card is ideally a plastic card embedded with the computer chip that stores and transacts data between users. With the development of technology, advancement of healthcare facilities and infrastructure has certainly boosted the new adoption of smart card technology. In smart card technology the data is often associated with either value or information or both and is stored and processed within the card chip. Furthermore, the smart card is embedded chip. The market is specifically driven by its advantages and helps to exchange data securely with the readers and other systems. Smart card technology ideally provide a high level of security and privacy protection making smart card ideal for handling sensitive information such as identity and personal health information. The global smart card in healthcare market comprises of different market segment like product type, component, application and geography. By product type, the smart card in healthcare includes key segment of hybrid smart cards, contactless smart cards, contact-based smart cards, dual-interface smart cards. Contactless smart cards is likely to dominate in the global market. The smart card in healthcare market is significantly studied for key component like memory-card based smart cards, microcontroller based smart cards. The microcontroller based smart cards is likely to have increasing demand in the market during the forecast period. The smart card in healthcare market finds its major application in billing & payment, patient history, personal identity, security. Billing & payment followed by personal identity is anticipated to have rising demand for smart card in healthcare market during the projection period. The global smart card in healthcare market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America has gained majority of market share in the global smart card in healthcare market during the forecast period (2022-2028) and is likely to maintain its dominance over the estimated time period.
1) What are the drivers for smart card in healthcare market?
The key driving factors of the market are increasing digitalization of the healthcare systems globally, rising concerns related to the security and privacy of patient information and growing demand for better patient data management systems has contributed healthy growth in the market
2) Which is the leading component segment for Smart Card in Healthcare market?
Microcontroller based smart cards has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
3) Which region is gaining majority of market share during the forecast period (2021-2028)?
North America is expected to gain major market share during the forecast period (2021-2028).
