The size of the worldwide market for palm vein recognition in healthcare was estimated at USD 1.2 billion in 2022 and is projected to expand at a CAGR of 17.5% to reach USD 3.5 billion by 2032. Palm vein recognition technology is an excellent choice for contactless biometric identification since it is non-invasive and does not necessitate physical interaction with the device.
The need for secure patient identification is growing since misidentifications can result in medical mistakes and put patients’ safety at risk. The use of palm vein recognition technology offers a very safe and precise way to identify patients, lowering the possibility of mistakes and enhancing patient safety. Recent years have seen a tremendous advancement in palm vein detection technology due to the development of more precise and dependable sensors and algorithms. Because of these developments, healthcare professionals now find the technology to be more appealing due to its increased performance and use.
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Scope of the Report
This research provides estimates and information for the Global Palm Vein Recognition in Healthcare Market for the past, present, and future. An extensive research approach was used to establish the market estimations that are included in the study. Multiple research channels are used in the accepted research approach, including primary, secondary, and subject-related expert input. The Seasonal Affective Disorder Market is estimated by taking into account the impact of many economic, social, and political aspects in addition to the present market dynamics. The market data is also defined by different laws, government expenditure, and the expansion of research and development. The market projections take into account both favorable and unfavorable changes to the market.
Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Players
- 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.
Market Driver
Biometric authentication techniques like face recognition and fingerprint scanning have historically required physical contact with the device, which might raise the possibility of virus transmission. As an excellent alternative for contactless biometric authentication, palm vein recognition technology is non-invasive and does not require physical touch with the device. Palm vein recognition technology offers a very safe and precise way to identify patients in addition to lowering the danger of infection transmission.
blunders in patient identification are a frequent issue in healthcare, and they raise the possibility of patient safety hazards and medical blunders. With palm vein recognition technology, patient identification is made very exact and dependable, lowering the possibility of mistakes and enhancing patient safety. The need for contactless biometric identification systems is also being driven by the growing use of electronic health records, or EHRs. Healthcare professionals may safely access patient records and guarantee that only authorized individuals have access to critical information by utilizing palm vein recognition. Because of its non-invasiveness, great accuracy, and user-friendliness, palm vein recognition technology is well-positioned to benefit from this trend and provide contactless biometric identification in healthcare settings.
Regional Analysis
North America currently dominates the palm vein recognition market in healthcare due to the region’s widespread adoption of modern healthcare technology and the presence of numerous key industry competitors. In recent years, the usage of electronic health records (EHRs) in the United States has increased dramatically, fueling demand for safe and accurate patient identification solutions such as palm vein recognition.
The US government has also been pushing the adoption of biometric identification techniques in healthcare settings in an effort to lower medical mistakes and increase patient safety, which is fueling the market’s expansion. North America is home to a number of the top palm vein recognition businesses, including Fujitsu Ltd., M2SYS Technology, NEC Corporation, and Hitachi Ltd. These businesses provide a variety of palm vein recognition systems for use in healthcare settings, including medicine delivery, patient identification, and access to medical records.
For example, Fujitsu created the PalmSecure palm vein recognition system, which is utilized for patient identification and medical record access at a number of North American healthcare facilities. The device records each person’s distinct palm vein patterns using near-infrared light and then transforms them into biometric templates for safe and precise identification.
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