Wednesday, August 24, 2016

Smart Cards in Healthcare Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022

Smart Cards in Healthcare Market to Cross US$ 1 Bn by 2022

According to a new market research report published by Credence Research “Smart Cards in Healthcare (By Type – Contact-based Smart Cards, Contactless Smart Cards, Dual-interface Smart Cards and Hybrid Smart Cards) Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022”,
The global smart cards market for healthcare informatics application was valued at US$ 570.9 Mn in 2014 and is estimated to expand with a CAGR of 8.6% from 2015 to 2022.


Market Insights

Smart cards refer to a pocket-sized device embedded with an integrated circuit (IC) chip. The IC chip on the card can be memory card-based or microcontroller-card based depending upon the function of smart cards. Smart card is used by connecting it to a smart card reader either through direct physical contact or radio frequency (RF) communication. Thus, the operation of smart cards is quite similar to the traditional magnetic strip and bar code cards.

The rising misuse of medical benefits and other frauds in the industry have grown rampant in the past several years. Many national governments are now turning towards smart cards for capturing medical records of people. These smart health cards are typically issued by the healthcare insurance companies for better regulation of claims and other medical practices.


Using smart cards offers various advantages for medical service providers as well as patients including the following:

Faster medical admission procedure
Reduction in medical frauds (misuse) and identity theft
Decrease in document work for maintaining medical records
Reduction in the overall medical record maintenance cost
Smart health cards are designed to provide better data security and privacy of patients’ medical history. Additionally, it becomes easy for complying with various government initiatives and deliver fast and secure access to critical medical information.

Competitive Insights

The penetration of smart cards in the healthcare sector is quite niche as compared to the other applications of smart cards. Thus, the smart card vendors emphasize on developing low cost and secure smart card solutions for healthcare identity. The global smart cards market is consolidated in nature with few international players dominating the global smart cards market.

Major players in the market include Giesecke & Devrient (G&D) GmbH, Gemalto NV and Oberthur Technologies. Other prominent players in the market comprise Infineon Technologies AG, NXP Semiconductors NV, Atos SE, INSIDE Secure SA, CardLogix Corporation and others.

Key Trends

Development of advanced smart cards solutions with better security and reliability
Smart health card solution with faster medical reimbursement and lesser errors
Increased security features by including biometric templates and digital signature of the user
Acquisition and partnerships with smart card manufacturers as well as component manufacturers
 
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