Business Wire.- The «Global Smart Card in Healthcare Market By Product, By Component, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 – 2027» report has been added to ResearchAndMarkets.com’s offering.
The global smart card in healthcare market size is expected to reach $2.3 billion by 2027, rising at a market growth of 13% CAGR during the forecast period.
Key Market Players
- Infineon Technologies AG
- Texas Instruments, Inc.
- NXP Semiconductors N.V.
- Thales Group S.A.
- Atos Group
- Giesecke & Devrient GmbH
- American Express Company
- VeriFone Holdings, Inc. (Francisco Partners)
- IDEMIA SAS (Advent International, Inc.)
- CardLogix Corporation
Smart cards in healthcare offer more privacy and security for managing personal data like personal health data and identity. In addition, this smart card validates a patient’s identity at the time of medical care and helps in health system management.
The increasing adoption of smart cards in managing patient data with patient management is expected to boost the growth of smart cards in healthcare market. In addition, the surging usage of these smart cards decrease the chances of medical errors and reduce healthcare costs, which are estimated to surge the adoption of smart cards in the healthcare sector. Along with that, these smart cards have an embedded electronic chip with an integrated circuit, which decreases incidence regarding medical identities like fraud and theft. Due to these aspects, the smart card in healthcare market will witness a surge in demand. Growing demand for improved patient care with a low risk of fraud is expected to further augment the growth of the market.
The increasing cases of misuse of medical benefits and other frauds in the healthcare sector have significantly augmented in the past few years. Several national governments are inclining towards smart cards for obtaining medical records of people in the country. In addition, smart health cards are generally issued by healthcare insurance organizations for improved regulation of claims & other medical practices.
COVID-19 Impact Analysis
The outbreak of the global COVID-19 pandemic has impacted various segments of the business domain. The imposition of various restrictions across various nations like the travel ban, lockdowns, temporary ban on manufacturing units has negatively impacted many industrial verticals. In addition, the supply chain disruption and low demand for a wide range of products and services are among the key impacts of the pandemic. Smart health card companies have also faced a decline in sales due to the pandemic.
The adoption of smart health cards has witnessed a decline due to the frequent lockdowns and supply chain disruptions. In addition, the instability caused by the pandemic in the insurance and healthcare sector is negatively impacting the smart card in healthcare market. The less demand for these smart cards during the pandemic is expected to result in a slowdown of the overall market growth during the forecast period.
Market Growth Factors:
Increasing government initiatives
There are increasing government initiatives across various regions to push the implementation of smart cards in the healthcare sector to improve the functioning of the healthcare system. There are many organizations, which are also taking initiatives to promote the adoption of smart health cards among people. This is expected to augment the demand for smart cards in healthcare sector.
Growing digitalization in the healthcare industry
As everything is getting online and digitalization is at its high pace, healthcare companies are also getting updated with the trend and are introducing numerous products like smart health cards. In addition, the adoption of smart cards is increasing in order to manage patient data with patient management tools, which is anticipated to surge the demand for smart cards in healthcare market.
Market Restraining Factor:
Fair chances of data breaches
There are more chances of security and data breaches of these smart health cards. Though, several key players are highly investing in making these cards smarter and safer than before to provide assurance to the customers about the safety of their data. But, until the security system of smart health cards gets more advanced, people may restrict themselves from getting the smart health card to avoid any security and data breaches.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 COVID-19 Impact
2.1.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis – Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2019, Jun – 2021, Aug) Leading Players
Chapter 4. Global Smart Card in Healthcare Market by Product
Chapter 5. Global Smart Card in Healthcare Market by Component
Chapter 6. Global Smart Card in Healthcare Market by Region
Chapter 7. Europe Smart Card in Healthcare Market by Country
Chapter 8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/y8ndkk