The global smart card in healthcare market size is expected to reach USD 2.46 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.4% from 2021 to 2028. Growing initiatives by market players and governments of various countries for the implementation of smart cards in the healthcare system are fueling market growth. Furthermore, compliance with smart cards with HIPAA as well as ARRA is expected to boost the market growth.
Similar
to other markets, the market for smart card in healthcare has also been
significantly affected by COVID-19. Some of the major impacts of COVID-19 on
the market include supply chain disruptions, a decline in sales, and low
demand. Companies such as Thales Group reported flat growth in their smart
cards product segment. Therefore, the overall impact of COVID-19 on the market
was neutral.
The
flexibility provided by smart cards to securely add information to a patient
healthcare card after its issuance is expected to boost the market growth. This
factor delivers various benefits for healthcare applications. Patient
prescriptions can be written to the card, providing up-to-date information when
a patient is receiving medical care from multiple providers or in an emergency;
patient record identification or multiple patient identification numbers can be
saved to the smart card, enabling record exchange as well as helping with care
coordination amongst multiple healthcare providers; and patient healthcare
information can be saved to and updated on the card by certified healthcare
providers, with updated information available for both the healthcare providers
and patient to access.
The
market is fairly competitive owing to the presence of the most notable
participants, along with other manufacturers of smart cards for healthcare
applications. These players are involved in new product launches, acquisitions,
and partnerships to gain a competitive advantage over each other. For instance,
in March 2020, CardLogix Corporation launched a new edition of BIOSID, a rugged
biometric tablet solution. With this, it expanded its product portfolio.
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Smart Card In
Healthcare Market Report Highlights
- By product
type, the contactless segment held the dominant share of over 28.0% in
2020 owing to its high demand globally
- Based on
component, the microcontroller-based smart cards segment held the largest
share of more than 55.0% in 2020 owing to the portability and large memory
capabilities of these smart cards
- In 2020,
Europe held the dominant share of over 30.0% owing to the presence of
major market players in the region and government initiatives to implement
smart cards in the healthcare system
- Asia Pacific
held the second-largest revenue share in 2020 and is expected to witness
the fastest growth over the forecast period. The growing digitalization of
healthcare systems in countries, such as India, is fueling the market
growth
- North America
is expected to witness lucrative growth over the forecast period owing to
the technologically advanced healthcare infrastructure, paired with
favorable government initiatives
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Smart Card In
Healthcare Market Segmentation
Grand View Research has
segmented the global smart card in healthcare market on the basis of product
type, component, and region:
Smart Card In
Healthcare Product Type Outlook (Revenue, USD Million, 2016 - 2028)
- Hybrid
- Contactless
- Contact-based
- Dual-interface
Smart Card In Healthcare
Component Outlook (Revenue, USD Million, 2016 - 2028)
- Memory-card Based
- Microcontroller Based
Smart Card In
Healthcare Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key
Players of Smart Card In Healthcare Market
- Atos SE
- Giesecke+Devrient GmbH
- Infineon Technologies AB
- NXP Semiconductors
- Texas Instruments Incorporated
- Thales Group
- CardLogix Corporation
- IDenticard Systems
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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