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.
MARKET OVERVIEW- GLOBAL SMART CARD IN HEALTHCARE MARKET
MARKET DRIVERS
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.
MARKET OPPORTUNITY
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.
MARKET RESTRAINTS
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.
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MARKET SEGMENTAL OVERVIEW
The global smart card in healthcare market comprises of different market segment like product type, component, application and geography.
SMART CARD IN HEALTHCARE MARKET BY PRODUCT TYPE
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.
SMART CARD IN HEALTHCARE MARKET BY COMPONENT
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.
SMART CARD IN HEALTHCARE MARKET BY APPLICATION
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.
SMART CARD IN HEALTHCARE MARKET BY GEOGRAPHY
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.
COMPETITIVE LANDSCAPE ANALYSIS
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.
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