Smart Card in Healthcare Market is Prospering Owing to Rising Government Initiatives All Over the World
- Himanshu Patni
- November 24, 2021
- HEALTHCARE, NEWS
- Smart Card in Healthcare Market, Smart Card in Healthcare Market growth, Smart Card in Healthcare Market share, Smart Card in Healthcare Market size, Smart Card in Healthcare Market trends
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The global Smart card in healthcare Market is expected to exceed the market valuation of more than US$ 2.5 billion by 2027 expanding at a reasonable CAGR of 12% during the forecast period (2021-2027). A smart card is a minute portable computer, generally the size of a credit card, having no display or keyboard. It comprises the microprocessor, some memory, and some apps.
The rising digitalization of the healthcare systems all over the world and the utilization of smart cards for the storage of patient data which ensures high levels of security and privacy are anticipated to boost the market growth. The increasing misuse of medical benefits and other frauds in the healthcare industry has grown widespread globally in the past few years. Many national governments are now turning towards smart cards for obtaining medical records of people. Healthcare Insurance Companies mainly issue these smart health cards for the better regulation of claims and other medical practices.
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Based on Product Type, the market is fragmented into Hybrid Smart Cards, Contactless Smart Cards, Contact-based Smart Cards, and Dual-interface Smart Cards. The Contactless Smart Cards segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period. The rising incidents of Covid-19 have positively impacted the contactless smart card market as the World Health Organization (WHO) and other governments organizations globally are advocating the use of contactless smart cards for various purposes to ensure social distancing to contain the spread of the virus.
Based on the Component, the market is bifurcated into Memory-card Based Smart Cards and Microcontroller Based Smart Cards. The microcontroller-based smart cards segment dominated the market in 2020 and is expected to grow at lucrative during the forecasted period. The microcontroller-based smart cards are portable and have vast memory, which is anticipated to boost the growth of this segment during the forecast period. Moreover, the rising adoption of microcontroller-based smart cards in healthcare is also deriving market growth.
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For a better understanding of the market adoption of Smart card in healthcare, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Europe will dominate the Smart Card in the Healthcare market on account of the increasing initiatives by several governments as well as non-government organizations for ensuring good healthcare facilities. The European Health Insurance Cards are issued for free to residents of 32 countries. Many of the European countries have their own national healthcare ID card. Such factors are anticipated to boost market growth. Some of the major players operating in the market include Thales Group, IDEMIA, Giesecke + Devrient GmBH, CPI Card Group, HID Global Corporation, Watchdata, Eastcompeace, Inteligensa, ABCorp, CardLogix. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Smart card in healthcare Market Segmentation
Market Insight, by Product Type
- Hybrid Smart Cards
- Contactless Smart Cards
- Contact-based Smart Cards
- Dual-interface Smart Cards
Market Insight, by Component
- Memory-card Based Smart Cards
- Microcontroller Based Smart Cards
Market Insight, by Region
- North America Smart card in healthcare Market
- United States
- Rest of North America
- Europe Smart card in healthcare Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Smart card in healthcare Market
- Rest of Asia-Pacific
- Rest of World Smart card in healthcare Market
Top Company Profiles
- Thales Group
- Giesecke + Devrient GmBH
- CPI Card Group
- HID Global Corporation