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)
Smart Card In Healthcare Component Outlook (Revenue, USD Million, 2016 – 2028)
Smart Card In Healthcare Regional Outlook (Revenue, USD Million, 2016 – 2028)
Middle East & Africa
List of Key Players of Smart Card In Healthcare Market
Infineon Technologies AB
Texas Instruments Incorporated
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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