As per a statement by a market research institution, P&S Intelligence, the healthcare smart card reader market generated a value of USD 953 million in 2022, and it is projected to generate a value of USD 2,642 million, growing at a 13.60% compound annual growth rate, by 2030.
The growth in the industry of healthcare smart card reader is driven by the increasing digitization rate, the growing number of medical records, and the mounting number of patients.
Additionally, the advent of smart cards with micro-IC chips has provided more value to healthcare facilities, promoting them to offer such cards to their staff members or employee, therefore boosting the reader systems requirement.
Moreover, in recent years, the industry has increased its emphasis on gaining trust among the medical fraternity and the patient. This has resulted in the implementation of smart card technology in administrative processes for an enhanced protected workflow.
In 2022, the contactless category accounted for the largest revenue share in the healthcare smart card reader market, at 27%. This is credited to the fact that smart card readers are accessible with several interfaces. Contact-based types need manual card insertion into the device, on the other hand, the contactless type necessitates no physical interaction.
The major benefits of contactless readers are advanced processing of data and access granting speed, the nonrequirement to insert the smart card into the reader, and its suitability.
The healthcare industry is widely using smart cards to store and retrieve identity credentials of patients securely, for instance, photographs, imaging or laboratory results, and treatment data.
Moreover, this technology allows cashless payment transactions at clinics and hospitals and reduces the need for carrying cash. Additionally, smart cards enhance the security and confidentiality of patient information, as well as enable secure hospital access.
In 2022, the European industry, healthcare smart card reader generated over 32% revenue share. This is attributed to the increasing emphasis of the private and governments sector in Europe to provide the best possible care.
Additionally, various European countries have their national identity cards for healthcare services, therefore promoting businesses to produce distinctive and secure card readers.
The APAC industry is will witness the fastest growth, at approximately 14.6% compound annual growth rate, in the years to come. This is attributed to the advancement of technology in the healthcare industry and advantageous initiatives by the governments.
It is because of the increasing rate of digitization, the mounting number of patients, and the rising record of medical, the global industry of healthcare smart card reader will continue to grow significantly in the years to come.
