Smart Cards In Healthcare Market Size is projected to observe appreciable growth from 2022 to 2028. This rise can be mainly attributed to the increasing inclination of healthcare organizations towards the adoption of smart cards that support an extensive range of applications and features.
Besides, these cards help in enhancing the security and privacy of patient information, provide secure access to emergency medical information, and support new processes for portable medical records. They also enable compliance with government mandates and initiatives, reduce healthcare frauds, and provide a platform for the implementation of other applications as required.
By type, the contactless smart card segment is estimated to account for a lucrative share in the smart cards in healthcare market through 2028. This can be credited to the ease of product usage given that contactless cards require mere proximity to a reader. Both the card as well as the reader are equipped with antennae, which enables communication between the two by means of radio frequencies.
In addition, most contactless cards also secure power from this electromagnetic signal for their internal chip. These factors are expected to foster the usage of contactless technology in the coming years.
Based on the use of components, the microcontroller-based smart cards segment is slated to depict considerable expansion during the forecast timeframe given that microcontroller chips provide the advantage of deletion, addition, and manipulation of information in its memory. A microcontroller is like a miniature computer with a hard disk, operating system, and input/output port.
Smart cards embedded with a microcontroller are equipped for the storage of large amounts of data, intelligent interaction with a smart card reader and can carry out their own on-card functions.
Considering the regional landscape, the Europe smart cards in healthcare market share is poised to foresee substantial growth by 2028 due to the adoption of favorable regulatory policies in the region. For instance, the European Commission took a decision for mandating the introduction of a card-based replacement to its E- 111 paper form for cross-border healthcare. The decision gave impetus to enhancing the usage of smart card technology in healthcare.
Leading players in the smart cards in healthcare market comprise Infineon Technologies, American Express Company, SCM Microsystems, Atos, Oberthur Technologies, CardLogix, VeriFone Holdings, Giesecke & Devrient, Gemalto, and others. These companies are focused on the implementation of strategic moves such as collaborative agreements, mergers, acquisitions, and the development of new products for the consolidation of their position in the market.
For instance, in November 2021, IDEX Biometrics ASA rolled out a proprietary software platform including a biometric COS (card operating system) and applets designed in collaboration with jNet ThingX Corp.
The SARS-CoV-2 pandemic has led to the introduction of new products owing to the multiple benefits of smart cards in healthcare sector. For instance, Foreign OPD rolled out its COVID SMART HEALTH CARD considering the growing cost of investigations and expert private consultations in India.
Citing another instance, in July 2021, the Commons Project launched SMART Health Card Verifier, which is a free SARS-CoV-2 vaccination verification app. The solution is intended at helping users to confirm their vaccination status by scanning an individual’s SMART Health Card QR code. Similar initiatives are anticipated to propel product adoption during the forecast period.
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