Smart Card In Healthcare Market Set to Witness Explosive Growth by 2028
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Updated on Oct 11, 2023
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Smart Card In Healthcare Industry Overview
The global smart card in healthcare market size was valued at USD 1.01 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.4% from 2021 to 2028.
The increasing digitalization of the healthcare systems globally and the use of smart cards to store patient data and ensure high levels of privacy and security are expected to boost the market growth. The COVID-19 pandemic impacted the healthcare industry and the rippled effect was observed in the healthcare IT industry too. Smart card market players reported a flat or decline in their sales growth of smart cards business. For instance, Brady Corporation, the parent company of IDenticard Systems, reported a decline of 9.1% in its IDS segment, which consists of smart cards for healthcare applications. Similarly, Thales Group reported a 2% decline in its growth rate from 2019 to 2020. Frequent lockdowns and supply chain inadequacies were primarily responsible for hindered adoption.
Gather more insights about the market drivers, restrains and growth of the Global Smart Card In Healthcare Market
Increasing government initiatives for the implementation of smart cards in the healthcare system are also expected to boost market growth. For instance, the government of India launched the Rashtriya Swashthya Bima Yojana (RSBY) in 2008. The scheme relies exclusively on a centralized digital artifact to function, made visible by the RSBY smart card. Till April 2020, about 120 million Indians have been registered in the RSBY database through these smart cards.
Smart cards assist healthcare workers in maintaining the efficiency of patient care and privacy safeguards. These cards also allow for the safe storage of information about a patient’s medical history and instantly access the information while also facilitating the provision to update if required. This reduces the risk of healthcare frauds, hence boosting the market growth.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
- Healthcare API Market: The global healthcare API market size to be valued at USD 336.02 million by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% during the forecast period.
- Healthcare Automatic Identification And Data Capture Market: The global healthcare automatic identification and data capture market size to be valued at USD 62.0 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 22.3% during the forecast period.
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)
- Memory-card Based
- Microcontroller Based
Smart Card In Healthcare Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- January 2020: Thales Group partnered with Confidex for launching a flexible smart card for the Calypso-based system.
Key Companies profiled:
Some prominent players in the global smart card in healthcare market include:
- Atos SE
- Giesecke+Devrient GmbH
- Infineon Technologies AB
- NXP Semiconductors
- Texas Instruments Incorporated
- Thales Group
- CardLogix Corporation
- IDenticard Systems
Order a free sample PDF of the Smart Card In Healthcare Market Intelligence Study, published by Grand View Research.