The Medical Authentication System Market is estimated to be valued at US$ 756.8 Million in 2024

A newly published report by Coherent Market Insights reveals a sustainable growth opportunity in the medical authentication system market. Coherent Market Insights’ analyst projected the medical authentication system market to be valued at US$ 756.8 Mn in 2024. It is expected to exhibit a CAGR of 7% over the forecast period 2024 -2031.

Increasing risk of medical identity theft and rising online healthcare services drives market growth. Medical identity theft involves criminals using a victim’s personal information like name, date of birth, insurance details without consent to obtain medical treatment or prescription drugs. According to the U.S. Department of Health and Human Services, medical identity theft affected over 4.3 million adults in the U.S. in 2017. Authentication systems help verify patient identity and curb such thefts.

Moreover, with the growth of telemedicine and online consultations amid the pandemic, securing online medical records and ensuring patient identity has become important for healthcare providers.

Key Market Trends:

Multi-factor authentication and blockchain technology is a key trend driving market growth. Multi-factor authentication uses multiple layers of authentication like OTP, biometric, and security token along with username and password to verify identity. Blockchain facilitates distributed secure storage and verification of medical records and prescriptions without central monitoring. It can prevent unauthorized access and editing of records.

Medical Authentication System Market Opportunities

On the basis of type -Biometric authentication is gaining traction in the medical authentication system market. This is owing to its enhanced security and robust nature of verification. Biometrics such as fingerprint, facial recognition, iris scanning and others provide a unique digital signature for each individual that cannot be shared or stolen. This prevents breaches associated with password sharing or theft.

Multi-factor authentication provides an additional layer of security by combining multiple verification factors such as something users know (PIN, password), something users have (smart card, phone) and something users are (fingerprint, face). In the healthcare industry where security of sensitive patient data is critical, multi-factor authentication is being increasingly adopted to prevent unauthorized access of medical records and other data.

Key Market Takeaways

The global medical authentication system market is anticipated to witness a CAGR of 7% during the forecast period 2024-2031. This is owing to stringent regulations regarding data privacy and security across regions.

On the basis of type, biometric authentication segment is expected to hold a dominant position. This is due to its robust security and ability to provide strong user verification.

On the basis of application, medical record security and data protection segment holds the major share. This is due to increasing instances of healthcare data breaches and emphasis on securing electronic health records.

North America is expected to hold a dominant position over the forecast period. This is due to stringent health compliances and established healthcare infrastructure in the region.

Competitor Insights

Key players operating in the medical authentication system market include

Imprivata
com
Authentix
Hideez
ViewSonic
AuthX
Gemalto
JumpCloud
Broadcom
Entrust Datacard

Recent Developments:

In June 2020, Caregility improved their telehealth platform by adding single sign-on (SSO) and multi-factor authentication (MFA) capabilities. This allows users to access various apps, websites, and data using a single set of credentials. The connection eliminates password fatigue while improving security, system usability, and employee happiness. More information is available in full report