The healthcare smart card reader market is set to progress at a CAGR of 13.60% during 2022–2030, to reach USD 2,642 million by 2030. The market growth is propelled by the rising penetration of advanced technologies in the global healthcare sector, enabled by digitalization. As the demand for highly secure smart cards rises, so will the need for card readers. The strong need to maintain the privacy of user credentials is essentially fueling the market progress.
Moreover, with the advancing technology and functionality of the IC chips built into these smart cards, hospitals and clinics get access to patients and staff members’ information instantly, through card readers. Furthermore, the rise in the number of new entrants with cutting-edge readers is contributing to the market expansion.
For the accurate identification of patients and healthcare workers who are receiving and providing health-related services, respectively, or who are using and accessing patient information, a solid healthcare information management system is required.
Thus, healthcare organizations in North America are aggressively adopting smart health cards that offer a wide variety of benefits, such as the privacy and security of patients’ information, secure carriage of medical records and access to emergency medical information, reduction in healthcare frauds, and easy updates for compliance with the changing government mandates.
Moreover, the Government of the U.S. is incessantly focusing on ways to improve the efficiency of healthcare information systems. Over the last few years, the government’s focus has been firmly on the adoption of electronic health records at every American hospital and clinic, so they can exchange patient information with the government, whenever required.
Additionally, the American Recovery and Reinvestment Act (ARRA) aims to create enhanced privacy standards and addresses smart heath cards that facilitate secure access and offer protection to the data.
With the revenue share of more than 57% in 2022, the identity & other sensitive information management category dominates the application segment. As smart card readers are designed to provide safe and secure access to the data stored on the card, such as patients’ identities and their complete health-related information, the demand for them continues to boom around the world.
Further, the need for the convenience and security of transactions has resulted in the deployment of smart cards and, in turn, of the readers. Moreover, such devices are designed in a way that they comply with the HIPPA, which focuses on the privacy and security of patient’s personal and health information in the U.S. Similarly in India, the Digital Information Security in Healthcare Act (DISHA) aims at providing healthcare data privacy, security, confidentiality, and standardization.
Thus, the government rules aimed at protecting patients’ information drive the adoption of smart cards to store the required data, in turn, propelling the demand for devices that can read the cards and offer secure access to this information.
The most-significant healthcare smart card reader market players are FEITIAN Technologies Co. Ltd., gt german telematics gesellschaft für telematikdienste mbH, HID Global Corporation, part of ASSA ABLOY, rf IDEAS Inc., SecuGen Corporation, Advantech Co. Ltd., Rayton Solutions Pte. Ltd., IDENTOS Inc., Advanced Card Systems Ltd., and CardLogix Corporation.