The smart card is a type of credit/debit card that is embedded with an integrated circuit (IC) chip. These chips facilitate functionality to be added to the card, making an ordinary, plastic card into SMART. It performs various functions such as calculating, storing, managing, processing data and holding vital information. Smart cards are considered safer than magnetic strip cards and use encrypted algorithms for data management. Smart cards have broad applications such as to handle sensitive information such as finances, identity, and personal health information. The smart card reduces paperwork as well as improves storage capacity and record-keeping process. Smart cards are also used in health care services, telecommunications, banking and financial corporations, and many more. Smart cards in healthcare provide security and confidentiality of patient data, maintain accurate patient identification at various facilities and geographies, enable secure access to emergency medical information, easy bill payment using the card for a financial transaction, and reduce health care fraud.
MARKET SCOPE
The "Global Smart Cards in Healthcare Market Analysis to 2028" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the smart cards in healthcare market with detailed market segmentation by type, component, application and geography. The report provides key statistics on the market status of the leading smart cards in healthcare market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on type, the global smart cards in healthcare market is segmented into contactless smart cards, contact-based smart cards, dual-interface smart cards and hybrid smart cards.
- Based on component, the market is segmented into memory card-based smart cards and microcontroller-based smart cards.
- On the basis of application, the market is bifurcated into personal identity, patient history, billing and payment and security.
MARKET DYNAMICS
Drivers:
- Rising demand for better patient data management systems and rising inclination towards electronic data management approaches drive the growth of smart cards in the healthcare market.
- Growing research and development activities by key players to develop new products boost market growth.
- Strategic collaboration to develop advanced smart card technology and rising awareness among people about the benefits of smart cards propel the market growth.
- Growing government initiatives in the implementation of smart cards in the healthcare system fuel growth of the market.
Restraints:
- High cost of initial implementation in the healthcare sector.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The smart cards in healthcare market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the smart cards in healthcare market in these regions.
IMPACT OF COVID-19 ON SMART CARDS IN HEALTHCARE MARKET
COVID-19 first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, UK, Turkey, Italy, and Spain are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 pandemic significantly impacted the healthcare industry, along with which the effect was observed in the healthcare IT industry too. Smart card market players experienced a decline in sales growth owing to the factors such as worldwide lockdown, business shutdown, and supply chain disruptions, and so on. However, the market is likely to witness growth in the future due to the increasing demand for contactless smart cards and increasing government initiatives to adopt smart cards in healthcare systems to manage healthcare data efficiently.
MARKET PLAYERS
The report covers key developments in the smart cards in healthcare market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from smart cards in healthcare market are anticipated to have lucrative growth opportunities in the future with the rising demand for smart cards in healthcare in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the smart cards in healthcare market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- American Express Company
- CardLogix Corporation
- Atos SE
- Giesecke & Devrient
- Thales Group
- Infineon Technologies AG
- Oberthur Technologies SA (Idemia)
- SCM Microsystems
- VeriFone Holdings
- IDenticard Systems