Smart card health vertical to see significant boost
The size of the global market for smart cards in the healthcare sector is expected to reach USD 2.46 billion by 2028, expanding at a CAGR of 12.4%, according to a new report by Grand View Research, Inc.
Similar to many other markets, the market for smart cards in healthcare has also been significantly affected by Covid-19. Some of those major impacts include supply chain disruptions, a decline in sales, and low demand. Companies such as Thales Group reported flat growth in their smart cards product segment. Therefore, according to the researchers, the overall impact of Covid-19 on the market was neutral.
The flexibility provided by smart cards to securely add information to a patient healthcare card after its issuance is expected to boost the market growth. This factor delivers various benefits for healthcare applications. Patient prescriptions can be written to the card, providing up-to-date information when a patient is receiving medical care from multiple providers or in an emergency; patient record identification or multiple patient identification numbers can be saved to the smart card, enabling record exchange as well as helping with care coordination amongst multiple healthcare providers; and patient healthcare information can be saved to and updated on the card by certified healthcare providers, with updated information available for both the healthcare providers and patient to access.
The market is fairly competitive owing to the presence of the most notable participants, along with other manufacturers of smart cards for healthcare applications. These players are involved in new product launches, acquisitions, and partnerships to gain a competitive advantage over each other. For instance, in March 2020, Cardlogix Corporation launched a new edition of BIOSID, a rugged biometric tablet solution. With this, it expanded its product portfolio.
By product type, the contactless segment held the dominant share of over 28.0% in 2020 due to high global demand. Based on component, the microcontroller-based smart cards segment held the largest share of more than 55.0% in 2020 down to the portability and large memory capabilities of these smart cards
In terms of geography, in 2020, Europe held the dominant share of over 30.0% of the market, which according to the findings is because of the presence of major market players in the region and government initiatives to implement smart cards in the healthcare systems of those countries.
However, the findings show that is Asia Pacific that held the second-largest revenue share in 2020 and is expected to witness the fastest growth over the forecast period to 2028. The growing digitalisation of healthcare systems in countries, such as India, is fuelling the market growth in this region.
Some of the key players included in the research report include, Atos SE, Giesecke+Devrient GmbH, Infineon Technologies AB, NXP Semiconductors. Texas Instruments Incorporated, Thales Group, Cardlogix Corporation, Identicard Systems.