USD 1.14 Billion
Smart Card in Healthcare Market Size, Share, Growth Analysis, By Type(Hybrid Smart Cards, Contactless Smart Cards, Contact-based Smart Cards, and Dual-interface Smart Cards), By Component(Memory-card Based Smart Cards and Microcontroller Based Smart Cards), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2208 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
77
Smart Card in Healthcare Market Insights
Global Smart Card in Healthcare Market size was valued at USD 1.14 Billion in 2022 and is poised to grow from USD 1.28 Billion in 2023 to USD 3.25 Billion by 2031, at a CAGR of 12.4% during the forecast period (2024-2031).
A smart card is a plastic card prepared with a microprocessor chip considered for data storage, management, and confirmation purposes. These cards enable the transfer of data from the card to a reader, typically combined into a computer system. Their key benefit lies in attractive transaction safety by firmly storing user and account characters in a tamper-resistant manner. Smart cards are derived in three primary types: contact smart cards, contactless smart cards, and dual-interface smart cards. The development of the smart card market is principally credited to the augmented utilization of IoT (Internet of Things) technology and the integration of mobile phones with SIM cards. The global healthcare systems' growing digitization and the acceptance of smart cards for secure patient data storage to improve privacy and safety measures are composed to drive market development. Nevertheless, the healthcare IT industry, like many others, is knowledgeable about the consequences of the COVID-19 pandemic. This had a perceptible influence on smart card market players, with some reporting inactivity or a deterioration in their smart card commercial sales. For instance, Brady Corporation, the parent company of IDenticard Systems, saw a 9.1% decrease in its IDS segment, which concentrates in smart cards for healthcare applications. Likewise, Thales Group witnessed a 2% dip in its growth rate between 2019 and 2020. The slowdown in acceptance can be credited to the frequent lockdowns and disturbances in the supply chain.
The healthcare market is expected to experience a surge in growth due to increasing government creativities supporting the integration of smart cards within healthcare systems. For Instance, India introduced the Rashtriya Swasthya Bima Yojana (RSBY) in 2008, a scheme heavily reliant on a centralized digital mechanism—the RSBY smart card—for its operations. As of April 2020, around 120 million people in India have been registered in the RSBY database simplified by the use of these smart cards.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Contactless Smart Cards
Fastest Growth
Hybrid Smart Cards
Growth Rate
12.4% CAGR
Global Smart Card in Healthcare Market ($ Bn)
Country Share for Europe Region (%)
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Smart Card in Healthcare Market Segmental Analysis
The global smart card in healthcare market is segmented on the basis of type, component and region. By type, the market is segmented into hybrid smart cards, contactless smart cards, contact-based smart cards, and dual-interface smart cards. By component, the market is segmented into memory-card based smart cards and microcontroller based smart cards. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Type
In 2022, contactless smart cards dominated with an exceptional share of 28.0%. The growing predilection for contactless smart cards, credited to their advantages over contact-based ones and their independence from a specific reader, is projected to drive this segment's growth. These cards activate through NFC technology or radio frequencies, allowing wireless communication between the smart card and its selected usage point.
Meanwhile, the hybrid smart cards segment is predicted to realize the most rapid CAGR of 14.6%. These cards integrate multiple card technologies; for instance, they might participate in a surrounded microprocessor smart card together with a contactless RFID proximity chip. In difference, dual interface smart cards use a unified chip technology to communicate via both contact-based and contactless interfaces.
Analysis By Application
In 2022, the microcontroller-based smart cards segment demanded an exceptional share of 55.0%. Their portability and expansive memory abilities are projected to drive this segment's growth through the prediction period. This particular segment is predictable to exhibit the fastest CAGR, largely due to its increasing adoption within the healthcare sector.
The memory-card-based smart cards secured the second-largest share in 2022. These cards are primarily projected for temporary use with incomplete memory capacity. Once used, they are often disposed of as the stored data cannot be changed or enhanced.
Global Smart Card in Healthcare Market By Type
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Smart Card in Healthcare Market Regional Insights
In 2022, Europe protected the largest share of revenue, a special 30.0%. This can be accredited to the cumulative efforts by both governmental and non-governmental organizations to approve vigorous healthcare services, which are expectable to creativity product petitions in this region. Particularly, the issue of European Health Insurance Cards to residents in 32 countries at no cost and the incidence of national healthcare ID cards in numerous European nations are problems probable to stimulate market growth.
Similarly, the Asia Pacific region is composed to exhibit the fastest growth rate of 13.2% through the prediction period. This growth is fuelled by factors such as technically advanced healthcare systems and favourable government initiatives. Additionally, the Asian Pacific market is predicted to become the largest supplier to market share by the year 2028.
Global Smart Card in Healthcare Market By Region
- Largest
- Fastest
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Smart Card in Healthcare Market Dynamics
Drivers
Increasing Digitalization of Healthcare Systems
- The growing digitalization of healthcare systems is a vital driver for healthcare. As the healthcare industry holds digital transformation, smart cards are attractive and decisive for firmly storing and managing patient data within electronic health records, telemedicine platforms, and hospital information systems. These cards authorize the main levels of data confidentiality and security, protecting sensitive medical records from unsanctioned access and cyber threats. Additionally, they enable continuous data exchange and access, permitting healthcare providers to suggest more efficient and patient-centric conveniences. The increasing requirement on digital healthcare infrastructure and the essential for robust safety measures in this context are powerful in the adoption of smart cards, creating them a vital component of modern healthcare IT solutions.
Restraints
Government Initiatives
- Government initiatives are playing an essential role in driving the market's growth. Several governments worldwide are energetically subsidizing the integration of smart cards into healthcare systems to improve facility delivery, data security, and patient privacy. For instance, the Indian government's Rashtriya Swashthya Bima Yojana (RSBY) relies widely on smart cards for its operations, contribution to healthcare facilities for millions of people. In Europe, governments issue European Health Insurance Cards and national healthcare ID cards, serving access to healthcare services and confirmative proper identification. These government-sponsored programs not only encourage the adoption of smart cards in healthcare but also promote the standardization of healthcare ID systems, eventually increasing the market's expansion.
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Smart Card in Healthcare Market Competitive Landscape
The competitive landscape of the smart card in the healthcare market is characterized by the presence of key players directing on technological advancements and strategic partnerships. Companies like Gemalto, Giesecke+Devrient, and IDEMIA are among the projecting players pouring innovation in smart card technology personalized for healthcare applications. These industry leaders are incessantly investing in research and development to introduce more secure and adaptable smart card solutions. Moreover, partnerships with healthcare providers and government bodies to implement efficient and combined healthcare systems further strengthen the competition.
Top Player’s Company Profiles
- Gemalto
- Thales Group
- HID Global
- IDEMIA
- Giesecke+Devrient
- Oberthur Technologies
- Infineon Technologies
- NXP Semiconductors
- Atos
- CardLogix
- Cardcom Technology
- Watchdata Technologies
- VeriFone
- Ingenico Group
- Paragon ID
- Cipurse
- Athena Smartcard
- Precise Biometrics
- CardLogix Corporation
- TagMaster AB
- Identiv
- Versasec
Recent Developments
- In March 2023, the healthcare provider Mayo Clinic announced that it is using smart cards to track patient vitals and other health data. The new system is expected to improve the quality of care and reduce the risk of medical errors.
- In February 2023, the pharmaceutical company Pfizer announced that it partnered with the smart card company Gemalto to develop a new smart card-based system for tracking patient medication adherence.
- In January 2023, the healthcare provider Kaiser Permanente announced that it will be progressing with a new smart card system for its patients. The new system will permit patients to access their medical records, pay their bills, and schedule activities online.
Smart Card in Healthcare Key Market Trends
Contactless Technology Adoption
- The adoption of contactless technology in the market has experiential extraordinary growth due to its important advantages. Contactless smart cards, using technologies have increased widespread acceptance for healthcare applications. Patients and healthcare professionals can admittance information, make transactions, and confirm individualities deprived of the need for physical contact with card readers, dropping the hazard of disease transmission. Additionally, the COVID-19 pandemic enhanced the demand for contactless solutions, as they align with infection control measures and promote a harmless and more efficient healthcare environment. The competence and safety accessible by contactless smart cards make them a vital essential in the advancement of healthcare systems and the protection of sensitive enduring data.
Smart Card in Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the smart card in healthcare market is experiencing healthy growth motivated by the increasing addition of digital technologies in healthcare systems, the rising stress on data security and patient privacy, and government creativities promoting smart card adoption. The market's expansion is further fuelled by the escalating demand for contactless smart cards, leveraging skills like NFC for secure and suitable healthcare dealings. Hybrid smart cards, combination multiple card knowledge, are gaining grip for their adaptability in handling varied healthcare applications. Furthermore, the market is observing regional changes in dominance, with Europe leading in revenue segment owing to wide government-backed healthcare creativities, while the Asia Pacific region is predicted to exhibit the fastest growth, fuelled by technological advancements and supportive government policies, placing it to become a substantial market shareholder in the approaching years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.14 Billion |
| Market size value in 2031 | USD 3.25 Billion |
| Growth Rate | 12.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Card in Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Card in Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Card in Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Card in Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Card in Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Card in Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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