PUBLISHER: The Business Research Company | PRODUCT CODE: 1605614
PUBLISHER: The Business Research Company | PRODUCT CODE: 1605614
Healthcare identity management encompasses the processes and technologies used to securely manage and authenticate the identities of individuals within healthcare systems, including patients, healthcare providers, and administrators. Its primary objective is to ensure that the appropriate individuals have access to healthcare resources, services, and sensitive information while safeguarding patient privacy and adhering to regulatory standards.
The main solutions within healthcare identity management include identity and access management (IAM), authentication, verification, and access management and authorization. IAM refers to the tools and processes organizations use to manage digital identities and control access to specific resources. These solutions can be deployed in various ways, including on-premises, cloud-based, and hybrid models. Key technologies involved include biometric authentication, radio frequency identification (RFID) and smart cards, single sign-on (SSO), multi-factor authentication (MFA), and internet of things (IoT) authentication. The primary end users of these solutions are hospitals and clinics, diagnostic laboratories, research institutions, and health insurance companies.
The healthcare identity management market research report is one of a series of new reports from The Business Research Company that provides healthcare identity management market statistics, including healthcare identity management industry global market size, regional shares, competitors with a healthcare identity management market share, detailed healthcare identity management market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare identity management industry. This healthcare identity management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The healthcare identity management market size has grown rapidly in recent years. It will grow from $4.07 billion in 2023 to $4.57 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth during the historical period can be attributed to the rising prevalence of chronic diseases, the increasing adoption of cloud-based healthcare solutions, the expansion of biometric authentication technologies, the growth of healthcare data-sharing initiatives, and the development of healthcare fraud detection systems.
The healthcare identity management market size is expected to see rapid growth in the next few years. It will grow to $7.34 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The anticipated growth during the forecast period can be attributed to the rising prevalence of chronic diseases, the increasing adoption of cloud-based healthcare solutions, advancements in biometric authentication technologies, the expansion of healthcare data-sharing initiatives, and improvements in healthcare fraud detection systems. Key trends expected during this period include technological advancements, the adoption of blockchain technology, the integration of artificial intelligence, the development of the Internet of Medical Things (IoMT), and the growth of telehealth services.
The increasing frequency of security breaches is expected to drive growth in the healthcare identity management market in the coming years. A security breach occurs when unauthorized access to or disclosure of sensitive information, systems, or networks takes place, potentially leading to damage or exploitation. The rise in security breaches can be attributed to several factors, including heightened cyber threats, the expansion of digital infrastructure, and human error. Healthcare identity management systems utilize multi-factor authentication (MFA) and biometric verification to ensure that only authorized individuals can access sensitive patient information. This strategy significantly reduces the risk of unauthorized access and bolsters security measures against potential breaches. For instance, in January 2024, the Identity Theft Resource Center, a US-based non-profit organization, reported that in 2023, approximately 725 data breaches occurred, exposing or disclosing over 133 million records. This indicates a continued rise in healthcare data breaches throughout the year. Thus, the growing instances of security breaches are driving the expansion of the healthcare identity management market.
Key players in the healthcare identity management market are focusing on developing advanced technologies, such as multi-factor authentication, to enhance security by providing additional layers of protection against unauthorized access. Multi-factor authentication (MFA) is a security protocol that improves user verification by requiring two or more independent credentials to confirm identity access. For example, in March 2023, Clario, a US-based technology company, launched the Federated Identity Management (FIM) System. This system enhances security and user convenience by allowing users to access multiple systems and organizations using a single login credential, streamlining the authentication process. FIM integrates with external identity providers, enabling clients to securely access Clario's platform using their trusted credentials. It also incorporates single-sign-on (SSO) and multi-factor authentication (MFA) to strengthen security, particularly for individuals involved in clinical trials.
In May 2024, Cloud21, a UK-based digital healthcare services company, acquired BDS Solutions for an undisclosed amount. This acquisition aims to enhance Cloud21's IT integration and support services for healthcare by leveraging expertise in identity management and IT operations to optimize technology infrastructure and improve user experience across healthcare organizations. BDS Solutions is a US-based identity management and IT services company.
Major companies operating in the healthcare identity management market are Deloitte Touche Tohmatsu Limited, Oracle Corporation, Infosys Limited, Atos SE, Okta Inc., CyberArk Software Ltd., SailPoint Technologies Holdings Inc., Ping Identity Corporation, Saviynt Inc., ForgeRock Inc., Simeio Solutions LLC, One Identity LLC, Veritis Group Inc., Radiant Logic Inc., Promobi Technologies Private Limited, Ubisecure Inc., Zluri Inc., Evidian, Optimal IdM LLC, My1Login Limited
North America was the largest region in the healthcare identity management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare identity management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the healthcare identity management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The healthcare identity management market consists of revenues earned by entities by providing services such as identity governance and administration(IDA), patient portal control and access, and fraud detection. The market value includes the value of related goods sold by the service provider or included within the service offering. The healthcare identity management market also includes sales of biometric sensors, identity control systems, and patient wristbands. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Healthcare Identity Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare identity management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare identity management ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare identity management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.