Smartcard is simply a plastic card along with an integrated chip on it. Chip is a microprocessor that makes plastic cards useful for a wide range of electronic applications. The chip on the card stores, calculates, manages, and safely accesses the personal data information with the help of any reading machine system. These cards utilize encrypted algorithms for managing data and are considered safer than available magnetic stripe cards. Such cards are also useful in handling sensitive data like personal health information, finances, and the identity of individuals owing to their high-security features. Smart cards are also widely used in several key applications like transportation, government authorities, telecommunication, entertainment banking & financial corporation, and healthcare services. Smart cards are widely utilized in healthcare sectors due to their added security features.
Smart cards in the healthcare sector boost the confidentiality of spatial data and maintain precise patient identification operations across different geographies and facilities. Furthermore, these also offer secure access to emergency medical information. Smart cards cover healthcare court cases and allow better compliance with government initiatives & instructions. Smart cards also facilitate effective financial transactions. All these factors are likely to significantly drive the growth of the global smart card in the healthcare market in the forthcoming years. However, there is an urgent demand for an effective patient management system globally that helps in client organization towards electronic data management approaches. Growing stress on patient safety along with growing research and development activities by prominent market leaders to develop unique products will further augment the growth of the market. The growing adoption of smart cards in handling patient data and authenticating patient’s identities during medical care help in lowering medical errors and also reduces healthcare costs, thereby driving market growth.
The global smart card in the healthcare market can be segmented into application, component, type, and region.
By application, the market can be segmented into security billing, payment patient history, personal identity, and others. The patient history segment holds hegemony over others as it offers easy access to patient data which announces better patient care facilities.
By component, the market can be segmented into microcontroller and memory card-based smart cards. The memory card-based smart card segment accounts for the largest share in the global smart card in the healthcare market as memory cards are regarded as protective chips that effectively store their information and pose ultra-high frequency.
By type, the market can be segmented into hybrid, dual interface, contact-based, and contactless smart cards. The contactless card segment dominates the global market as it offers secure reading, better storage, and data writing facilities.
Europe accounts for the largest share in the global smart card in the healthcare market due to the growing initiatives by government organizations to ensure high-end healthcare facilities in the region. Also, the presence of robust healthcare infrastructure in the region along with growing funding from prominent market players and government will further accentuate the growth of the regional market.
Asia Pacific is likely to witness an exponential growth in forthcoming years due to the ongoing technological advancements in the region along with favorable government initiatives.
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Some of the significant players in the global smart card in the healthcare market are IDenticard Systems, CardLogix Corporation, Thales Group, Texas Instruments Incorporated, NXP Semiconductors, Infineon Technologies AB, Giesecke+Devrient GmbH, and Atos SE. To cite, Thales Group in January 2020 made a deal with Confidex for introducing a flexible smart card for the Calypso-based system.