The North America Smart Card in Healthcare Market would witness market growth of 11.7% CAGR during the forecast period (2021-2027).
Smart health cards refer to card-like devices that are implanted with an integrated circuit (IC) chip, which consists of a microprocessor. These chips are capable of calculating, storing, processing data, managing, and can uphold all the crucial information. In addition, smart cards are more reliable than magnetic strip cards and can carry out encrypted algorithms via a smart card reader. These smart cards have a broad range of applications in managing sensitive information like identity, finances, and personal health data.
Moreover, smart health cards contain numerous features that make them beneficial for patients and healthcare providers. There are numerous benefits offered by these cards like improved confidentiality & safety of patient information, manage precise identification across various facilities, decrease healthcare fraud, safer access to an emergency medical situation, convenience in payment, and safer medical records. Thus, these advantages are estimated to assist in the enhancement of the healthcare system and also increase the importance & popularity of smart cards in healthcare market in the forecast years.
The strong healthcare system of various developed nations of the region like the US and Canada is pushing the smart card in healthcare market forward. In addition, the presence of many key players in the market is estimated to propel the regional growth of the smart card in healthcare market. Smart health cards can help in managing patient identity and provide practitioners & pharmacists better and secure access to the patient’s medical records.
Due to this, these smart health cards are highly adopted by the customers to streamline the medical system and reduce their burden of carrying prescriptions and other papers to hospitals. Customers across this region are more aware of the benefits offered by these smart health cards, which is supporting the regional growth of the smart card in healthcare market over the forecast period.
The US market dominated the North America Hybrid Smart Cards Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $89.9 million by 2027. The Canada market is experiencing a CAGR of 15.3% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 14.3% during (2021 - 2027).
Based on Product, the market is segmented into Contactless Smart Cards, Contact-based Smart Cards, Hybrid Smart Cards and Dual-interface Smart Cards. Based on Component, the market is segmented into Microcontroller Based Smart Cards and Memory-card Based Smart Cards. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Smart Card in Healthcare Market is Estimated to Reach USD 2.3 Billion by 2027 at a CAGR of 13%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Infineon Technologies AG, Texas Instruments, Inc., NXP Semiconductors N.V., Thales Group S.A., Atos Group, Giesecke & Devrient GmbH, American Express Company, VeriFone Holdings, Inc. (Francisco Partners), IDEMIA SAS (Advent International, Inc.) and CardLogix Corporation.
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