The Latin America, Middle East and Africa Smart Card in Healthcare Market would witness market growth of 13.9% CAGR during the forecast period (2021-2027).
Healthcare companies across the world are incorporating smart health cards to support a broad range of features and applications. These smart health cards offer various features like enhanced security and privacy of patient data, delivering the secure carrier for portable medical records, decrease healthcare fraud, and provide assistance to the new processes for portable medical records. In addition, smart health cards also help in allowing compliance with government initiatives and mandates, offer more secure access to emergency medical data regarding a person, and offer the platform to deploy other applications that are required by the healthcare companies.
The growing digitalization in the healthcare industry around the world and the usage of smart cards to store patient information and make sure the highest levels of privacy & security are anticipated to fuel the growth of the market. In addition, the increasing government initiatives for the adoption of smart cards in healthcare industry are projected to propel the growth of the smart card in healthcare market. Smart cards help healthcare workers in the management of the efficiency of patient care and prevent any kind of privacy issues. Further, smart health cards also enable the safe storage of data about any patient’s medical history and quickly get access to the information along with facilitating the provision to upgrade it if needed. This minimizes the chances of healthcare frauds, and thus, bolsters the growth of the market.
The increasing cases of various diseases in the region and the emerging need of making a strong healthcare system across different nations of this region would open new growth prospects for the key market players. In addition, the untapped potential of the region is motivating more companies to enter this region and acquire a significant share in the regional market.
Along with this, the increasing disposable income of the customers is motivating them to spend more on their healthcare facilities and further adopt improved methods of availing healthcare facilities, which would augment the demand for smart health cards in this region. However, several nations of this region do not have a strong foundation in the healthcare sector, which may restrict the demand for smart health cards.
The Microcontroller Based Smart Cards market dominated the South Africa Smart Card in Healthcare Market by Component in 2020, thereby, achieving a market value of $21.6 million by 2027. The Memory-card Based Smart Cards market is expected to witness a CAGR of 14.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Smart Card in Healthcare Market is Predict to reach $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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