Emergence of Covid-19 to Boost Adoption of Smart Cards in Healthcare Market
The history of smartcards in healthcare dates back at least to the late 1990s. At that time, the French government began to offer each patient a small plastic card containing a microchip. Each patient then carries around his or her SmartCard. It serves as a virtual keypad on which to enter healthcare information.
Smartcards and their associated software have been around since the time they were first introduced. However, as more healthcare companies became aware of the benefits they could see in implementing them into their business and the advantages they provided, they began to use them themselves. Today, nearly every hospital, doctor’s office, pharmacy, nursing home, and other facility have some form of smart card or microprocessor smart card in use. A smart card is simply a magnetic strip that is used to make transactions from one place to another.
Increasing healthcare expenditure is expected to propel growth of the smart cards in healthcare market. For instance, according to The Centers for Medicare & Medicaid Services, the U.S. health spending is projected to reach nearly US$ 6.0 trillion by 2027. Moreover, emergence of Covid-19 has prompted several countries to develop vaccination proofing plans, which is also expected to aid in growth of the market. Digital credentials are expected to play a major role in management of the pandemic.