Palm vein recognition has emerged as a promising biometric technology, yet its development remains constrained by the scarcity of large-scale publicly available datasets. Several methods of palm vein image generation have been proposed to address this issue. These methods usually focus on the anatomical realism of palm vein patterns, but overlook the biophysical correlation between identities and vein patterns, particularly in simulating identity-specific vein contrast. To tackle this limitation, we propose a novel biophysics-driven synthesis method. Our method constructs a 3D palm vascular tree via established modeling method. Then, a projection model is proposed to map the 3D tree into 2D space to derive palm vein patterns. The projection model is based on skin spectral absorption and simulates the natural attenuation of light passing through the skin using a layer integration method. For different identities, we sample different skin parameters, resulting in varying degrees of attenuation. This method effectively simulates the variation in vein contrast across different identities. Furthermore, we introduce a conditional diffusion model that uses the projected patterns as identity conditions to generate palm vein images. To the best of our knowledge, this is the first palm vein generation method based on the diffusion model. Experimental results demonstrate that our method not only outperforms existing methods, but also enables a recognition model trained on our synthetic data to achieve superior performance compared to a model trained on real-world data at a scale of 2,000 IDs under an open-set protocol with a TAR@FAR=1:1 of 1e-4.