Blockchain Technology in Healthcare Market 2022
Global blockchain technology in healthcare market witnesses a continual rise in revenues. Market growth attributes to the strong foothold that the blockchain technology has acquired in the rapidly growing healthcare industry. The technology is rapidly changing the paradigm in the healthcare sector, streamlining traceable interactions, and accurate readings.
Resultantly, the blockchain technology is increasingly adopted across the healthcare industry.
According to Market Research Future (MRFR), the valuation of global blockchain technology in healthcare market is estimated to reach approximately USD 42 MN by 2023, growing at 71.8% CAGR during the review period (2018 – 2023). Credible growth opportunities offered by the technology is a key growth driver for the market.
Moreover, the increasing uptake of blockchain technology in insurance companies to maintain the real-time record of insured patients fosters market growth. Additionally, increasing cases of data breach and data security concerns in healthcare, and rising demand for user-friendly, inexpensive data management tools boost the growth of blockchain technology in the healthcare industry.
On the other hand, the absence of universal standards and awareness about blockchain technology are major factors anticipated to impede market growth. Nevertheless, increasing investments in healthcare sectors would support the growth of the market throughout the estimated period, providing favorable conditions.
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Key Players
Active players in the global Blockchain technology in healthcare market include Farmatrust, Guardtime, Microsoft, IBM, Gem, Patientory, Chronicled, Pokitdok, Isolve, Hashed Health, Factom, Blockpharma, Medicalchain, and Simplyvital Health, among others.
Segmental Analysis
The global blockchain technology in healthcare market can be segmented by application and end-user.
By application, the blockchain technology in healthcare market can be segmented into supply chain management, clinical data exchange & interoperability, claims adjudication, and billing.
Based on end-users, the blockchain technology in healthcare market includes pharmaceutical companies, service providers, healthcare consumers.
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Regional Analysis
Geographically, the blockchain technology in healthcare market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America’s infrastructural superiority in both IT and healthcare has already set up the premise for further market expansion. The market is also keen to integrate the new medium to have a safer functioning of the healthcare system. At the same point of time, the regional blockchain technology in healthcare market has the maximum number of market titans vying for the most opportunities which can help the market grow. Presence of robust economies in the region can also be considered while judging the market scenario in the coming years.
Europe has an advantage over the rest as the region started building the nest long before any other region. In 2016, the region began funding for a multinational collaboration where the other wheels of the cart were privacy companies and research institutes. The effort was to aggregate and share biomedical information. The technological brilliance of the region is also commendable which can cement its mainstay further. The APAC region can benefit substantially with a lot of companies in the healthcare sector trying to resolve issues related to patients in a much quicker pattern.
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