Connect with us

Hi, what are you looking for?

Global Blockchain in Healthcare Market Size To Grow USD 5.15 Bn By 2027

As per our research report, the size of the global blockchain in the healthcare market is estimated to be growing at a CAGR of 72.98% from 2022 to 2027 and value USD 5.15 billion by 2027.

Browse details of the report @ https://www.marketdataforecast.com/market-reports/blockchain-technology-in-healthcare-market

The COVID-19 pandemic has emerged as an unprecedented health problem, infecting significant numbers of people across the world. Several countries have imposed national emergencies and lockdowns to curb the spread and infection from SARS-CoV-2 and this has led to economic damage and financial hardship. Clinical studies and surveys have reported a decline in outpatient and emergency medical services due to postponed or cancelled elective surgeries. However, the coronavirus outbreak has fueled the adoption of innovative technologies such as blockchain technology for efficient planning of operations and deployment of resources. Block chain technology has improved the management of clinical trial data by reducing regulatory approval times, ease transfer of information and stop the spread of misinformation.

The growing incidence of healthcare data breaches, the rise in number of counterfeit drugs, the rapid adoption of blockchain services (BaaS), and wide spread availability of services are the significant factors that drive market growth. According to the Breach Barometer 2019 report, more than 15 million patient records were breached in the year 2018. Such incidents have been increasing over time which allows market players to invest into new solutions. Health data breaches exposes highly sensitive information which is a huge risk both for patients as well as healthcare providers.

Over the past several years, the incidence of data breaches has increased dramatically in the healthcare sector. Digital technologies have provided a secure, transparency means to eliminate the need for a third-party custodian. The implementation of blockchain solves specific problems, including the efficient exchange of data between healthcare providers, which influences the chances of an efficient diagnosis, appropriate treatment and the overall ability of providers to health care to provide cost-effective treatment.  Additionally, the cost-effectiveness of blockchain technology in healthcare plays an key role in driving the market growth. Many startups have begun tackling key healthcare industry issues by using blockchain technology, which has increased the standards for security protocols. Other factors such as increasing adoption and use of distributed ledger technology, supportive government initiatives, ample investors willing to invest in blockchain and growing number of healthcare facilities across the world are contributing towards the growth of the studied market. One key factor affecting the market is the essentiality of understanding the blockchain set-up and its establishment and its cluster growth via training platforms.

In recent years, blockchain technology has caught the attention of various players and with this growing interest, developing economies and their untapped market potential will provide ample growth opportunities in the future.

However, the reluctance to publish data and the lack of a central entity and a common set of standards are expected to limit the growth of this market to some extent. In the healthcare industry, most healthcare providers and payers, especially in emerging countries, are hesitant to release data due to the lack of regulations around medical data sharing. The practical implementation of decentralized encryption systems goes beyond traditional IT development skills which is hindering the low- economic countries.

Healthcare end users do not understand the benefits of this disruptive technology and how it works. This could prevent companies from investing in this evolving technology owing to the vast unknown frontier with uncertain growth. For healthcare companies, providers are taking the competitive advantage to keep the data to themselves. Investors, the public and entrepreneurs have yet to harness its potential to transform business processes. In such a competitive situation, players in the healthcare sector are focusing mainly on gaining largest market share over each other. The lack of transparency of the evolving technology and awareness of a trustless system will disrupt the growth of the studied market. Additionally, poor reputation across the social media platform discourages the market expansion such as bitcoin.

Avail sample market brochure of the report to evaluate report usefulness, get a copy @ https://www.marketdataforecast.com/market-reports/blockchain-technology-in-healthcare-market/request-sample

KEY MARKET INSIGHTS:

In 2021, the supply chain management segment accounted for the largest market share in the blockchain in healthcare market and will follow the same trend during the mentioned timeline. Factors such as the increasing number of counterfeit medicines, implementation of strict regulations such as the Drug Safety and Quality Act (DQSA) in the U.S and the Falsified Medicines Directive (FMD) in Europe and growing adoption in hospitals and clinics will drive the market between 2022-2027

In 2021, the pharmaceutical companies segment accounted for the largest share of the blockchain in healthcare market. This growth can be attributed to the growing need for secure exchange of health information between providers and payers, the increase instances of insurance fraud, rapid growth rate of medical tourism and the need to improve efficiency operational health care organizations. Presence of substandard or counterfeit medicines in circulation and illegitimate supply providers will help in expanding the highly complex and risky pharmaceutical sector. This is due to the involvement of loosely regulated wholesalers, false marketing, rogue internet pharmacies and multiple import routes globally. Meanwhile, the healthcare players segment is estimated to show the highest CAGR from 2022 to 2027. This segmental growth is due to the advances in technology to minimize counterfeit pharmaceuticals providers, reduce copying of product packaging and pharmaceutical products.

In 2021, the regional market in North America accounted for the largest share, driven by the implementation of regulations for patient data security, improved quality of healthcare, increased incidence of fraudulent practices, the growing need to reduce rising healthcare costs, and the utmost need to protect medical data from manipulation. Revenue generating markets in United States and Canada will grow due the presence of large aging population and rising health care spending to protect clinical and patient data.

Europe held the second largest market share following North America in 2021. This is due to several recent advances in blockchain technology as well as various government initiatives supporting the adoption of innovative platforms to modernize healthcare sector. Companies are primarily focusing on developing blockchain technology solutions to ensure the overall security of healthcare data and summarize patient’s healthcare data.

On the other hand, the Asia-Pacific region is estimated to register the highest CAGR from 2022 to 2027. Factors such as improving healthcare infrastructure, increasing adoption of EHR systems and other IT solutions in hospitals and clinics, the growing demand for quick transfer of health information between different players due to the increase in medical tourism and the growing need to prevent counterfeit medicines are driving the growth of this regional market.

The blockchain market is limited due to the extensive expertise required to implement any of the new projects, which creates a high barrier to entry. The highly competitive market place allows companies to leverage specialized blockchain healthcare services from vendors. Some of these renowned vendors operating in the market are: BM, GEM, PokitDok, Medical Chain, BlockPharma, Microsoft Corp, Slove LLC, Patientory, Factom, and Hashed Health.

The report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/blockchain-technology-in-healthcare-market/customization

SEGMENTS COVERED UNDER THIS REPORT:

By Application: Supply Chain Management, Clinical Data Exchange & Interoperability and Claims Adjudication and Billing

By End User: Pharmaceutical Companies, Healthcare Payers and Providers

By Region: North America, Europe, APAC, Latin America, Middle East and Africa

About MarketDataForecast:

Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs.

Contact Us:

Market Data Forecast
Phone: +1-888-702-9626
Email: [email protected]

Written By

You may also like:

World

Calling for urgent action is the international medical humanitarian organization Doctors Without Borders/Médecins Sans Frontières (MSF)

Business

The cathedral is on track to reopen on December 8 - Copyright AFP Ludovic MARINParis’s Notre-Dame Cathedral, ravaged by fire in 2019, is on...

Business

Saudi Aramco President & CEO Amin Nasser speaks during the CERAWeek oil summit in Houston, Texas - Copyright AFP Mark FelixPointing to the still...

Business

Hyundai on Wednesday revealed plans to invest more than $50 billion in South Korea by 2026.