Blockchain technology has gained a strong foothold in the healthcare sector, leading up to a decentralized future with real-world use cases. It is a distributed ledger technology that promises greater transparency, improved traceability, increased efficiency, and enhanced security at reduced costs. The technology is causing old systems to evolve, increasing efficiency while cutting down on costs across the healthcare industry.
Few of the practical uses of blockchain technology, such as smart contracts, supply chain processes, physician credentialing, peer-to-peer data exchange, and proof of work that permit the distribution of digital information without copying the information are about to change the business paradigm in healthcare soon.
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Blockchain initiatives have been proliferating, and emerging countries have already started building their blockchain ecosystems. The blockchain technology is being adopted increasingly across the healthcare industry. Owing to the credible growth opportunities demonstrated by the technology the blockchain technology in healthcare market is growing rapidly.
Acknowledging the exponential accruals, the market is garnering pervasively, Market Research Future (MRFR) in its recently published study report asserts that the global blockchain technology in healthcare market will be valued over 42 MN registering a gigantic CAGR of 71.8% during the forecast period (2018 – 2023). Insurance companies are increasingly preferring blockchain technology to maintain the real-time record of insurance holders.
Blockchain can also reinforce existing solutions that are built on technologies including Artificial Intelligence (AI) and the Internet of Things (IoT). Technology providers are now looking at a blend of AI, IoT, and Blockchain that cannot only streamline and enhance their client’s business process but also will help them to explore new business models and create innovative products for the next generation of consumers.
Additional factors boosting the growth of the blockchain technology in healthcare market include the increasing cases of data breach and concerns related to data security in healthcare, rising demand for easy to use and inexpensive data management tools, and the rising adoption of blockchain technology.
On the other hand, factors such as the lack of universal standards and awareness towards blockchain technology are expected to impede the growth of the blockchain technology in healthcare market. Nevertheless, the increasing investments and the adoption of blockchain technology in healthcare sector will be providing favorable conditions for the growth of the market during the assessment period.
Global Blockchain Technology in Healthcare Market – Key Players
Key players leading the global blockchain technology in healthcare market include Microsoft, IBM, Guardtime, Gem, Pokitdok, Patientory, Chronicled, Hashed Health, Isolve, Factom, Medicalchain, Blockpharma, Simplyvital Health, and Farmatrust among others.
Global Blockchain Technology in Healthcare Market – Segments
The MRFR analysis is segmented into four key dynamics for enhanced understanding.
By Application: Patient Data Management, Drug Traceability, Clinical Trials & Data Security, Claims Adjudication, and Billing, among others.
By Type: Permissioned Blockchains and Permission Less Blockchains.
By End-user: Pharmaceutical Companies, Healthcare Service Providers, and Healthcare Consumers among others.
By Regions: Asia Pacific, North America, Europe, and Rest-of-the-World.
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Global Blockchain Technology in Healthcare Market – Geographical Analysis
The North American region is estimated to continue dominating the global blockchain technology in healthcare market, slicing the largest market share. Factors such as the extensive uptake of advanced technologies, the presence of well-established healthcare management systems, and the availability of a large patient pool and insurance holders drive the growth of the regional market.
The blockchain technology in healthcare market in the European region is expected to account for the second-largest market, following the North American market closely. Factors escalating the growth of the regional market include technological advancement and the augmented adoption of blockchain technology.
Furthermore, the increasing number of clinical trials with increasing R&D expenditure in the pharmaceutical industry, raising awareness about blockchain technology, and the rising healthcare expenditure are some of the significant driving forces propelling the market growth.
The Asia Pacific region, heading with the high uptake of the blockchain technology, is rapidly emerging as a profitable market for the blockchain technology in healthcare. The ongoing trend of digitalization of patient records among healthcare organizations is one of the key driving forces behind the growth of the market in this region.
Furthermore, factors such as the increasing generic pharmaceutical industry in the region, continuously increasing investment in healthcare, and the adoption of technology in healthcare are fostering the growth in the regional market.
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