Global Healthcare Blockchain Market

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Global Healthcare Blockchain Market

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Global Healthcare Blockchain Market

 Category : Health Care

 Published: Jun-2021
 Author: SPER Analyst
Healthcare Blockchain Market is projected to be worth around USD 7,216.0 Million by 2027
The global healthcare blockchain market is expected to grow at a CAGR of 73% from 2020 to reach USD 7.5 billion by 2027. The growth of healthcare blockchain market is attributed to the increasing awareness data security, increasing incidences of data leaks and data breach, coupled with the increasing need for exceeding storage spaces and increasing entrance of counterfeit medicines in the pharmaceutical supply chain. In addition, the growth of this market is driven by increasing awareness regarding cybersecurity attacks and patient protection against possible medical data breaches across the globe. On the other hand, high cost associated with the implementation of the block chain, lack of common standards, and lack of awareness regarding the uses of blockchain technologies in the healthcare sector.

Browse report overview on "Global Healthcare Blockchain Market - Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecast to 2027" at: https://www.sperresearch.com/report-store/Healthcare-Blockchain.aspx

The global healthcare blockchain market study provides market data for-by type (private and public), by application (supply chain management, clinical data exchange & interoperability, clain adjustment and billing management, and other applications), by end user (pharmaceutical and medical device companies, healthcare payers, healthcare providers, and other end users). The study also evaluates industry competitors and analyzes the market at a regional and country level.

Blockchain technology in the healthcare market is inclusive of public and private types. The public blockchain system is commonly used for data management. Currently, Ethereum, a public network, is one of the most commonly used technology in healthcare. It is also known as “permission-less” blockchain system. Low cost and access to a larger database are the major factors leading to the growth of these public networks. Private blockchains are the permissioned systems. For instance, Linux foundation’s Hyperledger Fabric is an implementation of the private network. They offer privacy, fast transactions, and high security. Therefore, they are designed and used for precise enterprise needs. The major factors leading to the growth of the private sector are data management and recording aspects along with the increase in demand for highly secured supply chain network. An increase in demand for limited access is the major factor leading to the lucrative growth of the segment. Furthermore, the future aspects with regards to technological advancements are expected to lead to a hybrid type of network.

Supply chain management held the dominant market share in 2020. Blockchain applications help preserve data integrity. The technology also helps the pharmaceutical companies facilitate interoperability with the Internet of Things (IoT) devices. It also helps them recruit candidates for clinical trials and regulate the drug supply chain. Blockchain can transform the healthcare sector by lowering operational costs, data corruption, and healthcare process optimization. Clinical trial is expected to grow at a higher rate during the forecast period. Leveraging the technology in clinical trials also, allows a patient to have full control over data. Integration of the blockchain technology also allows the clinicians to securely connect internally. Information changes or alterations over the blockchain are not allowed, which is anticipated to fuel the market growth in the forthcoming years. Adoption of blockchain technology in medical records ensure data integrity. Similar concepts can be applied to clinical trials, where the records are an important part of legalities.

Drug and medical device company segment accounted for the major market share in 2020, owing to the rising adoption of technology for essential functions such as verifying the authenticity of the returned drug, counterfeit prevention, compliance with pharmaceutical supply chain, transparency, and traceability in clinical trials, and improving reliability and quality of clinical trial data. The hospitals segment is expected to grow at a considerable rate owing to the growing adoption of the technology in hospitals such as the Massachusetts General Hospital (MGH). Healthcare institutions and hospitals are now working on storing patient’s data to safeguard the smooth working of the system. This not only helps in classifying new and old patients but also leverages existing records to complement the doctor’s appointment. Furthermore, the technology will also prevent vital information, such as payment details, address, phone number, against data breaches, and cyberattacks.

This research report analyzes major geographies and provides a comprehensive analysis of North America (US, Canada), Europe (Germany, France, Uk, Switzerland, and Rest of Europe), Asia-Pacific (China, India, Japan, and RoAPAC), Latin America, and Middle East & Africa. North America accounted for the largest share of the global healthcare blockchain market. The growth of the North American healthcare blockchain market is driven by the implementation of regulations in the region regarding the safety of patient data and improving quality of care, increasing incidence of fraudulent activities in the healthcare sector, rising need to reduce the escalating healthcare costs, and the growing need to protect medical data from tampering.

Don’t miss out on business opportunities in the global healthcare blockchain market. Request customized report as per your need and gain crucial industry insights that will help your business grow at: https://www.sperresearch.com/report-store/Healthcare-Blockchain.aspx?cutom=1

The major players operating in the global healthcare blockchain market are 
  • IBM (US)
  • Microsoft (US)
  • Guardtime (Estonia)
  • PokitDok (US)
  • Gem (US)
  • Chronicled (US)
  • iSolve (US)
  • Hashed Health (US)
  • Patientory (US)
  • Factom (US)
  • Proof.Work (UK)
  • SimplyVital Health (US)
  • FarmaTrust (UK)

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