Blockchain in Healthcare Market Forecast Report | Analysis, Statistics, Revenue, Demand and Trend Analysis Research Report by 2027

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According to a recent analysis by Emergen Research, the worldwide blockchain in healthcare market is anticipated to reach USD 5,798.0 million by 2027. Due to its expanding applications in supply chain management (SCM), clinical data sharing & interoperability, and claims adjustment & billing administration, among others, the blockchain in healthcare is experiencing rapid expansion. Blockchain technology is being used by many hospitals and organisations to store, process, and keep track of patient data. Additionally, the supply of counterfeit medications is growing, and the healthcare industry can control this problem by implementing blockchain technology. Governments all over the world are taking action to address the issue.

The rise of healthcare data breaches is largely responsible for the market for blockchain in healthcare’s expansion. Healthcare organisations may lose up to USD 380.0 per exposed record as a result of data breaches, yet the current systems are vulnerable to many different types of assaults. Protecting electronic health records and related personal information is of utmost importance in the healthcare industry since patient records are essential to fraudsters searching for comprehensive identification data. The potential for advancing blockchain technology to provide healthcare organisations with solutions like decentralised storage, smart contracts, and cryptography to improve data protection while maintaining accuracy and preventing unwanted access.

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Some Key Highlights from the Report

Permissioned blockchain, as a kind, is anticipated to expand significantly throughout the projection period. A private system called permissioned blockchain facilitates quicker transaction processing while also providing improved privacy and increased security. These were created and used to meet unique organisational requirements. The demand for providing restricted access is driving the market’s expansion.

By application, claims adjudication and billing is anticipated to experience the largest growth throughout the projection period, increasing by 64.9%. It helps healthcare facilities control incorrect filing and duplicate processes. Additionally, it enhances and helps with the management of unintentional billing errors and ambiguous transactions. As a result, it aids in increasing the speed, efficiency, and transparency of claim processing.

Pharmaceutical firms dominated the blockchain in healthcare market in 2019 according to end users. One of the key causes pushing businesses to utilise blockchain technology is the rising risk of data theft by hackers and the prevalence of fake pharmaceuticals.

A growing acceptance of IT solutions like electronic health records, the development of the healthcare infrastructure, and the increasing need for exchanging patient information are all contributing factors to the Asia Pacific region’s market expanding at the fastest rate, or 66.3%, during the forecast period.

IBM, Microsoft, Gem, Chronicled, Hashed Health, Factom, Guardtime, Pokitdok, Patientory, and Blockpharma are a few of the major participants.

Emergen Research has segmented the global blockchain in healthcare market on the basis of type, application, end-users, and region:

Type Outlook (Revenue, USD Billion; 2017-2027)

  • Permissioned/Private Blockchain
  • Permissionless/Public Blockchain

Application Outlook (Revenue, USD Billion; 2017-2027)

  • Supply Chain Management
  • Clinical Data Exchange & Interoperability
  • Claims Adjustment & Billing Management
  • Others

End-Users Outlook (Revenue, USD Billion; 2017-2027)

  • Pharmaceutical Companies
  • Healthcare Providers
  • Healthcare Payers
  • Others

Regional Outlook (Revenue, USD Billion; 2017-2027)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • U.K
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • MEA
    • Saudi Arabia
    • UAE
    • Rest of MEA

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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