Blockchain in Healthcare Market to Witness Exponential Growth During the Forecast Period From 2021 – 2027
The global blockchain in healthcare Market is expected to reach USD 5,798.0 Million by 2027, according to a new report by Emergen Research. The blockchain in healthcare is observing a high growth rate attributable to its rising application in supply chain management (SCM), clinical data exchange & interoperability, and claims adjustment & billing management, among others. Several hospitals and organizations are implementing the blockchain technology to record, analyze, and monitor patient information. Moreover, there is an increase in the supply of counterfeit drugs, and this issue can be restrained by adopting the blockchain technology in the healthcare sector. Initiatives are being taken by the government across the globe to tackle the situation.
Furthermore, the report provides a comprehensive analysis of the impact of the COVID-19 crisis on the market. It offers detailed insights into the impact of COVID-19 on the industry at a regional level and industry level. The report also covers the developments and government regulations related to COVID-19. The report further analyzes the current and future impact of COVID-19 on the global market and provides an insight into the post-COVID-19 situation.
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blockchain technology has the potential to overcome the challenges faced by the healthcare institutions with solutions such as decentralized storage, smart contracts, and cryptography, to enhance data protection while upholding precision and averting unauthorized access.Growing incidences of healthcare data breaches are a significant factor in driving the blockchain in healthcare market growth. Data breaches may lead to a loss of USD 380.0/ exposed record to the healthcare establishments; however, the existing systems are prone to various kinds of attacks. Patient records are vital to cybercriminals seeking comprehensive identity data, which results in safeguarding electronic health records and related personal information primary importance in the healthcare sector.
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Competition in the Blockchain in Healthcare Market:
The Blockchain in Healthcare Market report contains information on leading vendors’ product launches, sustainability, and prospects, such as: Leading companies profiled in the report IBM, Microsoft, Gem, Chronicled, Hashed Health, Factom, Guardtime, Pokitdok, Patientory, and Blockpharma, among others.
Further key findings in the report
By type, permissioned blockchain is likely to grow at a significant rate in the forecast period. Permissioned blockchain is a private system and offers faster processing of transactions, better privacy, and enhanced security. These developed and deployed for specific organizational demands. A growing requirement to give restricted access is causative of the market growth.
By end-users, the pharmaceutical companies dominated the blockchain in healthcare market in 2019. The increasing threat of data theft by hackers and rising incidences of counterfeit drugs are among the significant factors encouraging companies to adopt the blockchain technology.
By application, claims adjudication and billing is projected to grow at the fastest rate of 64.9% in the forecast period. It assists healthcare settings to manage duplication process and inappropriate filing. Moreover, it improves and assists in the management of accidental billing faults and uncertain transactions. Thus, it helps in improving the transparency, efficiency, and fast processing of claims.
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The market in the Asia Pacific region is projected to grow at the fastest rate of 66.3% in the forecast period attributed to a growing acceptance of IT solutions such as electronic health records, development of healthcare infrastructure, and a surging necessity for exchanging patients’’ information.
Segments covered in the report:
Emergen Research has segmented the global blockchain in healthcare market on the basis of type, application, end-users, and region:
blockchain in healthcare market Type Outlook (Revenue, USD Billion; 2017-2027)
blockchain in healthcare market Application Outlook (Revenue, USD Billion; 2017-2027)
Supply Chain Management
Clinical Data Exchange & Interoperability
Claims Adjustment & Billing Management
blockchain in healthcare market End-Users Outlook (Revenue, USD Billion; 2017-2027)
blockchain in healthcare market Comprehensive Regional Analysis Covers the Following Regions:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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The global Blockchain in Healthcare Market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Blockchain in Healthcare Market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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