Among the nodes of a computer network, a blockchain is a distributed database or ledger that is shared. The digital data is stored in a blockchain, which functions as an electronic database. Among hospitals, diagnostic labs, pharmaceutical companies, and physicians, patient data is stored and shared on a blockchain network in the healthcare sector. Within the healthcare system, it can improve the effectiveness, security, and transparency of medical data interchange. This technology provides a new model for health information exchanges for blockchain in the healthcare business, improving the performance, disintermediation, and security of electronic medical records.
According to SPER market research, ‘Global Healthcare Blockchain Market Size- By Network Type, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Healthcare Blockchain Market is predicted to reach USD 32.91 billion by 2033 with a CAGR of 42.1%.
The sector is growing as a result of the increasing number of data breaches and leaks and the increased urgency with which these issues must be resolved. The key stakeholders' strategic actions, the growing need to stop drug fraud, and the demand for efficient health data management systems are the main reasons behind the implementation of the technology. The prevalence of diseases is expected to rise, creating a huge volume of data and increasing the need for data management. Additionally, the use of blockchain technology in medical records will ensure that the information is reliable and unchangeable. As a result of increased investment in this technology by significant market players, the market is expanding even further.
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Impact of COVID-19 on Global Healthcare Blockchain Market
However, the major impediment to the advancement of blockchain technology is a lack of knowledge about distributed ledger technology and its application in the healthcare industry. Healthcare end users are not aware of the benefits and usefulness of this cutting-edge technology. This might deter companies from investing in this emerging technology. Additionally, most healthcare providers and payers, especially in developing nations, are reluctant to divulge data since there is no legislation governing the exchange of medical data. Moreover, the economic crisis that accompanied the COVID-19 outbreak may severely postpone the privatisation of the healthcare sector.
Furthermore, blockchain adoption in the healthcare sector has increased as a result of the coronavirus outbreak. Blockchain technology has been embraced by healthcare institutions worldwide, enabling effective resource and operational planning. To combat the spread of incorrect information, many market participants are creating a tracking system based on blockchain. The COVID-19 outbreak is therefore projected to have a favourable effect on the market for blockchain technology in healthcare.
Global Healthcare Blockchain Market key players
Geographically, Europe dominated the market driven by robust data protection measures like the GDPR. This has created substantial opportunities, especially in conjunction with the rising adoption of blockchain technology. North America is expected to hold the second-largest share, primarily due to the demand for secure medical record management. The U.S. healthcare sector is increasingly investing in emerging technology, including blockchain, to address electronic medical record challenges and promote safe data sharing among businesses. Additionally, some of the market key players are Chronicled Inc., Factom Inc., Gem, IBM Corporation, iSolve LLC, Microsoft Corporation, Patientory Inc., PokitDok Inc., Others.
Global Healthcare Blockchain Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Network Type: Based on the Network Type, Global Healthcare Blockchain Market is segmented as; Private, Public, Others.
By Application: Based on the Application, Global Healthcare Blockchain Market is segmented as; Claims Adjudication & Billing, Clinical Data Exchange & Interoperability, Clinical Trials & eConsent, Supply Chain Management, Others.
By End User: Based on the End User, Global Healthcare Blockchain Market is segmented as; Biopharmaceutical & Medical Device Companies, Payers, Providers, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Global Healthcare Blockchain Market Growth Revenue
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