Market Research Future (MRFR) proposes that the global Blockchain Technology in Healthcare Market is likely to garner USD 42.06 million, grabbing a CAGR of 71.8% during the forecast period (2018-2023). Rising incidences of data theft in the healthcare sector are predicted to bolster the market growth. The blockchain is referred to as a decentralized platform system allowing the entry of real-time transaction. It enables the users to track all the activities which are carried out in the network and works as a digital ledger. The data is organized into blocks and are never stored in a single location. The data is accessible to everyone over the internet.
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The blockchain technology in healthcare market is witnessing some positive signs as the U.S. healthcare industry has started incorporating the technology in its system. For instance, record filing for better care of the patient is necessary. Earlier, this used to take up space without providing the correct information at the right time. Five of the major healthcare companies have already started adopting this technology to facilitate and simplify data sharing.
Researchers from the Chinese Academy of Sciences in Beijing have come up with a solution to secure mobile health data transmissions. They have introduced a Merkle tree-based method for organizing health records in the blockchain which can enable simpler data management.
The global blockchain technology in healthcare market can be segmented by application and end-user.
By application, the blockchain technology in healthcare market can be segmented into supply chain management, clinical data exchange & interoperability, claims adjudication, and billing.
Based on end-users, the blockchain technology in healthcare market includes pharmaceutical companies, service providers, healthcare consumers.
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Geographically, the blockchain technology in healthcare market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America’s infrastructural superiority in both IT and healthcare has already set up the premise for further market expansion. The market is also keen to integrate the new medium to have a safer functioning of the healthcare system. At the same point of time, the regional blockchain technology in healthcare market has the maximum number of market titans vying for the most opportunities which can help the market grow. Presence of robust economies in the region can also be considered while judging the market scenario in the coming years.
Europe has an advantage over the rest as the region started building the nest long before any other region. In 2016, the region began funding for a multinational collaboration where the other wheels of the cart were privacy companies and research institutes. The effort was to aggregate and share biomedical information. The technological brilliance of the region is also commendable which can cement its mainstay further. The APAC region can benefit substantially with a lot of companies in the healthcare sector trying to resolve issues related to patients in a much quicker pattern.
The promising global blockchain technology in healthcare market has a lot to offer in terms of new entrants and existing market behemoths. However, both require proper strategic implementations can take the market forward by miles. The market is looking poised perfectly as almost 74% out of the 1000 executives from all over the world Deloitte interviewed, wish to invest in blockchain technology in healthcare market. At the same point of time, merger, acquisition, collaboration and strategic steps can increase the growth rate. For instance, VitalHub, a blockchain based healthcare service provider, has acquired B Sharp Technologies and planning to buy HI Next in a bid to spread blockchain solutions.
The prominent players operating the global blockchain technology in healthcare market are Farmatrust, Patientory, Chronicled, Factom, Pokitdok, Hashed Health, IBM, Isolve, Microsoft, Gem, Simplyvital Health, Blockpharma, Guardtime, Medicalchain, and others.
February 16, 2019: IBM has created a brand-new blockchain-based health utility network to summon a wide healthcare ecosystem in a shared and highly secured environment. Their aim is to allow the organizations to create, share, and deploy blockchain-based solutions that will further fuel the digital transformation.
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