Blockchain Technology in Healthcare Market Insights
Market Research Future (MRFR) reports, the global blockchain healthcare technology is estimated to attain a notable 71.8% CAGR during the forecast period of 2018 – 2023.
The blockchain technology is assigned for maintaining and recording real-time transactions. It is a brilliant initiative for cyber security. The increase in cyber threats is urging the need for enhanced protection. Additionally, the pragmatic shift towards digitalization is booting the adoption of blockchain technologies. The surge in numbers of patients, demands for a systematic execution of tracking and recording huge medical data. Medical billing and tracking are also a crucial aspect. Hence, the healthcare industry is experiencing a high rate of adoption of blockchain technologies. This is likely to augment the blockchain healthcare technology market growth.
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Blockchain Technology in Healthcare Market Key Players
Simplyvital Health, Farmatrust, Guardtime, Pokitdok , Isolve, Factom, Chronicled, Blockpharma, Patientory, Hashed Health, IBM, Microsoft, Gem, Medicalchain, and others.
Blockchain Technology in Healthcare Market Segmental Overview
The segmental analysis of the global blockchain healthcare technology market provides a holistic review of the market that aids in preparing proper strategies for its expansion. The market study has been segmented into type, application, and end-user.
Based on the type, the blockchain healthcare technology market has been segmented into permissioned blockchains and permission less blockchains.
Based on the end-user, the blockchain healthcare technology market has been segmented into healthcare consumers, pharmaceutical companies, healthcare service providers, and others.
Based on the application, the blockchain healthcare technology market has been segmented into claims adjudication, billing, drug traceability, patient data management, clinical trials and data security, supply chain management, and others.
Blockchain Technology in Healthcare Market Regional Analysis
By region, the market has been studied across North America, South America, Asia Pacific, Europe, and the Middle East Asia and Africa.
The blockchain technology healthcare market in the entire American region is envisaged to secure the paramount position, proliferating at a rapid pace. There are an array of factors spotted by MRFR which are likely to boost the regional market. The increased rate of adoption of advanced medical technologies owing to the large patient pool, the availability of firm medical infrastructure, and insurance policies are expected to bolster the regional market. Extensive adoption of blockchain technology to maintain the real-time records of insurance holder is a major booster for the market expansion.
The blockchain healthcare technology market in Europe is anticipated to secure the second position in the market lead chart. The increase in number of clinical trials attracting huge investment for research and developmental activities in the pharmaceutical sector is likely to shape a promising future for the blockchain healthcare technology market in Europe. Factors like the surge in awareness of blockchain technologies and the hike in disposable income can spur the market growth over the review period.
The Asia Pacific blockchain technology market to grow with the highest pace over the assessment period due to the rise in the number of generic pharmaceutical companies operating in the region. Other factors, like the adoption of modern technologies and increased investment for medical enhancements can fuel the blockchain healthcare technology market growth.
The Middle East Asia and Africa is estimated to hold the least share of the global blockchain healthcare market. The lack of technical infrastructure and inadequate medical facilities in the region are accounted for the lagging market growth in the region.
Blockchain Technology in Healthcare Industry Updates
June 2019: Dell Medical School entered into a partnership with the Austin Blockchain Collective that would result in a detailed exploration of how blockchain technology can assist to bring development in the healthcare industry.
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