As per our research report, between 2022 to 2027, the global blockchain in healthcare market is expected to develop at a staggering 72.98% CAGR. North America dominates the global market, followed by Europe.
The need for blockchain in healthcare has surged during the COVID-19, and the test results of the COVID-19 patient will be recorded, analyzed, and monitored for accuracy. Hospitals and governments have turned to blockchain technology to keep track of patient rates. The blockchain ensured that healthcare providers and hospitals could accurately record symptoms, location, and prior health records during COVID-19. In the healthcare industry, blockchain technology has emerged as a viable alternative. However, the market is expected to grow at a significant CAGR in the upcoming years.
The healthcare industry now has a viable answer, thanks to blockchain technology. With blockchain technology, several start-ups are attempting to address major pain points in the healthcare industry, such as data security and the prevention of counterfeit pharmaceuticals. Because of the demand for technology, it has recently attracted the attention of stakeholders in the healthcare industry. In addition, governments from all across the world are investing in blockchain technology.
The growth of the blockchain in healthcare market is primarily driven by the increased awareness of the relevance of blockchain technology for gathering medical reports and confidential patient data.
Confidential patient information is an issue for hospitals and healthcare providers. The ability of healthcare professionals to secure data is one of the primary drivers accelerating the growth of the global blockchain in the healthcare market. In addition, growing developments in effective healthcare data systems and medical examination systems boost market expansion, leading to increased data leaks and increased demand to address such difficulties.
On a real-time basis, blockchain technology collects and tracks information regarding transactions. It is a decentralized, distributed ledger that records and tracks all of the activities that occur within the network. As a result, blockchain technology can be used to provide healthcare services worldwide. The goal of blockchain technology is to tackle fundamental problems with drug tracking. First, by building an impermeable circuit, blockchain technology assures end-users to track down the product supply chain. Second, the blockchain enables stakeholders, notably production facilities, to take immediate action by pinpointing the actual location of the drug.
Furthermore, several start-up businesses are developing technology to bridge the gap between the healthcare and blockchain industries, which will help the market grow even faster. Players in the market are investing in technologies to improve blockchain technology. Increased counterfeit medication concerns and the implementation of blockchain as a service and distributed ledger transparency are expected to favor the market expansion.
Various start-up companies have recently worked on technology to improve the medical industry and bridge the blockchain divide. ALLIVE, a China-based project, started in September 2018 that it would be constructing a healthcare network using technology to address the medical sector’s significant concerns. In addition, IBM created a low-cost platform for start-ups to build blockchain applications in 2018, and this initiative promotes new healthcare firms to adopt the technology. According to the findings, 1,322,211 healthcare records were exposed or stolen on August 19, 2020. The average breach size was 36,728, with 6,537 records being the median breach size.
People in underdeveloped countries are unaware of the benefits of blockchain technology, and severe regulatory constraints and rules tied to the technology are expected to hamper the global blockchain in healthcare market growth.
For start-ups and small and medium-sized organizations, the adoption of blockchain technology is impeded by a scarcity of experienced staff and higher installation costs. The lack of knowledge about blockchain technology and its applications in the healthcare industry is expected to be the most significant hindrance to its growth. In addition, end-users in the healthcare industry appear to be unsure about the benefits of blockchain and how it works, which will discourage companies from investing in the technology.
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KEY MARKET INSIGHTS:
- Based on the application, the supply chain management segment led the global blockchain in healthcare market in 2021. The Supply chain management segment is also expected to lead during the projected period. The blockchain application improves data integrity. The internet of things makes the company’s infrastructure more interoperable. Clinical trial recruitment and supply chain management are also aided by technology. By reducing operating expenses, data corruption, and healthcare process efficiency, blockchain has revolutionized healthcare. The prevalence of counterfeit medications in circulation and stringent regulations such as the Drug Quality and Security Act (DQSA) in nations like the United States are driving this segment’s growth.
- Based on the region, the North American region led the global blockchain in healthcare market in 2021. The FDA’s Medication Supply Chain Security Act states the necessity to create and strengthen drug supply chain security by 2023 in the United States. As corporations aim to manage product quality and security, these changes are good news for the blockchain industry. Humana, Multiplan, UnitedHealth Group’s Optum, UnitedHealthcare, Quest Diagnostics, and Ascension are among the significant US healthcare corporations that have created the Synaptic Health Alliance to test blockchain technology to improve data accuracy and cut costs. At least half of the information on Medicare Advantage Organizations had been mistaken, according to the Centres for Medicare & Medicaid Services. Customers are harmed because medical treatments are delayed, and they may face fines. Medical offices in Boston employ more than a half-dozen different systems to keep track of their electronic health records. As a result, they are vulnerable to fraud and hacking. Healthcare spending in the United States is expected to rise as the population ages and healthcare prices rise. As a result, blockchain may be a viable option for securing patient and clinical data.
- Due to improved economic conditions, increased consumer services, and economic countries such as China and India, the Asia Pacific region is predicted to grow rapidly. The rise in blockchain use in healthcare will also promote market expansion, quick regulatory policy changes, and the demand for advanced technology analytics solutions in the healthcare business. India currently accounts for a significant portion of the total due to greater government help through initiatives like finance and approvals. Japan is one of the top ten export markets for the healthcare technology, and it has a long history of absorbing foreign medical technology. The country’s population is rapidly aging, and the increased demands and challenges that come with it are notably visible in the healthcare sector at all levels. The national government is attempting structural and systemic changes. It stimulates and supports innovation through the effective use of Big Data in healthcare, the launch of personal health records, and a push to improve patient outcomes to save money.
- Because of the growing strategic alliances between government bodies and healthcare institutes for the development of blockchain technology and the widespread adoption of this technology by healthcare institutes across the country, Japan’s blockchain in healthcare industry is predicted to grow. This is accelerating the expansion of the studied market in Japan.
- Data verifiability, supply chain efficiency, and secure transactions are all facilitated by blockchain technology, which also has low infrastructure costs. This has boosted the country’s blockchain market adoption. As a result, its blockchain market will profit during the predicted time. Additionally, because of other benefits such as payments, smart contracts, and digital identities, there has been an increase in the usage of BC technology.
- Guardtime (Estonia), PokitDok (United States of America), IBM (United States of America), Microsoft (United States of America), Gem (United States of America), Chronicled (United States of America), iSolve (United States of America), Hashed Health (United States of America), Patientory (United States of America), Proof Work (UK), SimplyVital Health (United States of America), FarmaTrust (UK), Blockpharma (France), Medical chain (UK), & Factom (United States of America) are a few of the noteworthy companies operating in the global blockchain in healthcare market profiled in this report.
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SEGMENTS ANALYZED UNDER THIS REPORT:
By Application:
- Supply Chain Management
- Clinical Data Exchange & Interoperability
- Claims Adjudication and Billing
By End User:
- Pharmaceutical Companies
- Healthcare Payers
- Providers
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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