A distributed database, or ledger, that is shared by every computer network node is referred to as blockchain. A blockchain serves as an electronic database for digital data storage. The healthcare industry employs a blockchain network to store and exchange patient data across medical facilities, diagnostic labs, pharmaceutical companies, and doctors. As a result, there may be an increase in the efficacy, security, and transparency of medical data sharing throughout the healthcare system. This technology increases the security, de-intermediation, and efficiency of electronic medical data, providing a new model for blockchain-based health information exchanges in the healthcare industry.
According to SPER market research, Healthcare Blockchain Market Size - By Component, By Type, By Application- Regional Outlook, Competitive Strategies, and Segment Forecast to 2033’ state that the Healthcare Blockchain Market is predicted to reach USD 32.91 Billion by 2033 with a CAGR of 42.1%.
One of the primary factors propelling the implementation of blockchain technology in the healthcare sector is the increase in data breaches, which is also the market trend leader for this technology. Cybercriminals are therefore more inclined to target medical databases. They might utilize or sell the medical data to make money. The increase in the availability of counterfeit drugs is another factor contributing to the expected growth of blockchain technology in the healthcare industry. Supply chain management in the healthcare sector can be completely secured against counterfeit medications by integrating blockchain technology.
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Impact of COVID-19 on Healthcare Blockchain Market
The coronavirus pandemic accelerated the healthcare industry's adoption of innovative technology like blockchain. Numerous nations' healthcare facilities have used blockchain technology, which has enhanced efficient resource and operational planning. A blockchain-based tracking system is being developed by numerous industry players to stop the dissemination of false information. Accordingly, it is anticipated that the COVID-19 pandemic will help the blockchain healthcare technology business.
Blockchain in Healthcare Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Chronicled Inc., Factom Inc., Gem, Guardtime Federal, iSolve LLC, Microsoft Corporation, Patientory Inc., PokitDok Inc., Others.
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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Blockchain in Healthcare Market Share
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