The global blockchain in healthcare Market is expected to reach USD 5,798.0 Million by 2027, according to a new report by Emergen Research. The blockchain in healthcare is observing a high growth rate attributable to its rising application in supply chain management (SCM), clinical data exchange & interoperability, and claims adjustment & billing management, among others. Several hospitals and organizations are implementing the blockchain technology to record, analyze, and monitor patient information. Moreover, there is an increase in the supply of counterfeit drugs, and this issue can be restrained by adopting the blockchain technology in the healthcare sector. Initiatives are being taken by the government across the globe to tackle the situation.
Growing incidences of healthcare data breaches are a significant factor in driving the blockchain in healthcare market growth. Data breaches may lead to a loss of USD 380.0/ exposed record to the healthcare establishments; however, the existing systems are prone to various kinds of attacks. Patient records are vital to cybercriminals seeking comprehensive identity data, which results in safeguarding electronic health records and related personal information primary importance in the healthcare sector. Evolving blockchain technology has the potential to overcome the challenges faced by the healthcare institutions with solutions such as decentralized storage, smart contracts, and cryptography, to enhance data protection while upholding precision and averting unauthorized access.
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The latest research report is inclusive of a precise summary of the intensely competitive landscape of The Global Blockchain in Healthcare Market. It offers a systematic presentation of the company profiles of the leading market players
Top Companies Operating in the Blockchain in Healthcare Market and Profiled in the Report are:
- IBM
- Microsoft
- Gem
- Chronicled
- Hashed Health
- Factom
- Guardtime
- Pokitdok
- Patientory
- Blockpharma
The report further provides a comprehensive analysis of the competitive landscape and provides complete coverage with regard to company profiles, product portfolio, revenue generation, financial standing, and market position. It also covers mergers and acquisitions, joint ventures, product launches, brand promotions, collaborations, agreements, and partnerships, among others. It also offers insights into the manufacturing processes, revenue estimations, EMERGEN RESEARCH advancements, and industrial penetration.
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Emergen Research has segmented the global blockchain in healthcare market on the basis of type, application, end-users, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Permissioned/Private Blockchain
- Permissionless/Public Blockchain
Application Outlook (Revenue, USD Billion; 2017-2027)
- Supply Chain Management
- Clinical Data Exchange & Interoperability
- Claims Adjustment & Billing Management
- Others
End-Users Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceutical Companies
- Healthcare Providers
- Healthcare Payers
- Others
The latest report on the global Blockchain in Healthcare market offers strategic insights into the market landscape to stakeholders, investors, and business owners to help them make efficient and lucrative business decisions based on key statistical data and facts. The report aims to offers a thorough outlook of the Blockchain in Healthcare market based on various key elements, such as market drivers, limitations, threats, restraining factors, and growth prospects. The report aims to deliver a comprehensive understanding of the Blockchain in Healthcare market growth and expansion in each key region of the world. It offers accurate estimations about the expected market size and growth over the projected timeline of 2019-2027.
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Blockchain in Healthcare Market Segmentation by Regions:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Objectives of the Report:
- By type, permissioned blockchain is likely to grow at a significant rate in the forecast period. Permissioned blockchain is a private system and offers faster processing of transactions, better privacy, and enhanced security. These developed and deployed for specific organizational demands. A growing requirement to give restricted access is causative of the market growth.
- By application, claims adjudication and billing is projected to grow at the fastest rate of 64.9% in the forecast period. It assists healthcare settings to manage duplication process and inappropriate filing. Moreover, it improves and assists in the management of accidental billing faults and uncertain transactions. Thus, it helps in improving the transparency, efficiency, and fast processing of claims.
- By end-users, the pharmaceutical companies dominated the blockchain in healthcare market in 2019. The increasing threat of data theft by hackers and rising incidences of counterfeit drugs are among the significant factors encouraging companies to adopt the blockchain technology.
- The market in the Asia Pacific region is projected to grow at the fastest rate of 66.3% in the forecast period attributed to a growing acceptance of IT solutions such as electronic health records, development of healthcare infrastructure, and a surging necessity for exchanging patients’’ information.
- Analysis of drivers, constraints, opportunities, challenges, and risks in the global Blockchain in Healthcare market
- Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances
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