New York, U.S., June 08, 2022 (GLOBE NEWSWIRE) — Overview of the Blockchain Technology in Healthcare Market
According to a comprehensive research report by Market Research Future (MRFR), “Blockchain Technology in Healthcare Market Information by Application, Type, End User and Region – Forecast to 2030the market is expected to reach a valuation of $121 billion, at a promising CAGR of 68.3% between 2022 and 2030.
Blockchain technology has brought a multitude of advancements in the medical field, as well as modern businesses and daily practices in the healthcare sector. This advanced technology now helps healthcare providers in various areas of patient care procedures and administrative management.
It has many applications to reduce the risk of drug counterfeiting, reduce medication errors, improve patient safety, as well as decision support, etc., which contribute to its demand in the healthcare industry.
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|Market size||$121 billion|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||Application, type and end user|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Increased cases of data theft in healthcare|
|Growing demand for easy-to-use, low-cost data management tools|
Market Competitive Landscape:
Prominent vendors of blockchain technology in healthcare market include
- On-call time
- patient room
- Chopped Health
- I solve
- Medical channel
- Simply Vital Health
Covered USP market:
The increase in data breach cases as well as information leaks, in addition to the growing need to deal with these issues, is due to the growth of the market. Strategic actions taken by large corporations, urgent need to reduce instances of counterfeit medicines, and increasing need for effective healthcare data management systems are some other factors propelling the adoption of technology in the healthcare industry. health.
The rapid increase in cases of different diseases has led to the development of massive amounts of data, which increases the need for effective data management. The use of blockchain technology in health records ensures that there is no data tampering, which helps ensure data integrity. Increase in spending by major vendors of this technology could lead to considerable growth in the market.
Blockchain technology has emerged as an ideal solution for the healthcare sector. Several startups are beginning to solve important problems in the healthcare sector (including data security, prevention of counterfeit drugs in the pharmaceutical supply chain, and interoperability of medical records) through the use of blockchain technology . Over the past two years, blockchain technology has attracted the interest of a number of players in the healthcare sector. Due to the growing interest in the technology, several government agencies around the world are investing in extensive research activities, which will undoubtedly increase the size of the market.
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The shortage of skilled healthcare professionals with technical expertise to work with blockchain technology in the healthcare sector may pose a huge challenge for the global market in the future. Blockchain technology is quite complex in nature and hence requires highly skilled workers who can handle and execute the task.
COVID 19 analysis
The COVID-19 outbreak has sparked a number of health concerns as cases continue to rise around the world. The pandemic has caused significant economic damage as well as financial problems for many sectors. Various countries have had to impose emergencies as well as lockdowns to limit the spread of SARS-CoV-2. Several medical practices have been postponed, halted, and hampered, especially elective medical treatment, which has impacted the growth of the industry.
However, the epidemic has increased the adoption of advanced technologies such as blockchain technology in the healthcare sector. Several countries have adopted blockchain technology in their medical facilities for better planning of operations as well as resource deployments. Players are focusing on developing blockchain-based tracking systems that could help curb the spread of misinformation.
With respect to application, patient data management, supply chain management, clinical trials and data security, drug traceability, billing and claims adjudication are the major segments covered by the report.
Types of blockchain technology in healthcare are permissioned blockchains as well as permissionless blockchains. The type of blockchain technology allowed is expected to see better growth in the coming years.
Per end user
Blockchain technology in healthcare market, based on end users, can be divided into pharmaceutical companies, healthcare consumers, healthcare service providers, etc.
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The global market is dominated by America, while the United States leads the region, thanks to the ongoing innovations in blockchain technology and the growing number of government initiatives that encourage the use of such platforms. in health care. Major investors are realizing the huge potential of blockchain technology, which is helping to improve patient care, expand the reach of medical services, and reduce medical care expenses. Well-known companies in USA like Akiri, Factom and BurstIQ etc. focus on developing advanced blockchain technology solutions that ensure health data security, provide up-to-date and comprehensive patient health information as well as healthcare activity. . Moreover, strong economic growth in the United States will ensure significant growth of the market in the coming years.
As a second market, Europe is benefiting from the growing number of government initiatives focusing on ways to avoid data breaches. To cite a reference, the EU government in 2018 proposed the General Data Protection Regulation (GDPR). The growing demand for medical records security will further strengthen the market position.
China is currently the most lucrative market in Asia Pacific and the robust growth can be attributed to the expanding aging population, rising healthcare expenditures and the presence of established healthcare infrastructure in the country. The 2020 census data indicates that nearly 2,875 million people were over the age of 60 in China. China is home to some of the largest numbers of blockchain technology hubs and is witnessing digitization in medical facilities.
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