Blockchain Technology in the Healthcare Market in 2022 value stood at an estimated $1.4 billion, and it will increase Exponentially at a CAGR of 70.1 percent between 2021 and 2030.
A distributed database or ledger shared by nodes in a computer network is known as a blockchain. The blockchain serves as an electronic database for storing data in digital form. In healthcare systems, blockchain networks are used to store and share patient data among hospitals, diagnostic laboratories, pharmaceutical companies, and physicians. It can improve the efficiency, safety, and openness of healthcare data exchange within healthcare systems. By enhancing the performance, disintermediation, and security of electronic medical records, this technology provides a new model for health information exchange for blockchain technology in the healthcare market.
Market Dynamics:
Drivers:
One of the major factors driving the adoption of blockchain technology in the healthcare market is the increase in data breaches, which are also blockchain technology in the healthcare market trend leader. Therefore, cybercriminals are more likely to target medical databases. They may use or sell medical data to generate income. Additionally, the growing supply of counterfeit drugs predicts the growth of blockchain technology in the healthcare industry.
Supply chain management can become completely safe from counterfeit medicines by integrating blockchain into the healthcare marketplace. Additionally, the adoption of blockchain as a technology in the healthcare system is thriving for blockchain technology in the healthcare market growth.
Restraints:
However, the lack of skilled professionals with the necessary technical expertise to deal with blockchain technology in the healthcare sector may negatively impact the market growth. Blockchain technology in healthcare is inherently complex and requires skilled professionals to operate and manage operations.
A shortage of skilled workers, especially in emerging economies, could hinder the adoption of blockchain technology in healthcare. In addition to lost revenue, the lack of skilled professionals dealing with this technology has a variety of other negative consequences for the company, such as not being able to provide accurate market requirements or affecting customer satisfaction.
Key Players:
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IBM (US),
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Microsoft (US),
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Guardtime (Estonia),
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PokitDok (US),
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Gem (US),
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Chronicled (US),
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iSolve (US),
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Hashed Health (US),
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Patientory (US),
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Factom (US),
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Work (UK),
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SimplyVital Health (US),
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FarmaTrust (UK),
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Blockpharma (France),
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and Medicalchain (UK)
Market Segmentation:
Blockchain Technology in Healthcare Market, By Application
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Supply chain management
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Clinical Data Exchange & Interoperability
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Claims Adjudication & Billing Management
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Other Applications
Blockchain Technology in the Healthcare Market, By End-User
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Pharmaceutical Companies
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Healthcare Players
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Healthcare Providers
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Other End Users
Blockchain Technology in the Healthcare Market, By Region
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North America
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US
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Mexico
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Canada
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Europe
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UK
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Estonia
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Germany
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Rest Of Europe
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APAC
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RoW
Regional Analysis:
Due to several steps made by local governments to prevent data breaches, Europe held the greatest market share of XX% in 2021. For instance, the General Data Protection Regulation was introduced by the EU government in 2018. (GDPR). It is anticipated that the introduction of GDPR would open up more chances for firms in the area, especially given the phenomenal rise of blockchain technology. Over the projected period, North America is anticipated to have the second-largest market share. A key factor in regional expansion is the rise in need for secure medical record storage..
While investment in technology development in the US healthcare sector is increasing, so are the challenges associated with electronic medical records. This is driving a surge in demand for safe, secure and governed data sharing between companies as major players and other healthcare organizations are investing in the blockchain market.
Scope of the Report:
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Report Metric |
Details |
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Market Size Available For Years |
2020–2030 |
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Base Year Considered |
2020 |
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Forecast Period |
2021–2030 |
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Forecast Unit |
Value (USD) |
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Segments Covered |
Type, Deployment Model, Provider, Application, Enterprise Size, and Region |
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Regions Covered |
North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Middle East, Latin America and Africa) |
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Companies Covered |
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User
Tab Content
Introduction
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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