Blockchain Technology in Healthcare Market: By Type (Private, Public), By Application (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Supply Chain Management, Clinical Trials & e-Consenting, Other Applications) and By End-use (Hospitals, Insurance Providers, Drug and Medical Device Companies, Others) - Forecast 2027
|ID: VPR/HC/1270||Publishing Year: November 2021||Pages: 135||Format:|
Blockchain Technology in Healthcare Market Overview:
Global Blockchain Technology in Healthcare Market was valued at $ 52.16 billion in 2020 and is expected to reach $ 1498 billion by 2027, registering a CAGR of 61.55% from 2021 to 2027.
On a real-time basis, Blockchain technology is utilized to gather and monitor information concerning transactions. It functions as a digital ledger that records all of the network's operations. The market is projected to expand due to increasing instances of data theft in healthcare, the rising need for simple and cheap data management solutions, and the rising use of blockchain technology.
The Blockchain Technology in Healthcare Market’s growth may be credited to the increasing frequency of data leaks and breaches, as well as the growing need to address these problems. The implementation of the technology is being driven by strategic efforts by key stakeholders, a strong demand to minimize medication counterfeiting and the necessity for effective health data management systems.
The significance of blockchain technology for the systematic gathering of medical records and patient data is becoming more widely recognized, which will boost Blockchain Technology in Healthcare Market. Blockchain technology is being used by a number of businesses and hospitals to properly assess, record, and monitor medical data. Furthermore, the increasing danger of counterfeit medicines will accelerate blockchain use in the future years. In addition, increasing investment in the development of efficient healthcare record systems, wearable device cryptography, and medical examination systems is expected to offer profitable possibilities in the near future for this industry. The rising incidence of diseases is anticipated to generate a large quantity of data, increasing the need for data management.
Furthermore, using blockchain technology in healthcare records would guarantee that data integrity is maintained by preventing data manipulation. Blockchain Technology in the Healthcare Market growth is being fuelled by increased investment in this technology by the main market players. The efforts main players are expected to inspire additional healthcare institutions and innovators to embrace the technology, resulting in Blockchain Technology in the Healthcare Market growth.
- DeepMind Health
- Clinical Data Exchange & Interoperability
- Claims Adjudication & Billing
- Supply Chain Management
- Clinical Trials & e-Consenting
- Other Applications
- Insurance Providers
- Drug and Medical Device Companies
- North America
- Latin America
- Middle East and Africa
Due to numerous government efforts aimed at preventing data breaches, Europe had the largest market share. For example, the EU government adopted the General Data Protection Regulation (GDPR) in 2018. (GDPR). GDPR implementation, along with the huge development of blockchain technology, is anticipated to offer companies in the area additional possibilities. Over the projected period, North America is anticipated to have the second-largest market share. The main driver of regional expansion is the rising need for medical record security.
While the healthcare industry in the United States is investing more in developing technologies, problems with electronic medical records (EMR) are also on the rise. As a result, big players and other healthcare organizations are investing in the blockchain industry to meet the growing need for safe, secure, and controlled data exchange across businesses.
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