Healthcare Blockchain Market Share 2023- Global Industry Trends, Revenue, Growth Drivers, Latest Technologies, Business Opportunities and Future Investment till 2033: SPER Market Research
A distributed database or ledger that is shared by all of the computer network’s nodes is called a blockchain. A blockchain is used to store digital data in the same way as an electronic database. A blockchain network is utilized in the healthcare sector by hospitals, diagnostic labs, pharmaceutical firms, and physicians to store and exchange patient data. It can improve the transparency, safety, and effectiveness of medical data exchanges within the healthcare system. Through improved electronic medical record performance, disintermediation, and security, this technology presents a novel approach to health information exchanges for blockchain 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%.
Driver:
The growing incidence of data breaches is a primary catalyst for the adoption of blockchain technology in healthcare, a prominent trend in the broader blockchain market. Medical databases are increasingly vulnerable to cyberattacks, with criminals aiming to profit from the unauthorized use or sale of sensitive medical data. Another factor driving the integration of blockchain in healthcare is the rising prevalence of counterfeit medications, underscoring the need for enhanced security in the supply chain. Implementing blockchain in the healthcare sector holds the promise of safeguarding supply chain management against the threat of counterfeit drugs.
Challenges:
Two key challenges in the healthcare blockchain market include the reluctance of healthcare providers and payers to disclose data, driven by a lack of regulations and a desire to maintain competitive advantages. Additionally, there is a widespread lack of awareness and understanding among healthcare professionals about the benefits of distributed ledger technology in the industry, hindering its adoption.
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Impact of COVID-19 on Healthcare Blockchain Market
It is projected that the COVID-19 pandemic will benefit blockchain technology in the healthcare industry. The use of cutting-edge technology like blockchain in the healthcare sector has increased as a result of the coronavirus epidemic. Blockchain technology has been implemented by healthcare facilities across several countries, leading to more effective planning of operations and resources. Many market participants are developing a blockchain-based tracking system to prevent the spread of incorrect information.
Healthcare Blockchain Market key players
Furthermore, by far the largest global healthcare blockchain market share was held by North America in 2021, and this trend is expected to continue throughout the forecast period. This is credited to the presence of important actors, the integration of cutting-edge technology and software processes, the development of blockchain technology, and the region’s strong infrastructure. Apart from that, a few of the major participants in the industry include IBM (US), Microsoft (US), Guradtime (Estonia), Gem (US), PokitDok (US), and Chronicled (US).
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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Healthcare Blockchain Market Growth
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