The Block chain in Healthcare marketis forecast to reach USD 129.50 Billion by 2030. Several hospitals and organizations are implementing the technology to record, analyse, and monitor patient information. Moreover, there is an increase in the supply of counterfeit drugs, and this issue can be restrained by adopting the block chain technology in the healthcare sector. Initiatives are being taken by the government across the globe to tackle the situation.
Stringent regulations such as increased incidence of medical data breach will boost the application of the technology in the sector. For instance, in May 2019, it was revealed that the billing services vendor American Medical Collection Agency was hacked for eight months between August 1, 2018, and March 30, 2019. So far, it is estimated that approximately 25 million patients data has been breached. Block chain technology in the healthcare sector will lead to greater efficiency, and user empowerment, and interoperability leading to streamlined processes. It also allows data to be secured under inherent security features.
In the U.S., the FDA has outlined requirements to develop and enhance the drug supply chain security by the year 2023. This will boost the block chain technology in the region as the companies are trying to manage product quality as well as security. The market is Canada is also growing at a faster CAGR. The increasing number of startup and rise in government spending on the technology will augment the market demand.
The COVID-19 impact:
The COVID-19 pandemic is constraining legislatures and organizations to involve Blockchain in medical care tasks. Blockchain has acquired fascination in such crucial seasons of worldwide emergency because of the rich-elements and qualities. People, organizations, and associations all over the planet are attempting to adapt to the spread of the infection and are investigating blockchain innovation to track down answers for forestall such approaching fiascos. Indeed, even the innovation's maximum capacity is yet to be investigated, the Covid episode as of late has made it more pertinent. Blockchain in medical services is significant for those associations that are persistently following what COVID-19 is meaning for individuals continuously. The innovation acts continuously information with most extreme exactness and straightforwardness that are turning into the need of great importance. Blockchain is likewise assisting firms with making more prominent attention to individuals and associations about the sickness and its spread. The market is seeing an upsurge popular, and organizations will additionally put resources into its improvement after the pandemic is taken off, which is a positive pattern of the market.
Top players profiled in the report include:
- IBM
- Microsoft
- Gem
- Guardtime
- Others
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The report on the global Blockchain Technology in Healthcare market discusses in depth the current and emerging trends of the industry and discusses in detail the advancements in the technological and product sector. The report talks about the current and emerging and disruptive technologies in the healthcare sector that is impacting the market growth. Improvements in service quality, automation, increasing focus on patient-centric approaches, and rapid adoption of telehealth, especially amid the COVID-19 pandemic, have accelerated the market growth.
Incorporation of advanced technologies such as artificial intelligence, machine learning, VR, AR, and wearable has emerged as significant tools in the healthcare industry. Doorstep medicine delivery, modernized medical facilities, and increasing investment in technology are some key emerging trends and are expected to continue to be prevalent going ahead. Key companies are actively investing in advanced technologies and forming strategic alliances such as mergers acquisitions, joint ventures, collaborations, partnerships, licensing agreements, and corporate deals to gain a robust footing in the market.
The report further segments the Blockchain Technology in Healthcare market on the basis of the different product types offered by the market, application spectrum, end-use industries, regions, and technologies among others. Regional analysis of the Blockchain Technology in Healthcare market provides an extensive overview of the key regions where the market has gained a robust footing. It also studies the import/export, production and consumption patterns, supply and demand ratio, trends, demands, and presence of the prominent players in the regions.
Based on End-use, the Blockchain Technology in Healthcare market is segmented into:
- Pharmaceutical
- Healthcare Providers
- Healthcare Payers
- Others
Based on Applications, the Blockchain Technology in Healthcare market is segmented into:
- Supply Chain Management
- Clinical Data Exchange and Interoperability
- Claims Adjudication and Billing Management
- Others
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Regional Analysis Covers:
- North America
- Canada
- S.
- Mexico
- Europe
- Germany
- Italy
- K.
- Rest of EU
- Asia Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East Africa
- Saudi Arabia
- South Africa
- A.E
- Rest of MEA
Summary of the Blockchain Technology in Healthcare Market Research Report:
- Insightful information regarding the global Blockchain Technology in Healthcare market
- Strategic recommendations for the investment opportunities
- The report covers significant statistics related to the industry along with products, applications, price analysis, demand supply, and production and consumptions rate
- Emerging trends and current market segment analysis to help investors formulate new business strategies
- Thorough SWOT analysis and Porters Five Forces analysis along with feasibility analysis and investment return analysis
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