Global Block Chain Technology in Healthcare Market: By Application (Clinical Data Exchange & Interoperability, Supply Chain Management, and Claims Settlement & Billing), By End User (Healthcare Payers, Pharmaceutical Companies, and Healthcare Providers), and Geography

 

The global block chain technology in healthcare market is projected to grow at a CAGR of 50% during the forecast period 2021 to 2027. The rising cases of data breaches as well as information leaks, and also the development of inefficient healthcare database systems and the application of block as a service (BaaS), as well as the increasing need for clear and immutable distributed ledgers, are propelling the development of the Blockchain in Healthcare Market. Adoption of blockchain will address concerns such as efficient data sharing among healthcare professionals, which will boost the likelihood of accurate diagnosis, successful treatment, and healthcare organisations' overall capacity to deliver cost-effective care. Furthermore, rising government schemes, increased expenditures in the creation of efficient medical record systems, and rising concerns about patient confidentiality are all driving the market forward. For instance, in 2019, the European Union's Falsified Medicine Directive went into effect. These prescription medicines came with a security feature that allowed hospitals, pharmacies, and health professionals to check their validity, opening up new business potential. The Blockchain is a decentralised system that records, stores, and maintains commercial or historical records throughout a peer-to-peer network of distributed computers which is also known as nodes. In other words, it's a public, irreversible digital ledger that works similarly and correspondingly to a database. As a formidable and disruptive technology that can trigger a seismic upheaval in any industry, blockchain is required. Blockchain in healthcare has a number of advantages, including internet infrastructure protection at all levels, a standardised pattern of consent to access electronic health records, and proof of identity. Furthermore, a lack of awareness of the benefits of block chain technology in the healthcare market, as well as a scarcity of experienced personnel, could stifle the market's growth. The majority of blockchain applications are used for the BFSI sector, and people lack sufficient information and comprehension of these technologies, which can stifle industry size.