- Clinical Data Exchange & Interoperability
- Supply Chain Management
- Claims Settlement & Billing
Block Chain Technology in Healthcare Market was valued at USD 2.37 billion in 2022 and is poised to grow at a significant CAGR of 52.5% from 2023-2029. 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.
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Increasing incidence of medical data breaches, rise in entrance of counterfeit medicines in the pharmaceutical supply chain and increasing adoption of block chain as a service (Baas) are the major factors driving the growth of the market over the forecasted period. In addition, government support and initiation to implement block chain in healthcare and adequate funding to the startups in block chain in healthcare expected to offer significant growth for the Block Chain Technology in Healthcare market. However, stringent regulatory policies and lack of awareness regarding block chain are expected the hinder the growth of the Block Chain Technology in Healthcare market in the forecasted years
The key segments covered in the Block Chain Technology in Healthcare Market are technology, components, application, and end-users.
The Block Chain Technology in Healthcare Market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
The Block Chain Technology in Healthcare Market key players IBM (US), Microsoft (US), Guardtime (Estonia), PokitDok (US), Gem (US), Chronicled (US), iSolve (US), Hashed Health (US), Patientory (US), Factom (US), Work (UK), SimplyVital Health (US), FarmaTrust (UK), Blockpharma (France), Medicalchain (UK)
15. Key Assumptions and Acronyms