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Increasing incidences of healthcare data breaches is one of the significant factors influencing the market growth.

VANCOUVER, BRITISH COLUMBIA, CANADA, June 19, 2023/EINPresswire.com/ -- The global blockchain in healthcare Market is expected to reach USD 5,798.0 Million by 2027, according to a new report by Emergen Research. The blockchain in healthcare is observing a high growth rate attributable to its rising application in supply chain management (SCM), clinical data exchange & interoperability, and claims adjustment & billing management, among others. Several hospitals and organizations are implementing the blockchain technology to record, analyze, and monitor patient information.

Moreover, there is an increase in the supply of counterfeit drugs, and this issue can be restrained by adopting the blockchain technology in the healthcare sector. Initiatives are being taken by the government across the globe to tackle the situation.

Growing incidences of healthcare data breaches are a significant factor in driving the blockchain in healthcare market growth. Data breaches may lead to a loss of USD 380.0/ exposed record to the healthcare establishments; however, the existing systems are prone to various kinds of attacks.

Patient records are vital to cybercriminals seeking comprehensive identity data, which results in safeguarding electronic health records and related personal information primary importance in the healthcare sector. Evolving blockchain technology has the potential to overcome the challenges faced by the healthcare institutions with solutions such as decentralized storage, smart contracts, and cryptography, to enhance data protection while upholding precision and averting unauthorized access.

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Key Companies Profiled in the Report are:

IBM, Microsoft, Gem, Chronicled, Hashed Health, Factom, Guardtime, Pokitdok, Patientory, and Blockpharma

Some Key Highlights from the Report

By type, permissioned blockchain is likely to grow at a significant rate in the forecast period. Permissioned blockchain is a private system and offers faster processing of transactions, better privacy, and enhanced security. These developed and deployed for specific organizational demands. A growing requirement to give restricted access is causative of the market growth.

By application, claims adjudication and billing is projected to grow at the fastest rate of 64.9% in the forecast period. It assists healthcare settings to manage duplication process and inappropriate filing. Moreover, it improves and assists in the management of accidental billing faults and uncertain transactions. Thus, it helps in improving the transparency, efficiency, and fast processing of claims.

By end-users, the pharmaceutical companies dominated the blockchain in healthcare market in 2019. The increasing threat of data theft by hackers and rising incidences of counterfeit drugs are among the significant factors encouraging companies to adopt the blockchain technology.

The market in the Asia Pacific region is projected to grow at the fastest rate of 66.3% in the forecast period attributed to a growing acceptance of IT solutions such as electronic health records, development of healthcare infrastructure, and a surging necessity for exchanging patients’’ information.

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Report Scope:

Historical Data: 2016-2018

Forecast Period: 2020-2027

CAGR: 64.5%

Base Year: 2019

Number of Pages: 250

Market Segmentations of the Blockchain in Healthcare Market

This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the forecast period. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Blockchain in Healthcare market on the basis of product, application, and region:

Segments Covered in this report are:

Type Outlook (Revenue, USD Billion; 2017-2027)

Permissioned/Private Blockchain

Permissionless/Public Blockchain

Application Outlook (Revenue, USD Billion; 2017-2027)

Supply Chain Management

Clinical Data Exchange & Interoperability

Claims Adjustment & Billing Management

Others

End-Users Outlook (Revenue, USD Billion; 2017-2027)

Pharmaceutical Companies

Healthcare Providers

Healthcare Payers

Others

The various regions analyzed in the report include:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Blockchain in Healthcare market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others

Key reasons to buy the Global Blockchain in Healthcare Market report:

The latest report comprehensively studies the global Blockchain in Healthcare market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.

The report offers an insightful analysis of the regional outlook of the market.

It offers a detailed account of the end-use applications of the products & services offered by this industry.

The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.

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