The Worldwide Blockchain Technology in Healthcare Industry is Expected to Reach $5.3 Billion by 2028 - ResearchAndMarkets.com

The "Global Blockchain Technology in Healthcare Market Size, Share & Industry Trends Analysis Report By End User, By Type, By Application (Supply Chain Management, Data Exchange & Interoperability, Claims Adjudication & Billing), By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.

The Global Blockchain Technology in Healthcare Market size is expected to reach $5.3 billion by 2028, rising at a market growth of 39.9% CAGR during the forecast period.

A blockchain refers to a shared distributed database or ledger between computer network nodes. Also, a blockchain functions as a digital database for the storage of data. The blockchain is made up of blocks with particular storage capacities that, once filled, are closed and linked to the block which passed before them to form a data chain. When the chain is complete, a new block is created from each bit of information that follows the just block and added to the chain.

A blockchain network is utilized in the healthcare industry to collect and access patient data across hospitals, diagnostic labs, pharmaceutical companies, and physicians. It can improve the effectiveness, security, and transparency of medical data interchange throughout the healthcare system. Using this technology, medical institutions could gain knowledge and enhance the evaluation of patient data. One of the key factors influencing the deployment of blockchain technology in the healthcare sector is the surge in data breaches.

The adoption of blockchain technology inside the healthcare system has increased the demand for blockchain technology in the sector. It may result in significant annual cost savings in areas such as IT, personnel, operations, and support function expenditures as well as reductions in fraud and the sale of fake goods. Complete protection from fraudulent pharmaceuticals may be offered by incorporating blockchain with supply chain management, making it the most popular blockchain technology in the healthcare industry.

The healthcare sector is dealing with a very serious issue: pharmaceutical counterfeiting. The lack of transparency in pharmaceutical supply chains makes it easy for fraud and manipulation to occur. Since blockchain technology enables system clarity and data integrity, it gives ideal solutions to combat pharmaceutical counterfeiting. It provides total, end-to-end supply chain transparency.

Market Growth Factors

Increasing Need For The Improved Communication Between Healthcare Provider And Patients

Regardless of what an industry stands for, miscommunication is a flaw that has a detrimental effect on it. Since people's lives are on the line, it is especially important to guarantee smooth and effective communication in the sensitive healthcare industry. Communication breakdown among healthcare professionals or between patients & providers could be very expensive and even dangerous to the health of the patient.

The majority of miscommunications are caused by incomplete or inaccurate medical data, as updating them takes a long time. Blockchain technology might be a useful remedy for this issue. Decentralized blockchain solutions exist. As a result, the information is kept on various network nodes rather than just one database.

Rising Requirement To Store And Safeguard Medical Data

Medical data storage and security requirements have increased, which can be beneficial for medical staff,patients, and healthcare facilities. Medical data may be kept secure thanks to blockchain technology's cross-checking, encryption, and decentralization, which stimulates the market's growth.

The digitization of the healthcare system and related business sectors is being prioritized by the governments of various nations because it has the potential to boost patient participation, improve health outcomes, and make better forecasts, among other things.

Market Restraining Factors

Complexities Faced By The Healthcare Companies During The Implementation

Regarding how various institutions manage records, healthcare physician providers & insurance payers vary widely. It is expected to be very challenging to get all of these organizations to utilize blockchain technology without a streamlined method, like single payer. However, the effectiveness of the entire system is diminished if any are unwilling to adopt it. Therefore, it is a tough ask to convince them to switch from paper records to electronic healthcare records (EHR) using blockchain. For instance, doctors frequently leave questions blank since doing so is mandated by technology.

Scope of the Study

Market Segments Covered in the Report:

By End User

• Pharmaceutical & Medical Device Companies
• Healthcare Payers
• Healthcare Providers

By Type

• Public
• Private

By Application

• Supply Chain Management
• Data Exchange & Interoperability
• Claims Adjudication & Billing
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

• IBM Corporation
• Oracle Corporation
• Avaneer Health, Inc.
• BurstIQ, LLC
• Chronicled
• Embleema
• Equideum Health (ConsenSys Mesh)
• Farmatrust
• GuardTime
• Hashed Health

For more information about this report visit https://www.researchandmarkets.com/r/2n3tlo

View source version on businesswire.com: https://www.businesswire.com/news/home/20230110005707/en/