Dublin, Jan. 10, 2023 (GLOBE NEWSWIRE) — 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.
COVID-19 Impact Analysis
The lockout caused delays in the production and delivery of critical medical supplies. Limited access to medical treatment, a staffing deficit in the healthcare industry, and an increase in COVID-19-related hospitalization are a few more variables that have an impact on the market.
The coronavirus outbreak hastened the adoption of cutting-edge technologies in the healthcare sector, like blockchain. Blockchain technology has been utilized by healthcare facilities across a number of countries, which has improved effective resource & operation planning. Several market participants are creating a tracking system based on blockchain to halt the spread of incorrect information.
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.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
22.214.171.124 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis – Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2018, Feb – 2022, Aug) Leading Players
Chapter 4. Global Blockchain Technology in Healthcare Market by End User
4.1 Global Pharmaceutical & Medical Device Companies Market by Region
4.2 Global Healthcare Payers Market by Region
4.3 Global Healthcare Providers Market by Region
Chapter 5. Global Blockchain Technology in Healthcare Market by Type
5.1 Global Public Market by Region
5.2 Global Private Market by Region
Chapter 6. Global Blockchain Technology in Healthcare Market by Application
6.1 Global Supply Chain Management Market by Region
6.2 Global Data Exchange & Interoperability Market by Region
6.3 Global Claims Adjudication & Billing Market by Region
6.4 Global Others Market by Region
Chapter 7. Global Blockchain Technology in Healthcare Market by Region
Chapter 8. Company Profiles
8.1 IBM Corporation
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional & Segmental Analysis
8.1.4 Research & Development Expenses
8.1.5 Recent strategies and developments:
126.96.36.199 Partnerships, Collaborations, and Agreements:
188.8.131.52 Product Launches and Product Expansions:
8.1.6 SWOT Analysis
8.2 Oracle Corporation
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments:
184.108.40.206 Partnerships, Collaborations, and Agreements:
220.127.116.11 Product Launches and Product Expansions:
8.2.6 SWOT Analysis
8.3 Hashed Health
8.3.1 Company Overview
8.3.2 Recent strategies and developments:
18.104.22.168 Partnerships, Collaborations, and Agreements:
22.214.171.124 Product Launches and Product Expansions:
8.4.1 Company Overview
8.4.2 Recent strategies and developments:
126.96.36.199 Partnerships, Collaborations, and Agreements:
188.8.131.52 Product Launches and Product Expansions:
8.5.1 Company Overview
8.5.2 Recent strategies and developments:
184.108.40.206 Partnerships, Collaborations, and Agreements:
8.6 Equideum Health (ConsenSys Mesh)
8.6.1 Company Overview
8.6.2 Recent strategies and developments:
220.127.116.11 Partnerships, Collaborations, and Agreements:
8.7 BurstIQ, LLC
8.7.1 Company Overview
8.7.2 Recent strategies and developments:
18.104.22.168 Partnerships, Collaborations, and Agreements:
8.8.1 Company Overview
8.8.2 Recent strategies and developments:
22.214.171.124 Partnerships, Collaborations, and Agreements:
8.9.1 Company Overview
8.1 Avaneer Health, Inc.
8.10.1 Company Overview
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