At 50.6% CAGR, Blockchain Technology In Healthcare Market to hit USD 513.1 Million to 2028, says Brandessence Market Research

LondonAnd Jan 31 2022 /PRNewswire/ – According to Brandessence market research, the valuation of Blockchain technology in the healthcare market will grow to 513.1 million US dollars Until 2028, grow from 248.7 Million USD in 2021. The market is set to register strong growth at a promising compound annual growth rate of 50.6% during 2022-2028 period.

Increasing demand for easy-to-use and inexpensive data management tools is the main factor driving the growth of global Blockchain technology in the healthcare market. “Blockchain Technology Analysis Report in Healthcare Market Size, Share, and Trends by Type (Public, Private) By Application (Supply Chain Management, Clinical Data Exchange and Interoperability, Claims Arbitration and Billing Management, Other Applications) By End User (Pharmaceutical Companies, Care Payers health care providers, and other users) based on region and sector projections to 2022-2028”

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Scope of Global Blockchain Technology in Healthcare Market Report:

Blockchain technology is one of the most important and complex technologies in the world. There is an increase in blockchain technology in various industries to innovate the way they work. One of the industries looking to adopt blockchain is in the healthcare industry. A blockchain can be defined simply as a timestamped chain of immutable data records that are managed by a group of computers that are not owned by any single entity. Each of these data sets is secured and linked together using cryptographic principles. Blockchain technology has the potential to transform healthcare, putting the patient at the center of the healthcare ecosystem and increasing the security, privacy, and interoperability of health data. It could provide a new model for Health Information Interchange (HIE) by making electronic medical records more efficient, secure and fair.

The major players in the market, in Blockchain technology in the healthcare market, are like,

  • IBM
  • Microsoft
  • guard time
  • Pocketdock
  • jewel
  • patience
  • health crowd
  • dated
  • I will cure
  • fact
  • Blockpharma
  • medical series
  • Simply Vital Health
  • Pharmacist

The growing threat of counterfeit drugs is one of the major factors driving market growth

Increased incidents of information leakage, to reduce drug counterfeiting and strategic initiatives taken by key players are the main factors driving the growth of this market. Counterfeit medicines are on the rise, killing one million people annually. for example; The World Health Organization (WHO) measures that around 10% of prescriptions worldwide are fake and that the rate is as high as 30% in certain areas of Asia, Latin america, And Africa. Thus, the OECD has concluded that the counterfeit drug industry is worth somewhere in the region 200 billion dollars Every year – for the sake of bonding, an illegal drug exchange is worth around $246bn.

Given how rewarding the counterfeit prescription business is today, it has seen an emotional development recently, making the INTERPOL report nine times the volume of counterfeit medicines filed between 2011-2014. Blockchain innovation, famous for its applications in verifying vast swaths of information that are difficult to control, can tackle this growing illegal industry by pursuing drug development. In addition, the growing need for an effective health data management system and the increasing prevalence of diseases are expected to create a massive amount of data and complement the market growth. However, the lack of a central entity and a common set of standards may hamper the growth of the market. Furthermore, making use of blockchain technology in healthcare records will ensure that data cannot be altered to ensure data integrity.

Blockchain in Healthcare and Technology Market Segmentation:

By type:

By application:

  • supply management
  • Clinical data exchange and interoperability
  • Litigation and billing management
  • Other apps

As per the end user:

  • pharmaceutical companies
  • healthcare payers
  • health care providers
  • Other users

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North America Blockchain technology is expected to dominate the healthcare market.

North America Global technology is expected to dominate the healthcare market during the forecast period. According to the United States Census Bureau, more than 91.2 million Americans are secured through Medicare protection, among which Medicaid gave protection to 19.4% and Medicare accounted for 16.7% and 16.2% lucrative protection benefits by direct purchase. To maintain the continuous record of the insurance carriers of the protection carrier, they can favor Blockchain innovation in the future. The European market is expected to be the second largest market for blockchain innovation at the Social Insurance Expo. The development of the market in this region can be attributed to the increasing number of clinical qualifications with expanding consumption of innovative work in the pharmaceutical industry, expanding awareness of Blockchain innovation in the region, and increasing reliance on social insurance to drive market development.

Asia Pacific The fastest blockchain innovation in social insurance advertising is expected during the forecast period attributable to the expansion of the non-exclusive pharmaceutical industry in the region, the continued expansion of interest in human services and the reception of innovation in medical services.

Regarding Blockchain Technology for Special Requirements in Healthcare Market Report, Following Region is also available:

North America

Europe

  • GermanyAnd France, United kingdom, ItaliaAnd SpainAnd Sweden, Holland, TurkeyAnd SwitzerlandAnd Belgium, the rest of the Europe

Asia Pacific

  • South Korea, JapanAnd ChinaAnd IndiaAnd AustraliaAnd philippinesAnd SingaporeAnd MalaysiaAnd ThailandAnd IndonesiaRest of Asia and the Pacific

Latin america

  • MexicoAnd ColombiaAnd BrazilAnd ArgentinaAnd Peru, the rest of the Latin america

Middle East and Africa

  • Kingdom Saudi Arabia, The United Arab Emirates, EgyptAnd South AfricaRest of the Middle East and Africa

Our market research solution provides you an answer to the questions listed below about Blockchain technology in the healthcare market.

  • What are the driving factors responsible for the growth of Blockchain Technology in the Healthcare Market?
  • What are the factors standing in the way of this market?
  • What are the new opportunities for Blockchain technology in healthcare, through which the market will grow in the coming years?
  • What are the trends of this market?
  • What are the main factors responsible for launching a new product?
  • What is the global and regional market size in terms of revenue, sales, and production?
  • How far will the market grow in the forecast period in terms of revenue, sales and production?
  • Which region dominates the global market and what are the market shares for each region in the overall market in 2021?
  • How will each segment grow during the forecast period and how much revenue will these segments account for in 2028?
  • Which region has more opportunities?
  • and more

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