WASHINGTON, Jan. 25, 2022 (GLOBE NEWSWIRE) — The global healthcare market size is expected to reach $1,189.8 million by 2028, showing a compound annual growth rate (CAGR) of 61.3% over the forecast period. Increasing cases of healthcare data breaches, the threat of counterfeit drugs, increasing acceptance of blockchain as a service along with transparency and stability in distributed ledger technology are key factors fueling the market growth, says Vantage Market Research, in a report titled Healthcare Market by Application (Clinical Data Exchange, Billing and Claims Management, Supply Chain Management, Arbitration), by Region (North America, Latin America, Europe, Asia Pacific) – Global Industry Assessment (2016 – 2021) and Forecast ( 2022-2028)Market size reached US$287.9 million in 2021.
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List of Notable Blockchain Players in Healthcare Market:
- IBM Corporation
- Microsoft Corporation
- Patentoury Company
- Federal guard time
- health crowd
Increasing incidences of healthcare data breaches
It has been observed that the incidence of data breaches has increased exponentially in the healthcare industry. Healthcare data breaches often reveal highly sensitive information, ranging from personally identifiable information such as Social Security names, numbers, and addresses to sensitive health data such as Medicaid ID numbers, health insurance information, as well as a patient’s medical history. Today, governments in various countries focus on digitizing the healthcare system and related industries, as it enhances patient participation and enables better forecasting. In addition, the US and UK government have made huge investments to ensure that all health records are digitized. These are factors that boost the demand for Blockchain in the healthcare market.
Increased adoption of blockchain to support market growth
The growing preference for public blockchain systems that offer various advantages such as greater transparency, provide a decentralized structure. This blockchain system is used to efficiently manage healthcare data. Digital ledger technology and Ethereum are blockchain systems widely used in healthcare. Digital ledger technology is secure, and provides a great deal of transparency, eliminating the need for a third-party caretaker. In addition, the cost-effectiveness of implementing public blockchain technology in healthcare is a major factor that is expected to drive higher growth in the market. With this, high standards of security protocols of an anonymous nature are factors that are expected to complement the growth of the market.
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Analysis of the impact of COVID-19:
The COVID-19 outbreak has affected many industries around the world. Governments around the world have implemented strict lockdown measures and social distancing measures in order to curb the rapid spread of the epidemic. Manufacturing facilities around the world were closed during the early stages of the pandemic. Moreover, the post-pandemic economic crisis may significantly delay the commercial spread of the healthcare industry. SMEs are the backbone of technology providers and have been experiencing a sharp decline in revenue since the onset of the pandemic in 2020. Hence, the market players faced many challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will be made available online. The impact of COVID-19 on market demand is considered while estimating the current and projected market size and market growth trends for all regions and countries based on the following data points:
- Assessing the impact of the COVID-19 pandemic
- North America
- Asia Pacific
- Latin america
- Middle East and Africa
- Quarterly revenue forecasts for the market from Asia Pacific 2020 and 2021
- Key strategies companies have taken to tackle COVID-19
- long term dynamics
- short term dynamics
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The Healthcare Blockchain Market Report Highlights:
- Market assessment
- Distinctive insights
- Competitive scene
- Analysis of the impact of COVID
- Historical data, estimates and forecasts
- Company Profile
- Global and Regional Dynamics
Europe dominates the global Blockchain in the healthcare market
Europe occupied the largest market share in 2021. This is due to various recent developments in blockchain technology along with several government initiatives that support the acceptance of innovative platforms in the healthcare sector. Companies operating in North America primarily focus on developing blockchain technology solutions to ensure the security of healthcare data as well as complete and up-to-date information about patient health and healthcare activity.
January 2022: Blockchain technology has the potential to revolutionize healthcare, as the same technology that powers Bitcoin and other cryptocurrencies is creating revolutionary new applications in the healthcare sector. Recently, Aetna, Anthem, and the Cleveland Clinic partnered to announce a new blockchain-based healthcare initiative, which represents the latest indication of the potential impact that blockchain can have on the healthcare sector as a whole.
December 2021: The IBM Digital Health Pass program integrates with the health returns practices of healthcare IT leaders to provide digital credentials for COVID-19. The IBM Digital Health Pass is designed to enable organizations to check COVID-19 test results or vaccination status for employees, customers, and visitors who enter their locations, such as a sports stadium, plane, university, government building, or workplace. Drawing on a combination of encryption, QR codes, and blockchain technology, the IBM Digital Health Pass is a secure and voluntary digital alternative to paper-based test results or vaccination cards and provides another option, if needed, for individuals to share their passive or negative test. They have been vaccinated against COVID-19.
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Key questions answered in the report:
- Which regional market will show the highest rapid growth?
- Who are the Top Five Blockchain Players in the Healthcare Market?
- How will Blockchain change the healthcare market in the next six years?
- What application and product will take the lion’s share of Blockchain in the healthcare market?
- What are Blockchain in Healthcare Market Drivers and Constraints?
- What will be the compound annual growth rate (CAGR) and volume of the healthcare market throughout the forecast period?
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This market is entitledBlockchain in the healthcare market It will cover the exclusive information in terms of regional analysis, forecasting, quantitative data – units, major market trends and various other information as mentioned below:
|Market size in 2021||287.9 million US dollars|
|Expected market size in 2028||1,189.8 million USD|
|CAGR growth rate||Compound annual growth rate of 61.3% from 2022 to 2028|
|Historic years||2016 – 2020|
|prediction years||2022 – 2028|
|covered slices||Application: – Clinical data exchange, billing and claims management, supply chain management, arbitration|
|Quantitative data – units||Revenues in US$ Million/Billion and CAGR from 2022 to 2028|
|Covered areas||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Countries covered||United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others|
|Report coverage||Market growth drivers, restraints, and opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Organizational Landscape, Market Attractiveness Analysis by Segments and Region, Company Market Share Analysis, and COVID-19 Impact Analysis.|
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