Blockchain Technology in Healthcare Market: Information by Application (Patient Data Management, Drug Traceability, and others), Type (Permissioned Blockchains, and others), End-User(Pharmaceutical companies and Others) — Global Forecast till 2023
Global blockchain technology in the healthcare market has a meager valuation at present, however, this can grow up to a remarkable CAGR of 71.8% over the forecast period covering 2018 to 2023. Market Research Future (MRFR) has marked this potential in the report with the utmost care and provides inputs using which players can maximize their growth opportunities.
Blockchain technology has widened its scope by providing opportunities regarding the collection and tracking of information safely and soundly. This can be done on a real-time basis. The system can reduce the chances of data getting compromised. The inclusion of the system as a digital ledger can also inspire a better intake of the market. Various governments are also showing interest in the market, which is showing an increasing demand for the process. However, the acceptance level for the market is still low and lack of expertise can ensure the better growth rate
The lack of significant entity and universal standards and lack of awareness about blockchain technology may hamper the growth of the market during the assessment period.
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The global market report encompassing the Blockchain Technology in Healthcare has been segmented by application, type, and end-user for a better understanding of the market. The segmentation provides details regarding various moves of the market to make sure that the outcome benefits the players and facilitate their strategic moves.
By application, the report on the blockchain technology in healthcare market can be segmented into patient data management, supply chain management, clinical trials & data security, drug traceability, billing, claims adjudication, and others. The patient data management segment has substantial market dominance as it builds trust between the patient and doctors or an institution.
By type, the global market for blockchain technology in healthcare includes permissioned blockchains and permission less blockchains. The permissioned blockchains have better growth possibilities with a bolstering demand for better safety and precaution.
By end user, the blockchain technology in the healthcare market can be segmented into healthcare consumers, healthcare service providers, pharmaceutical companies, and others. The healthcare service providers are expected to provide better traction for growth.
The Americas can impact the global market for blockchain technology in healthcare as it is witnessing high integration rate of various advanced technologies, better healthcare system, hike in number patients involved in the market, a growing number of insurance holders, better reimbursement policies, and others can impact the market in the coming years. The market in North America has a chance to witness growth with better participation from various organizations. In the US, a huge number of patients are profiting from the growing number of insurance holders. But the South American market has lags owing to the presence of economically inferior countries.
The European market has technological integration equivalent to North America owing to which the market is finding easy growth. The regional market has France, Germany, and the UK, and others who can influence a better growth rate in the coming years. The market in the Asia Pacific has better growth opportunities with the likes of India, China, Japan, and others providing better integration opportunities. The regional market has better investment opportunities in healthcare and technological adoption owing to which growth can be smoother.
Major participants in the global market for blockchain technology in healthcare are Microsoft, IBM, Guardtime, Gem, Pokitdok, Chronicled, Simplyvital Health, Farmatrust, Patientory, Hashed Health, Factom, Isolve, Medicalchain, Blockpharma, and others. MRFR’s selection of these companies depends on their contributions as the intent is to understand how the market is supposed to shape up in the coming years. These market players are proving their top-grade dominance in the market by having their strategies well-implemented.
In November 2019, A-Medicare has launched a new healthcare-related platform that has been powered by blockchain and is fast gaining popularity.
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