Blockchain in Healthcare Market Worth $3.70 Billion by 2027

global health is expected to reach $5.72 billion by 2027. Many hospitals and organizations are implementing technologies to record, analyze, and monitor patient information. Moreover, the supply of counterfeit drugs is increasing and this problem can be solved by introducing blockchain technology in healthcare. Governments around the world are taking initiatives to remedy this situation.

Strict regulations, such as the increased incidence of medical data breaches, will drive the application of technology in the field. For example, in May 2019, it was revealed that the American Medical Collection Agency, a billing service provider, had been hacked for eight months, from August 1, 2018 to March 30, 2019. It is estimated that approximately 25 million patient data has been compromised to date. violation. Blockchain technology in healthcare will increase efficiency, empower users and streamline processes through interoperability. You can also protect your data with unique security features.

In the United States, the FDA has set requirements to develop and improve drug supply chain security by 2023. This will improve blockchain technology in the region as the company strives manage product quality and safety. The market is also growing at a faster CAGR in Canada. An increase in the number of startups and government spending on technology will increase the market demand.

Impact of COVID-19:The COVID-19 pandemic is forcing governments and businesses to use blockchain for healthcare operations. Blockchain has gained traction in these critical times of global crisis due to its rich functionality and features. Individuals, businesses and organizations around the world are working to combat the spread of the virus and are exploring blockchain technology to find solutions to prevent this impending disaster. Even the full potential of this technology has yet to be explored, but the coronavirus outbreak of recent months has made it even more relevant. Blockchain in healthcare is essential for organizations tracking the impact of COVID-19 on people in real time. The technology operates on real-time data with the highest precision and transparency demanded at the time. Blockchain also helps companies educate people and organizations about the disease and its spread. The market is witnessing a surge in demand and companies will invest more in development after the pandemic is resolved, which is a positive trend in the market.

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Market dynamics:

the pharmaceutical and healthcare sector has grown significantly in recent years and is expected to experience more stable revenue growth than expected. Rapid innovation in health technologies, increasing investments, rising healthcare expenditures and high adoption of advanced products and systems are driving the worldwide growing prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases and neurological diseases, the increase in coronavirus cases, health infrastructure and Factors such as improved research facilities, remote patient monitoring services and increased adoption of home care settings are anticipated. Drive the revenue growth of the global market over the forecast period. In addition, growing number of hospitals and outpatient care centers, high demand for personalized medicine, increased investment in new drug development, and increased investment from public and private sectors are expected to drive the growth of the global market in the future.

Competitive Landscape:

The report also focuses on the details of each market player including their global position, financial situation, revenue generation, company overview and product and service portfolio. Blockchain in healthcare market is highly competitive and consists of several major players regionally and globally. The major players are focusing on strengthening their market presence and product portfolios by adopting a variety of strategies such as new product launches, mergers and acquisitions, R&D investments, partnerships, joint ventures and collaborations.

Companies operating in the market are

IBM, Microsoft, Gem, Chronicled, Hashed Health, Factom, Guardtime, Pokitdok, Patientory and Blockpharma.

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The report also provides detailed information on market segmentation based on type, application and regional quarters

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billion USD, 2017-2027)

Forecast (revenue, billion USD, 2017-2027)

  • supply chain management
  • Clinical data exchange and interoperability
  • Claims Adjudication and management of claims
  • Others

End User Outlook (Revenue, USD Billion, 2017-2027)

  • Pharmaceutical Companies
  • Service providers
  • Payers
  • Others

regions Perspectives:

  • North America
  • Europe
    • Germany
    • K.
    • Italy
    • France
    • BENELUX
    • Other Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Korea
    • APAC Rest
  • Latin America
  • Middle East and Africa
    • Saudi Arabia
    • EA
    • South Africa
    • Rest MEA

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Blockchain in Healthcare Market Worth $3.70 Billion by 2027


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