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Over 15-fold Growth Forecasted for Blockchain in Healthcare Market

03-26-2019 06:56 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Intelligence

Over 15-fold Growth Forecasted for Blockchain in Healthcare

Stringent regulations on protecting patients’ medical data, blockchain implementation in the pharmaceutical supply chain industry, and increasing investments and funding in technology are driving the market for blockchain in healthcare. Blockchain refers to a computerized set of records, the data in which is secured via cryptography. As per a P&S Intelligence study, the blockchain in healthcare market generated $44.6 million in revenue in 2017, and it is expected to progress during the forecast period 2018–2023 at a mammoth CAGR of 67.1%. If the prediction comes true, then by 2023, the market size would be $890.5 million!

Browse report sample at: https://www.psmarketresearch.com/market-analysis/blockchain-in-healthcare-market/report-sample

Claims adjudication and billing management, clinical data exchange and interoperability, drug discovery and clinical trials, prescription drug abuse, and drug supply chain management are the various applications of the technology in the healthcare sector. Among these, the clinical data exchange and interoperability application contributed the largest revenue share (40.0%) to the blockchain in healthcare market in 2017. The fact that blockchain has the potential to transform clinical data sharing and storing for all industry stakeholders, including patients, healthcare partners and payers, was the reason for its dominance.

Given the fact that the technology in its nascent stage of development, the companies interested in adopting blockchain technology are partnering and collaborating with various technology providers to exploring the potential applications of the blockchain technology, so that they can streamline their operational processes. For instance, In January 2018, Guardtime AS, an Estonian blockchain pioneer, finalized a deal with NMC Health, a United Arab Emirates (UAE) based private sector healthcare provider, to bring the technology in the country.

Browse report at: https://www.psmarketresearch.com/market-analysis/blockchain-in-healthcare-market

Some of the key players operating in the global blockchain in healthcare market are International Business Machines (IBM) Corporation, Microsoft Corporation, Guardtime AS, PokitDok Inc., Hashed Health, iSolve LLC, Patientory Inc., Factom Inc., Chronicled Inc., and Accenture PLC. Other prominent players operating in the market are Blockverify, FarmaTrust, Blockpharma, DeepMind Technologies Limited, Proof.Works, IRYO.NETWORK, Doc.ai Inc., and Coral Health Research & Discovery Inc.

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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