What's driving the Blockchain in Healthcare Market Growth? | Key Players are IBM, Microsoft, Guardtime, PokitDok, Hashed Health, iSolve, Patientory, Inc., Factom, Chronicled, Accenture, BlockVerify

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.

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

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!

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.

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

Healthcare providers, which historically came second in revenue contribution to the blockchain in healthcare market, are expected to witness healthy CAGR in the future. This will be because of strict regulations regarding the protection of patients’ medical data. For instance, the General Data Protection Regulation came into effect in Europe in 2018. Under it, companies that process citizens’ data without their consent are required to pay heavy penalties. This is why organizations, including healthcare providers, are implementing blockchain to secure consumer data, thereby, driving the market growth.

Another important factor in the domain prosperity is the growing investments in blockchain technology. For instance, in 2018, Health2047, an American Medical Association-funded company, invested $10 million in Akiri, a start-up in the blockchain health field. With increasing threat of medical data breach, more stringent regulations are expected to be put in place. This is predicted to result in heavier investments in the technology, driving the blockchain in healthcare market further.

Pre-Purchase Inquiry at: https://www.psmarketresearch.com/send-enquiry?enquiry-url=blockchain-in-healthcare-market

Some of the key players operating in the global blockchain in healthcare market:
1- IBM
2- Microsoft
3- Guardtime
4- PokitDok
5- Hashed Health
6- iSolve
7- Patientory, Inc.
8- Factom
9- Chronicled
10- Accenture
11- BlockVerify
12- FarmaTrust

Contact:
P&S Intelligence
Toll-free: +1-888-778-7886 (USA/Canada)
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

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.

This release was published on openPR.