Healthcare Blockchain Market to Witness Steady Growth through 2028 With Top Players Chronicled, Hashed Health, Factom, Microsoft

According to the predictions made in the latest report by Quince Market Insights, the healthcare blockchain market is projected to register high demand during the forecast period with increasing demand from major end-use industries such as pharmaceutical companies, healthcare payers, healthcare providers, research &academia, and others during the forecast period. Nowadays, effective healthcare facilities are dependent on advances in information technology. It helps store information securely and cost-effectively. It also helps in the safe sharing of data between disparate systems and applications. Notable challenges can be avoided through blockchain technology, such as security breaches, interoperability, universal access, and traceability. This technology recognizes the current challenges of synchronizing patient data with multiple disparate histories while safeguarding data privacy through the practice of a distributed framework for handling patient identity.

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One of the ideal health-care uses of blockchain is the Electronic Health Record (EHR). EHR is used to securely store patient data throughout the lifespan of the patient across different organisations. With blockchain implementation, a patient will be able to take full ownership of medical records. In addition, the doctors concerned will be given access to medical records via "smart contracts" on a necessary basis.

It is expected that the market for healthcare blockchain will proliferate, owing to the introduction of counterfeit drugs in the pharmaceutical supply chain, sufficient funding provided to healthcare blockchain start-ups, cases of medical data breaches, and preferred adoption of blockchain-as-a-service (BaaS).

Segmentation for better understanding of this market
Based on application, the healthcare blockchain market has been segmented into clinical data exchange, supply chain management claims adjudication &billing management and others. Healthcare billing faces mainly problems such as duplication of billing, errors and incorrect billing. Using blockchain allows correct billing and secures transfer of data across multiple verticals of the healthcare system.

The healthcare blockchain market has been segmented based on the end user into pharmaceutical companies, healthcare payers, healthcare providers, research & academia, and others. Strict regulations to secure the supply chain of pharmaceutical companies and growing cases of counterfeit drugs entering the supply chain are factors responsible for the implementation of blockchain in the healthcare industry.

The market has been divided into North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the world. The market is largely distributed according to the presence of many large and small market players. Key players in the market include Chronicled, Hashed Health, Factor, Microsoft, IBM, Guardtime, PokitDok, Patiently, iSolve, and Medical chain.

Important Factors Impacting Market Growth:
o Blockchain technology safeguards patient data
o Simplifies complicated medical billing procedures
o Enables patient to upload and store data securely
o Reduces cost and provide enhanced efficiency
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Chronicled
2. Hashed Health
3. Factom
4. Microsoft
5. IBM
6. Guardtime
7. PokitDok
8. Patientory
9. iSolve
10. Medicalchain

Regional segmentation and analysis to understand growth patterns:

During the forecast period, North America, Western Europe and Asia Pacific are estimated to dominate the blockchain healthcare market. These regions were the market leaders in terms of technological developments and advanced medical treatments for the overall healthcare sector. In addition, government policies were favourable for the growth of healthcare infrastructure in those regions. There is an established health care infrastructure in North America and Western Europe for product innovations and early adaptations. This is expected to drive market demand for blockchain healthcare during the forecast period.

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The United States, Germany, France, the UK, Canada and Spain were some of the region's major markets. During the forecast period, Asia Pacific is estimated to register one of the highest CAGR for blockchain healthcare market. This region has witnessed global companies making strategic investments to cater for the growing demand in recent years. China, Japan, India, South Korea and Australia are among some of the region's key blockchain healthcare markets. Other regions including Middle East, Eastern Europe, and Rest of the World (South America and Africa) are estimated to be emerging markets for healthcare blockchain during the forecast period.

Market Segmentation:

By Application:
Clinical Data Exchange
Supply Chain Management
Claims Adjudication &Billing Management
Others

By End User:
Pharmaceutical Companies
Healthcare Payers
Healthcare Providers
Research &Academia
Others

By Region:

North America
By Country (US, Canada, Mexico)
By Application
By End User

Western Europe
By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
By Application
By End User

Eastern Europe
By Country (Russia, Turkey, Rest of Eastern Europe)
By Application
By End User

Asia Pacific
By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
By Application
By End User

Middle East
By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
By Application
By End User

Rest of the World
By Region (South America, Africa)
By Application
By End User

Reasons To Buy This Report:

Market size estimation of the healthcare blockchain market on a regional and global basis
The unique research design for market size estimation and forecast
Profiling of major companies operating in the market with key developments
Broad scope to cover all the possible segments helping every stakeholder in the market

Contact:
Quince Market Insights
Ajay D. (Knowledge Partner)
Office No- A109
Pune, Maharashtra 411028
Phone: +91 - 9850603687 / 7972869557
Email: sales@quincemarketinsights.com
Web: www.quincemarketinsights.com

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This release was published on openPR.