The Global Blockchain in Healthcare Market set to accumulate $7076.92 Million by 2028

A report by Triton Market Research speculates the global wireless charging market, which generated $166.31 million in 2019, to register a CAGR of 51.70% by 2028.

A recent study by Triton Market Research titled ‘Global Blockchain in Healthcare Market,’ covers the Global Analysis and Forecast for 2019-2028 by Blockchain Type (Private, Hybrid, Public), by Organization Size (Small- & Medium-sized Enterprises, Large Enterprises), Application (Pharmaceuticals Supply Chain, Healthcare Data Exchange, Health Insurance, Identity & Authentication, Drug Discovery, Other Application), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

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The report on the global blockchain in healthcare market shows that the industry would accumulate revenues worth $7076.92 million by 2028, with a CAGR of 51.70% over the forecasting years of 2019 to 2028.

Placing the patient at the center of the healthcare ecosystem, blockchain, as a technology, has the potential to revolutionize the field of healthcare. It helps enhance, the security, privacy, and interoperability of medical data. It has the ability to form a new model for health information exchange (HIE), by making EHRs more secure, efficient, and disintermediated.

Blockchain technology offers advanced security and helps increase savings on costs. This is why, there has been a staggering rise in its adoption. This factor, along with the efforts made by the government by engaging in partnerships & collaborations and consortium development, is driving the growth of the BC in healthcare market. However, the absence of common standards and the dearth of skilled professionals, coupled with the trade-off between cost and security of blockchain-based applications, are impeding this growth.

The blockchain in healthcare market is mainly classified into blockchain type, organization size, and application. The first segment, blockchain type, is trifurcated into private, hybrid, and public. On the other hand, the second segment, organization size, is divided into small- & medium-sized enterprises, and large enterprises. And the third segment, application, is further segmented into pharmaceuticals supply chain, healthcare data exchange, health insurance, identity & authentication, drug discovery, and other application.

The Asia-Pacific is set to grow the fastest in the global market over the forecast period. Baidu, china’s largest search engine, launched a blockchain medical solution in 2019. The aim of this move was to promote the safe sharing and distribution of healthcare data. The company is leveraging BC technology so as to tackle the inefficiencies of the current systems. Furthermore, the market for blockchain in healthcare shows a promising trend in India. Blockchain aims to be the driver for convergence between hospitals, government, pharmaceutical companies, insurance providers, and medical device manufacturers in the country. This implies better patient care and reduced costs for the system. All these factors are increasing the demand for the application of blockchain technology in the healthcare industry.

Factom, International Business Machines Corporation, Blockchain AI Solutions Ltd (Trading as FarmaTrust), Healthereum LLC, SkyCell AG, Hashed Health, Chronicled, iSolve Technologies, Microsoft, Proof.Works, Change Healthcare, PokitDok Inc, Medicalchain SA, and Patientory are the prominent players in this industry.

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Question & Answer: Blockchain in Healthcare Market

Question 1: What factors are driving the growth of the blockchain in healthcare market?
Answer: Blockchain technology offers advanced security and helps increase savings on costs. This is why, there has been a staggering rise in its adoption. This factor, along with the efforts made by the government by engaging in partnerships & collaborations and consortium development, is driving the growth of the BC in healthcare market.

Question 2: What factors are impeding the blockchain in healthcare market growth?
Answer: The absence of common standards and the dearth of skilled professionals, coupled with the trade-off between cost and security of blockchain-based applications, are impeding the market growth.

Question 3: How is the Asia-Pacific region influencing the growth of the blockchain in healthcare market?
Answer: The Asia-Pacific is set to grow the fastest in the global market over the forecast period. Baidu, china’s largest search engine, launched a blockchain medical solution in 2019. The aim of this move was to promote the safe sharing and distribution of healthcare data. The company is leveraging BC technology so as to tackle the inefficiencies of the current systems.

Furthermore, the market for blockchain in healthcare shows a promising trend in India. Blockchain aims to be the driver for convergence between hospitals, government, pharmaceutical companies, insurance providers, and medical device manufacturers in the country. This implies better patient care and reduced costs for the system. All these factors are increasing the demand for the application of blockchain technology in the healthcare industry.

Question 4: Which are the prominent players in the blockchain in healthcare industry?
Answer: Factom, International Business Machines Corporation, Blockchain AI Solutions Ltd (Trading as FarmaTrust), Healthereum LLC, SkyCell AG, Hashed Health, Chronicled, iSolve Technologies, Microsoft, Proof.Works, Change Healthcare, PokitDok Inc, Medicalchain SA, and Patientory are the prominent players in this industry.

Related Report:
Global Big Data Analytics in Healthcare Market

The global big data analytics in healthcare market is forecasted to exhibit a CAGR of 23.35% in the projected period from 2019-2028. It is expected to generate a revenue of $148.34 billion by the year 2028.

Cloud analytics offer the pay-per-use deployment model. Owing to this, there has been a rise in the adoption of this system among several end-users, such as clinics, hospitals, health research organizations, and insurance agencies. The introduction of big data in healthcare, by using it in tandem with cloud computing will provide a new direction to medical models.

Moreover, with the growing data being generated by the healthcare industry, big data is helping to improve the quality of patient care by managing it efficiently. This is benefitting the overall healthcare ecosystem, and thus, the government is working to promote the adoption of big data analytics in the field of healthcare. For instance, the NHS in the United Kingdom created a National Research Database of genomes of 1,00,000 patients. This will help researchers better comprehend the genetic causes of cancer. Thus, the integration of big data in healthcare will help the market reach further heights. And this growth of the market will be supplemented by the growing technological advancements and the opportunities provided by precision medicine.

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