Pharmaceutical Blockchain Market by Overview, Current Developments, Latest Technologies, and Revenue Forecast 2020 to 2030

Pharmaceutical Blockchain Market - Overview

The growth impetuses in the pharmaceutical blockchain market are expanding at a noticeable speed because of numerous factors. Amongst these major factors, increasing application of blockchain technologies that are likely to aid in order to resolve the majority of the problems that are related to the traceability of the drugs. Along with this, the blockchain structure allows the end-users in order to keep the track of the products through the supply chain through the creation of an encrypted circuit that is impermeable to counterfeit products. So, these factors are likely to create revenue generation opportunities in the global market in the years to come.

Blockchain enables the stakeholders to take suitable actions by locating the exact drug position. So, based on the abovementioned attributed, the authenticity and traceability of companies and drugs can be determined that register the product on blockchain to be trustworthy.

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Pharmaceutical Blockchain Market - Key Drivers

Growing risk related to cyber security attacks along with data privacy has been predicted to hike the demand avenues in blockchain technology. Further, the application of this technology, for example, maintaining drug as well as data privacy with rising convenience and data access is likely to expand the use of IoT and cyber security in the pharmaceutical industry.

The rising implementation of BaaS (Blockchain as a service) and increasing requirement for unalterable and transparent distributed ledger technology have been contributing to the revenue generation opportunities in the pharmaceutical blockchain market. Furthermore, there has been an increased demand in order to protect healthcare data. Rising cases related to healthcare data breaches and thefts are also estimated to work as revenue generators in the pharmaceutical blockchain market in the forthcoming years.  

On the flip side, lack of technical infrastructure in the developing nations, absence of necessary regulatory norms, and limited count of skilled professionals are anticipated to limit the growth opportunities in the global market in the coming years. Lack of data exchange among the healthcare firms outside their regular source and minimal awareness related to blockchain technology are also likely to limit the growth impetuses in the market in the near future.

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Pharmaceutical Blockchain Market - Recent Developments and Key Players

The pharmaceutical blockchain market is growing at a noteworthy speed due to the presence of a lot of prominent players on regional and international platforms. Their presence is converting the global industry into a fragmented one. Along with this, the market players are pondering over innumerable expansion avenues to achieve their predefined objectives and goals. The rising penetration of the well-established global players along with increasing awareness among consumers related to industry brands is likely to generate revenue generation opportunities in the pharmaceutical blockchain market in the forthcoming years. Increased number of R & D activities for the enhancement of product portfolio, mergers or tie-ups, and launch of novel products are some significant strategies that are incorporated by industry players. Thus, these factors are estimated to work as the largest revenue generators in the global market in the near future.

Some of the key players in the pharmaceutical blockchain market are:

IBM
Medicalchain
Microsoft
Blockpharma
Guardtime
FarmaTrust
PokitDok
Gem
SimplyVital Health
Patientory
Chronicled
Hashed Health
iSolve

Pharmaceutical Blockchain Market - Regional Assessment

The pharmaceutical blockchain market has been working in numerous areas around the world. Some prominent regions in the industry are Europe, Asia Pacific, LAMEA, and North America. Among these geographical regions, Asia Pacific has been projected to grow at a rapid speed in the foreseeable years. The revenue generation opportunities in the global market are owing to the rising number of government initiatives in order to develop technology and integrate the same with the healthcare sector.

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