The Global Blockchain Technology in Healthcare Market is expected to grow at a CAGR of 60% during the forecast period of 2022-2028, says a market report by RationalStat

The global blockchain technology in the healthcare market is expected to grow at a CAGR of around 60% during the forecast period of 2022-2028. Importantly, the global blockchain market is estimated at US$ 7.1 billion in 2022. With the growing risk of data tampering, the global blockchain in the healthcare market is anticipated to witness a pool of opportunities in the upcoming years.
Moreover, the increasing occurrence of data leaks and breaches, coupled with the growing need to address these concerns, is expected to fuel the market's growth. Also, blockchain technology in the healthcare sector is cost-effective and helps in secure data interoperability, which is expected to gain traction in the upcoming years.

Furthermore, on the blockchain, information updates or alterations are not permitted, ensuring the data or information's high security. This will drive industry growth in the upcoming years. The increasing use of blockchain technology for critical functions such as verifying the authenticity of returned drugs, counterfeit prevention, pharmaceutical supply chain compliance, clinical trial transparency, and traceability, and improving the reliability and quality of clinical trial data is expected to drive demand in the impending years.
In addition, the threat of counterfeit drugs, the growing adoption of blockchain as a service, and the transparency and immutability of distributed ledger technology, through blockchain are some of the major factors which are expected to augment the growth of blockchain technology in the healthcare market in the forecast period of 2021-2028.
On the other hand, an increasing number of government initiatives aimed at the expansion of the healthcare sector, as well as the growing adoption of electronic healthcare records, will contribute to the growth of blockchain technology in the healthcare market over the forecasted timeframe.

Segmental Analysis

• Based on end-user, the Biopharmaceutical & Medical Device Companies hold a prominent share of the global blockchain in the healthcare market, whereas, healthcare providers constitute a significant market share.
• Based on region, Asia Pacific holds a prominent share of the global blockchain technology in the healthcare market due to increased demand for commercial and residential structures is driving the growth in the region. With increased investment in developing technology in the US healthcare sector, North America is likely to witness an increase in demand for medical record security.

Competition Analysis: Constant Government support and initiatives in the blockchain in the healthcare market are anticipated to propel market growth in the upcoming years

Due to the presence of many well-established companies in the global blockchain technology in the healthcare market, there is intense competition in the global blockchain market. The increasing use of blockchain technology in every aspect of healthcare including biopharmaceutical & medical devices companies, hospitals, etc. is expected to increase their use of natural raw materials.
Acquisitions, product launches, and partnerships are the identified industry trend in the global blockchain technology in the healthcare market. Key market players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market.
• In October 2021, amid the COVID-19 spread, a COVID-19 testing service was launched by MDS Mexico. This service is blockchain technology-based and ensures the authenticity of vaccination certificates.
• In April 2020, to tackle COVID-19, IBM Corp. established the IBM Rapid Supplier Connect, a blockchain-based network that connects healthcare companies and governments with non-traditional devices, equipment, and supply vendors.

Some of the prominent players in blockchain technology in the healthcare market are IBM Corp., Change Healthcare, Oracle Corp., BurstIQ Inc., UnitedHealth Group, Medicalchain SA, Blockpharma, iSolve LLC, Solve.Care, and Patientory Inc. among others.

RationalStat has segmented the global blockchain technology in the -healthcare market on the basis of network type, application, end-user, and region.
• By Network Type
o Public Network
o Private Network
o Others (Consortium Network)
• By Application
o Clinical Trials & eConsent
o Claims Adjudication and Billing
o Supply Chain Management
o Clinical Data Exchange and Interoperability
o Others (Medical Credentialing)
• By End User
o Biopharmaceutical & Medical Device Companies
o Healthcare Providers
 Hospitals
 Clinics
 Nursing Homes
 Others (ASCs)
o Others (Healthcare Payers)
• By Region
o North America
 US
 Canada
o Latin America
 Brazil
 Mexico
 Rest of Latin America
o Western Europe
 Germany
 UK
 France
 Spain
 Italy
 Rest of Western Europe
o Eastern Europe
 Russia
 Poland
 Rest of Eastern Europe
o Asia Pacific
 China
 Japan
 India
 South Korea
 Australia
 ASEAN (Indonesia, Vietnam, Malaysia, etc.)
 Rest of Asia Pacific
o Middle East & Africa
 GCC
 South Africa
 Turkey
 Rest of the Middle East & Africa

For more information about this report
https://store.rationalstat.com/store/growth-opportunity-analysis-global-blockchain-healthcare-market/

RationalStat LLC
Kimberly Shaw, Content and Press Manager
sales@rationalstat.com
Phone: +1 302 803 5429

RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client's needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.

This release was published on openPR.