Request Discount

Blockchain Technology in Healthcare Market (Application - Claims Adjudication & Billing Management, Clinical Data Exchange & Interoperability, Supply Chain Management, and Other Applications; End User - Healthcare Providers, Healthcare Payers, Pharmaceutical Companies, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : July, 2021

  • Rep Id : HC0471

  • Category : Healthcare & Medical Devices

  • Status : Published

A recent report published by Infinium Global Research on blockchain Technology in Healthcare market provides in-depth analysis of segments and sub-segments in the global as well as regional blockchain Technology in Healthcare market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional blockchain Technology in Healthcare market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global blockchain Technology in Healthcare market. According to the report, the global blockchain Technology in Healthcare market was nearly worth USD 200 million in 2021 and is expected to reach over USD 4500 million by 2027, growing with a CAGR of 68.5% over the forecast period of 2021-2027.


Blockchain Technology in Healthcare Market

 

Market Insight

Blockchain technology came into the limelight with the introduction of cryptocurrencies. However, hospital costs continue to mount, and health data breaches continue to grow. This is one area where blockchain technology comes into the picture. Over 176 million data breaches occurred from 2009 to 2017, with respect to healthcare records. The security features of blockchain can help protect health information much better. This technology can form the basis of Health Information Exchange (HIE).  It can be used in several key data-driven healthcare areas, including health care records, health claims, interoperability, patient access, and supply chains.

 

The COVID 19 outbreak has created a unique opportunity to test and develop blockchain-based solutions. It is difficult for health care organizations to implement blockchain technology and adopt its more open, transparent, patient-focused, and robust systems of the transaction; however, it is worth testing this technology to develop systems with levels of robustness that current information systems have not been able to achieve. Fortunately, there are already some use cases of blockchain technology that significantly contribute more effectively to the fight against the COVID-19 pandemic. Organization for Economic Co-operation and Development report cautioned about increased global trade in fake pharmaceuticals during the COVID-19 pandemic.

 

The Healthcare industry generates a vast amount of critical such as health records of patients, medicine and hospital billings, information on procurement and utilization of drugs, and information on clinical trials. This several critical information is always unorganized and scattered across various systems. Blockchain technology is used to compile disease registries, inpatient records, and information on supply and demand for drugs. Thus, this can help governments as well as hospitals to make necessary and precautionary arrangements for the future. Electronic health records are one of the growing trends owing to the increased use of cloud-based EHR software, the rapid surge in the aging population, and the subsequent rise in the number of chronic diseases and instant availability of real-time patients records. Here, blockchain can be utilized to make the EHR more reliable. Besides this, blockchain can transform revenue cycle management, drug supply management, and clinical trials to prevent fraud. Going further, claims and reimbursement policies can be automatically verified and there would be fewer frauds or manipulations. These factors are driving the adoption of blockchain in healthcare. The Healthcare system lacks a centralized information network system through which patient’s data can be easily accessed at times of need.

 

North America holds the largest share of the global blockchain technology in the healthcare market. The implementation of regulations in the region regarding the safety of patient data and improving quality of care, the rising need to reduce the escalating healthcare costs, and the growing need to protect medical data from tampering are contributing to the growth of the market. Furthermore, healthcare companies operating in the North American region are integrating blockchain technology to manage their security, patient data, medicines, vaccine doses, etc. Moreover, technology acceptance and the presence of global healthcare leaders are contributing to the growth of North America’s blockchain technology in the healthcare market.

 

Segment Covered

The report on global blockchain Technology in Healthcare market covers segments such as application, and end user. On the basis of application, the sub-markets include claims adjudication & billing management, clinical data exchange & interoperability, supply chain management, and other applications. On the basis of end user, the sub-markets include healthcare providers, healthcare payers, pharmaceutical companies, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Medicalchain SA, Factom, Inc, Patientory, Inc, iSolve Technologies, Hashed Health, PokitDok, Inc, Guardtime Federal, Microsoft Corporation, IBM Corporation, and Others.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of blockchain Technology in Healthcare market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


Other Reports in This Category
24 hour delivery through email
9923950043 Monday to Frieday 9am-7pm
looking for discount