Canada, December 19, 2022 / AlexaBlockchain/ – The global market for blockchain application in healthcare industry projected to reach $5.7 billion by 2027, exhibiting a CAGR of 64.5% during 2020-2027, according to blockchain in healthcare market report by Emergen Research.
Key Growth Drivers
The blockchain network is utilized in the healthcare system to save and exchange the data of the patient through diagnostic laboratories, hospitals, physicians and pharmacy firms. These applications can exactly identify acute mistakes in the medical field. Strategic initiatives by the leading players, rising demand to decrease drug counterfeiting, and the requirement of efficient health data management systems are the key factors boosting the adoption of blockchain technology. Cost-effectiveness is the another factor driving the market at significantly. Growth of Electronic Health Records (EHRs) has rising sharing of clinical data between medical practitioners in several institutions to gain expertise and speed up the diagnosis of disease which is expected to uplift the market.
Factors Limiting The Blockchain Healthcare Market Growth
The major issues which are anticipated to limit the global blockchain in healthcare market are lack of a centralized entity and a set of usual standards, reluctance to share information, absence of technical infrastructure, and a shortage of qualified professionals. Less adoption of this technology in healthcare sector due to the chances of interoperability and safety & authorization issue. Due to lack of technological knowledge the incident of cyberattack on healthcare websites are rising which is expected to hamper the revenue growth of the market over the assessment period.
Some Crucial Findings of the Report
- Some major companies in the global market report include IBM, Microsoft, Gem, Guardtime, Chronicled, Hashed Health, PokitDok, SimplyVital Health, FarmaTrust, and Blockpharma.
- On 9 April 2022, Zenith Chain, which is a Lithuania based Blockchain startup, announced signing an investment funding deal worth $35 million with GEM Digital Ltd. This investment is anticipated to propel the position of the former company to enable enhancing of their existing products while authorizing launch of new ones to create blockchain solutions for rising user adoption.
- On the basis of type, the permission-less or public blockchain is considered as the largest blockchain in healthcare market share in 2019 with the revenue of over 61.0%. It is generally utilized for managing data. At present Ethereum is a public network and is most commonly utilized technology in the healthcare sector. Additionally, Permissioned blockchain is predicted to grow at considerable rate over foreseen period. This is a private blockchain system and provides better privacy, quick processing of transactions, and upgrade security.
- Based on application, the supply chain management dominated the blockchain in healthcare market in 2019 with the revenue of 33.0%. This segment is beneficial due the factors including, improvement of inventory management, reduction of frauds and errors, reducing courier cost, faster issues identification and decreasing paperwork delays.
- On the basis of end-use, healthcare providers are expected to grow at significant rate over assessment period with the revenue of 65.4%. The utilization of blockchain technology for healthcare providers reduce the concern related to the duplication of data obtained from third party suppliers and enhance the efficiency of data analysis.
- Based on regional analysis, the North American region dominated the market in 2019 with the share of 37.6%. Increasing initiatives towards the improvement and development of the supply chain security for drugs delivery by the organizations, rising healthcare expenditure and increasing geriatric population are propelling the blockchain to offer a solution for patient data and securing clinical.
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Source: Emergen Research