DUBLIN–(BUSINESS WIRE)–The “Global Blockchain Technology in Healthcare Market Size, Share and Industry Trend Analysis Report by End User, by Type, by Application (Supply Chain Management, Data Exchange and Interoperability, Claims Determination and Billing), by Regional Outlook and Forecast, 2022 – 2028” report has been added ResearchAndMarkets.com’s Offering.
The size of the global blockchain technology in the healthcare sector is expected to reach USD 5.3 billion by 2028, increasing at a market growth rate of 39.9% CAGR during the forecast period.
A blockchain refers to a shared distributed database or ledger between computer network nodes. A blockchain also acts as a digital database for storing data. The blockchain consists of blocks with a special storage capacity that, when filled, are closed and connected to the block that preceded them to form a data chain. When the chain is complete, a new block is created from each bit of information that follows the bare block and added to the chain.
A blockchain network is used in the healthcare sector to collect and access patient data across hospitals, diagnostic laboratories, pharmaceutical companies and doctors. It can improve the efficiency, security and transparency of medical data exchange throughout the healthcare system. By using this technology, medical institutions can gain knowledge and improve the evaluation of patient data. One of the key factors affecting the deployment of blockchain technology in the healthcare sector is the increase in data breaches.
The adoption of blockchain technology in healthcare has increased the demand for blockchain technology in the sector. It can result in significant annual cost savings in areas such as IT, personnel, operations and support function expenses as well as reductions in fraud and the sale of counterfeit goods. Complete protection against fraudulent drugs can be provided by incorporating blockchain with supply chain management, making it the most popular blockchain technology in the healthcare sector.
The health sector has a very serious problem: pharmaceutical counterfeiting. The lack of transparency in pharmaceutical supply chains makes it easy for fraud and manipulation. As blockchain technology enables system clarity and data integrity, it provides ideal solutions to combat pharmaceutical counterfeiting. It provides total, end-to-end supply chain transparency.
Market growth factors
Increasing need for improved communication between healthcare professionals and patients
Regardless of what an industry stands for, miscommunication is a mistake that has a detrimental effect on it. As people’s lives are at stake, it is particularly important to guarantee smooth and effective communication in the sensitive health sector. Communication breakdowns between healthcare professionals or between patients and providers can be very costly and even dangerous for the patient’s health.
The majority of miscommunications are caused by incomplete or inaccurate medical data, as it takes a long time to update them. Blockchain technology can be a useful remedy for this problem. Decentralized blockchain solutions exist. As a result, the information is held on different network nodes instead of just one database.
Increasing requirements for the storage and securing of medical data
Medical data storage and security requirements have increased, which can be beneficial for medical personnel, patients and healthcare facilities. Medical data can be kept secure thanks to blockchain technology’s cross-checking, encryption and decentralization, which is stimulating the market’s growth.
The digitization of the healthcare system and related business sectors is prioritized by the governments of various nations because, among other things, it has the potential to increase patient participation, improve health outcomes and make better forecasts.
Market limiting factors
Complexities that healthcare companies face during implementation
When it comes to how different institutions manage medical records, healthcare providers and insurance payers vary widely. Getting all these organizations to use blockchain technology without a streamlined, single-payer approach is expected to be very challenging. However, the effectiveness of the whole system is reduced if some people are not willing to adopt it. Therefore, convincing them to switch from paper medical records to electronic health records (EHRs) using blockchain is a difficult request. For example, doctors often leave questions blank since it is mandated by the technology.
Scope of the study
Market segments covered in the report:
By end user
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Pharmaceutical and medical devices
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Health payers
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Health personnel
By type
Upon application
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Supply Chain Management
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Data exchange and interoperability
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Claims processing and invoicing
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Second
By geography
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North America
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US
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Canada
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Mexico
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The rest of North America
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Europe
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Germany
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Great Britain
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France
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Russia
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Spain
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Italy
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The rest of Europe
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Asia Pacific
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China
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Japan
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India
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South Korea
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Singapore
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Malaysia
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Rest of Asia Pacific
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LAMEA
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Brazil
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Argentina
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UAE
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Saudi Arabia
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South Africa
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Nigeria
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The rest of LAMEA
Important market players
List of companies profiled in the report:
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IBM Corporation
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Oracle Corporation
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Avaneer Health, Inc.
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BurstIQ, LLC
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Chronicled
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Emblem
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Equideum Health (ConsenSys Mesh)
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Pharmatrust
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Duty time
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Hashed health
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