Blockchain technology in the healthcare market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses the market to growing at a CAGR of 21.70% in the above-mentioned forecast period. The growing awareness amongst the patients regarding the benefits of blockchain technology in the healthcare which will further create new opportunities for the growth of the market.
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Blockchain technology is used on a real-time basis to gather and monitor information about transactions. This technology acts as a digital ledger and manages all the operations carried out within the network. Blockchain technology offers many advantages, such as higher transaction speed, lower data replication, lower chances of failure, and high confidence and governance. Information on the patient’s database is stored in bits and pieces in healthcare systems.
Lack of skilled professionals along with lack of technical infrastructure which will likely to act as market restraints factor for the growth of the blockchain technology in the healthcare in the above mentioned projected timeframe. Absence of necessary regulatory system along with lack of awareness in developing economies which will become the biggest and foremost challenge for the growth of the market.
North America dominates the blockchain technology in the healthcare market due to the rising incidence of fraudulent activities along with increasing need to reduce healthcare cost in the region, while Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2021 to 2028 due to the development of healthcare infrastructure along with rising adoption of EHR systems in the region.
Surging incidence of healthcare data breaches, rising threats of counterfeit drugs, growing adoption of blockchain as a service, transparency and immutability of the distributed ledger technology, cost-effective and secured data interoperability through blockchain are some of the major as well as factors which will likely to augment the growth of the blockchain technology in the healthcare market in the projected timeframe of 2021-2028. On the other hand, increasing number of government initiatives regarding the growth of the healthcare sector along with growing adoption of electronic healthcare records which will further contribute by generating immense opportunities that will led to the growth of the blockchain technology in the healthcare market in the above mentioned projected timeframe.
The major players covered in the blockchain technology in the healthcare market report are IBM Corporation; Microsoft; Guardtime; PokitDok, Inc.; Gem; Global Hospital & Healthcare Management.; Chronicled; iSolve, LLC; Patientory.; Factom.; Medicalchain SA.; Proof.Works; Blockchain AI Solutions Ltd; BurstIQ; Doc.ai , Inc.; Intellectsoft US; Medtronic; Quest Diagnostics Incorporated.; Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI); Nebula Genomics; among other domestic and global players.
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