Blockchain Technology In Healthcare Market Is Anticipated To Witness High Growth Owing To Increased Efficiency And Data Security



Healthcare industry worldwide has witnessed high adoption of digital technologies including internet of medical things, wearables, cloud computing, big data analytics and artificial intelligence. However, interoperability, data sharing and security have remained major challenges in healthcare IT landscape. Blockchain technology addresses these challenges by providing a distributed and immutable record of transactions while maintaining security and privacy of sensitive patient data.

Blockchain technology facilitates seamless sharing of patient health records across different stakeholders including providers, insurers, and pharmacies in a distributed, trustless and transparent manner through a decentralized electronic ledger system. It helps implement full audit trail of transactions, avoid duplicate medical claims and reduce costs by streamlining processes. Blockchain powered smart contracts further enable automatic execution of transactions or processes based on predefined conditions.

The Blockchain Technology In Healthcare Market is estimated to be valued at US$ 159 Mn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the Blockchain Technology in Healthcare are ConsenSys, Embleema, Equideum Health,IBM Lifescience, MELLODDY. ConsenSys is one of the leading blockchain technology companies in healthcare sector providing Ethereum based blockchain platforms and healthcare solutions.

Rising focus on value-based healthcare models and increasing investments by governments and private players are expected to open key opportunities for blockchain solutions in areas like clinical trials, genomic data sharing, telemedicine and chronic disease management.

North America represents the largest regional Market for blockchain in healthcare attributed rapid technology adoption. However, Asia Pacific is anticipated to witness fastest growth owing to growing healthcare expenditures, government initiatives for digital healthcare and presence of major technology players in countries like China, India and Japan.

Market Drivers

-Increased efficiency and transparency of healthcare processes through seamless data exchange and smart contracts

-Enhanced data security, privacy and access control through distributed ledger systems

Market Restrain

-Lack of common standards for interoperability

-Resistance to change from traditional stakeholders

 -Knowledge gaps regarding scalability and capabilities of the technology

Segment Analysis

The Blockchain Technology In Healthcare Market is segmented based on type into permissioned and permission less blockchain networks. Among these, permissionless blockchain dominates the Market as it allows participation of any stakeholders without requiring their personal identity information. Permission less blockchains provide more anonymity to its users and supports transparency in maintaining health records.

 Based on application, the Market is classified into claims adjudication and billing management, clinical data exchange and interoperability, supply chain management, clinical trials, and others. The clinical data exchange and interoperability segment currently dominates as blockchain helps in securely exchanging patient health records across different healthcare organizations by maintaining an immutable record of all transactions. This ensures data security and prevents data manipulation during exchange.

Global Analysis

Regionally, North America dominates the Blockchain Technology In Healthcare Market due to increasing investments by Market players in developing blockchain solutions for healthcare. Technological advancements and well-established healthcare infrastructure also contribute to the largest Market share of North America. Asia Pacific is expected to grow at the fastest pace during the forecast period. This is attributed to rising medical tourism, increasing healthcare expenditure, growing geriatric population, and government support for adopting new technologies in countries like Japan and China. Lack of interoperability and data breaches are major challenges faced by the healthcare sector globally. However, blockchain technology can help address these issues and enable transparent and secure health data exchange.

Get more insights on this topic: https://www.ukwebwire.com/blockchain-technology-in-healthcare-market-poised-to-reflect-high-growth-rate-owing-to-growing-need-for-secure-data-exchange/

 

Author Bio:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163 )

 

What Are The Key Data Covered In This Blockchain Technology in Healthcare Market Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Blockchain Technology in Healthcare Market's growth between 2024 and 2031.

:- Accurate calculation of the size of the Blockchain Technology in Healthcare Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Blockchain Technology in Healthcare Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Blockchain Technology in Healthcare Market vendors

FAQ’s

Q.1 What are the main factors influencing the Blockchain Technology in Healthcare Market?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Blockchain Technology in Healthcare Market companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Blockchain Technology in Healthcare Market’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

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