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At 50.6% CAGR, Blockchain Technology In Healthcare Market to hit USD 513.1 Million to 2028, says Brandessence Market Research -Breaking

by Mike Robinson

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Brandessence Market Research: Blockchain Technology In Healthcare Market will reach USD 513.1 million by 2028 at a 50.6% CAGR

Brandessence Market Research predicts that the value of Blockchain Technology within Healthcare Market will reach USD 513.1 million by 2028. This is an increase from USD 248.5 Million in 2021. Market growth is expected to be robust with a promise CAGR of 50% between 2022 and 2028.

Global Blockchain Technology is growing rapidly due to the increasing demand for affordable and easy-to use data management tools. “Blockchain Technology In Healthcare Market Size, Share, And Trends Analysis Report By Type (Public, Private) By Application (Supply Chain Management, Clinical Data Exchange And Interoperability, Claims Adjudication And Billing Management, Other Applications) By End-User (Pharmaceutical Companies, Healthcare Payers, Healthcare Providers, Other End Users) Based On Region, And Segment Forecasts to 2022 – 2028″

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Report on the Global Blockchain Technology Market in Healthcare:

The disruptive technology of blockchain is widely recognized. The use of blockchain technology has increased in different industries, allowing them to change the way that they work. Healthcare is one of many industries looking at adopting blockchain technology. Blockchain can simply be described as an immutable series of time-stamped records that are managed by clusters of computers, not belonging to any one entity. These blocks are secured using cryptographic principles and linked to one another. Blockchain technology can transform healthcare by placing patients at the heart of the system. It also increases security and privacy while allowing for interoperability and transparency of data. The blockchain technology could open up new possibilities for information exchange (HIE). It will make electronic medical records easier, more secure and less intermediated.

These are the key market players of Blockchain Technology for Healthcare Market.

  • IBM (NYSE:)
  • Microsoft (NASDAQ)
  • Guardtime
  • Pokitdok
  • Gem
  • Patientory
  • Hashed Health
  • Chronicled
  • Isolve
  • Factom
  • Blockpharma
  • Medicalchain
  • Simplyvital Health
  • Farmatrust

The Market is undergoing a significant transformation due to the increasing threat of counterfeit drugs

The main factors behind the market’s growth are increasing incidences of information theft, drug counterfeit reduction and strategic initiatives by key players. It is expected that counterfeit medicine will kill approximately 1 million people annually. According to the World Health Organization (WHO), around 10% of all prescriptions are counterfeit. This rate can even rise up to 30% in some areas of Asia, Latin America and Africa. Thus, the OECD has reasoned that the fake pharmaceutical industry is worth someplace in the district of $200bn every year – for correlation, the illicit medication exchange is worth around $246bn.

Due to how rewarding the fake prescription business currently is, it has seen emotional development as of late, making Interpol report a nine-fold increment in the volume of phony medications provided between 2011–14. The blockchain innovation is well-known for verifying large amounts of data that are difficult to track. It can be used in this illegal market by following the developments of medication. The market will grow due to the increased demand for a reliable health data management system, and rising prevalence of disease. However, the Lack of a central entity & common set of standards may hamper the market growth. Additionally, the use of blockchain technology for healthcare records will guarantee that data integrity is maintained.

Segmentation of the Healthcare Market for Blockchain Technology:

Sort by Type

Apply:

  • Management of Supply Chain
  • Clinical Data Exchange and Interoperability
  • Claims adjudication and billing management
  • Others Applications

By end-user:

  • Pharmaceutical Companies
  • Healthcare Payers
  • Healthcare Providers
  • Other end users

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