The global blockchain technology in the healthcare market size was US$ 531.1 million in 2021. The global blockchain technology in healthcare market size is estimated to reach US$ 11550.5 million by 2030, growing at a compound annual growth rate (CAGR) of 40.8% during the forecast period from 2022 to 2030.
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A blockchain is a distributed database that is distributed among the nodes of a computer web. It functions as a catalog for keeping the information in digital form. In the healthcare sector, it is utilized to store and share victims? details among hospitals, diagnostic labs, doctors, and drug firms. It can enhance the efficiency, safety, and availability of the transfer of medical data within the healthcare procedure.
Factors Influencing Market Growth
? The use of blockchain system in the healthcare sector boost data violations which is also the leader of market trends driving the overall market growth.
? The increase in the supply of counterfeit drugs also predicts overall market growth.
? The lack of a useful set of standards and the complicated qualities of technology hampers the expansion of the global market.
Study of the COVID-19 Pandemic
COVID-19 is expected to have a positive influence on the blockchain in the healthcare market. A huge number of hospitals and clinics around the world were restructured to improve hospital capacity for patients analyzed during the pandemic. Non-essential practices took a strong backlog, due to fast-growing pandemic cases. The lockdown led to the disturbance of manufacturing and vehicle healthcare requirements. Also, other elements liable for the influence on the market contain restricted availability of medical care, shortage of healthcare staff, and increase in the hurdle of COVID-19-related hospitalization.
Regional Insights
North America is expected to have the highest growth in the overall market share in 2021 and is predicted to lead during the analysis period. This is due to technological development in blockchain technology, software processes and integration of advanced technology, the existence of primary players, and advanced infrastructure in the region.
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Leading Competitors
The prominent players in the global blockchain technology in the healthcare market are:
? Proof Works
? Patientory
? Oracle Corporation
? Medical Chain
? Hashed Health
? Farmatrust
? GuardTime
? Change Healthcare
? BurstIQ
? Crystal Chain
? Others
Segmentation Analysis
The global blockchain technology in the healthcare market segmentation focuses on Type, Application, End User, and Region.
Segmentation on the basis of Type
? Public
? Private
o Consortium
o Fully Private
Segmentation on the basis of Application
? Supply Chain Management
? Data Exchange and Interoperability
? Claims Adjudication and Billing
? Others
Segmentation on the basis of End User
? Healthcare Payers
? Healthcare Providers
? Pharmaceutical and Medical Device Companies
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Segmentation on the basis of Region
? North America
? The U.S.
? Canada
? Mexico
? Europe
? Western Europe
? The UK
? Germany
? France
? Italy
? Spain
? Rest of Western Europe
? Eastern Europe
? Poland
? Russia
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? Rest of Eastern Europe
? Asia Pacific
? China
? India
? Japan
? Australia & New Zealand
? ASEAN
? Rest of Asia Pacific
? Middle East & Africa (MEA)
? UAE
? Saudi Arabia
? South Africa
? Rest of MEA
? South America
? Brazil
? Argentina
? Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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