Blockchain Technology in Healthcare Market Size at High Volume Predicted to Reach by 2023

Author: Sumit Choudhari

The blockchain in healthcare technology is growing in leaps and bounds paving the way for the innovative applications that can transform the delivery of healthcare services globally. The revolutionary effort achieved in data management and exchange by the application of blockchain in healthcare is among the foremost factors that are driving the market for blockchain technology in healthcare.

The use of blockchain in healthcare is also increasingly favored because of its capability to keep sensitive patient data secure easily accessible. The use of blockchain in the healthcare sector is motivated by its ability to ensure accountability of all the users on the network. Since, the exploitation of blockchain technology can link fragmented systems and create insights to evaluate the value of care better, the market share of blockchain in healthcare is mounting. The appositeness of blockchain in healthcare is reinforced due to the pressing need felt by healthcare personnel to consolidate information in a single and secure source, as vital information required for determining treatment options is dispersed about multiple systems and occasionally, and may not be at hand when required urgently.

The use of blockchain in healthcare is projected to gain impetus as healthcare service chains become more varied and spread out geographically. Patient health management is also found to be helped by the use of this technology. Moreover, one of the prime concerns in healthcare which is mobility is also better addressed.

Blockchain Technology in Healthcare Market Segmentation:

For the scope of research, MRFR’s report offers a detailed segmental analysis of the market.

By Application

  • Supply Chain Management,
  • Clinical Data Exchange & Interoperability,
  • Claims Adjudication
  • Billing

By End User

  • Pharmaceutical companies
  • Service providers
  • Healthcare consumers

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (RoW)

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Regional Analysis

The regional analysis of the blockchain in healthcare technology market consists of regions such as North America, Europe, Asia Pacific and Rest of the World. The North America region is expected to provide suitable opportunities for growth in the market due to the prevalence of the prominent contenders in the blockchain market in this region. Also, the adoption rates of the blockchain technology in the healthcare sector in North America are expected to be high because of the developed economies in the region. The European region is also anticipated to develop at a good pace due to the advances being made in the region in terms of blockchain technologies. The Asia Pacific region is expected to benefit tremendously from the integration of blockchain technology in the healthcare sector, as the number of healthcare facilities in the region will rise tremendously along with the number of patients seeking medical care in this region.

Competitive Analysis

The competitors present in the blockchain technology in the healthcare market are Factom, Microsoft, IBM, Medicalchain, Gem, iSolve, Patientory, Chronicled, FarmaTrust, Guardtime, Blockpharma, and PokitDok.

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