The global Blockchain in healthcare market to notice positive growth owing to the rising need of data interoperability, and increasing awareness for the use of information technology in healthcare industry.
Blockchain in healthcare industry is an ingenious invention that allows digital information to be distributed but not copied, blockchain technology is created as the backbone of new type of internet. Similarly, the blockchain technology can be defined as an interoperable digital ledger that records all the economic transactions, that include financial transactions and virtual everything of value. The information that is shared in the blockchain is continuously recoiled in the central database that cannot be hacked or corrupted. Blockchain has transformative potential for the healthcare systems, this offers the potential of creating new business models in healthcare sectors. This new business model would support easy exchange of health data of individuals, and would allow them to manage consent and access to their health data where they see it’s fit. The exchange of personal health records and health information exchange data via the protocol of integrating the health information which has helped in addressing the challenges of system interoperability and access to medical records.
Continuous increasing in the demand of information technology in the healthcare system is expected to support the growth of global blockchain in healthcare market.
The global blockchain in healthcare market is primarily driven by the factors such as rising need for data interoperability for maintaining personal health records, and easy data sharing between the telemedicine & traditional care providers. Additionally, emerging blockchain technology that influence cost cutting in this industry, and easy healthcare data transfer between the healthcare providers and payers for insurance claim to grow the market during the forecast period. Blockchain in healthcare is an untapped technology which offers additional layer of trust to minimize cybersecurity globally & is directly adding up to the market growth.
On the other hand, the increasing adoption of blockchain technology has created opportunities for use of this technology. It helps in disintermediation of trust which helps all the stakeholders to have an equal access to the health data of an individual. Similarly, reduction in cost of treatment and various other parameters to create a lucrative market pace in the near future.
However, the high cost of this technology, and limited awareness for its use in healthcare industry might restraint the growth of this market during the forecast period.
The global Blockchain in healthcare market is segmented on the basis of application, end use and geography
On the basis of application type, blockchain in healthcare market is segmented into:
On the basis of end use type, Blockchain in healthcare market is segmented into:
Geographically, the global Blockchain in healthcare market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Increasing demand for blockchain technology, and continuous research and development for understanding blockchain application in North America.
North America region is expected to hold a dominating position in the blockchain healthcare market. The growth of this region is primarily driven by the increasing need of connectivity in the healthcare sector, continuous study by the key players to establish new partnership in health information technology ecosystem. In addition, the increasing need of proper regulatory bodies that promote adoption of blockchain in healthcare would influence the market growth in North America.
However, Asia Pacific is expected to grow rapidly during the forecast period, due to increasing demand of information technology in healthcare industry, rising need for developing healthcare infrastructure for avoiding death incidences due to medical errors in the countries like India and China. Furthermore, rising healthcare IT investments by the developing countries to boost the healthcare blockchain market in Asia Pacific.