Blockchain technology in the healthcare ecosystem is growing at a rapid pace. The solid foothold that blockchain technology has gained in the fast-increasing healthcare business accounts for market growth. The healthcare industry is changing due to technological advancements that streamline traceable interactions and reliable readings.

Blockchain technology is becoming more widely used in the healthcare industry

According to Market Research Future (MRFR), the global blockchain technology in the healthcare market is expected to reach USD 42 million by 2023, rising at a 71.8 percent compound annual growth rate (CAGR) over the research period (2018-2023). A key growth driver for the market is the technology’s credible growth potential.

Furthermore, insurance companies’ increased use of blockchain technology to keep track of insured patients in real-time is fueling the market growth. Furthermore, the rising need for user-friendly, low-cost data management technologies and increasing incidences of data breaches and data security issues in healthcare are fueling the expansion of blockchain technology in the healthcare business.

On the other side, market growth is expected to be hampered by the lack of common standards and knowledge of blockchain technology. Increasing investments in healthcare sectors, on the other hand, would promote market growth throughout the forecast period, creating favorable conditions.

Also, read – The Anatomy of Blockchain in Healthcare

Players to Watch

Farmatrust, Guardtime, Microsoft, IBM, Gem, Patientory, Chronicled, Pokitdok, Isolve, Hashed Health, Factom, Blockpharma, Medicalchain, and Simplyvital Health are all active competitors in the global Blockchain technology in healthcare market.

Analytical Segmentation

The market for blockchain technology in healthcare may be divided into application and end-user. Supply chain management, clinical data interchange & interoperability, claims adjudication, and billing is blockchain technology applications in the healthcare business.

Pharmaceutical businesses, service providers, and healthcare customers are among the end-users of blockchain technology in the healthcare market.

Analyses by Region

Blockchain technology in the healthcare industry is divided into four regions: North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

The better infrastructure of North America in both IT and healthcare has already laid the groundwork for additional market expansion. The market is likewise eager to adopt the new media to make the healthcare system run smoothly. Simultaneously, the regional blockchain technology in the healthcare market has the most market titans striving for the most prospects that can assist the need to expand. The presence of solid economies in the region can also be considered when assessing the market outlook in the following years.

Europe has an advantage over the rest since it began building the nest long before the rest of the world. In 2016, the area started sponsoring an international collaboration with private corporations and research institutes as the other wheels of the cart. The goal was to compile and disseminate biomedical data. The region’s technological genius is likewise remarkable, and it has the potential to solidify its position as a staple even further. With many organizations in the healthcare industry attempting to tackle patient issues much faster, the APAC area stands to gain significantly.