Blockchain technology in the healthcare market revenue to cross

Selbyville, Delaware, December 1, 2021 (GLOBE NEWSWIRE) –

Blockchain technology in healthcare market size is expected to register a valuation of USD 6.1 billion by 2027, according to the most recent study by Global Market Insights Inc. Blockchain technology improves on-going innovations in the medical field, modern businesses, as well as the practices of daily life in the healthcare industry. Blockchain technology now supports healthcare providers in many areas of administrative management and patient care procedures. It has many applications in reducing the risk of counterfeit drugs, reducing treatment errors, improving patient safety, decision support, etc. that help increase the adoption of blockchain technology in healthcare. The significant development of healthcare technology to fill identified gaps in healthcare facilities leads to business growth.

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The public segment of blockchain technology in the healthcare market is expected to experience a growth rate of 48.6% through 2027 thanks to recent technological advancements in public blockchain systems that enable the implementation of a technology. considerably reliable in healthcare. This technology is decentralized and does not have a single entity that controls the network. Medical data on a public blockchain system is secure because it prevents modification or alteration of data once it has been authorized on the blockchain. Ethereum is one of the widely used public blockchains that enables the deployment of smart contracts and decentralized applications. In addition, this network is more secure due to active participation, decentralization and the higher number of nodes in the network.

It is estimated that blockchain technology in the healthcare market for the data exchange and interoperability segment will reach a CAGR of 53.1% until 2027. Blockchain technology contains many promising features that enable a reliable, compliant, secure, verifiable and usable medical data exchange. It has been shown to be beneficial for data exchange in healthcare and life science applications. Blockchain interoperability allows data to be observed and accessed across many systems in a healthcare environment. Interoperability in healthcare has recently focused on patient-centered interoperability, where the exchange of health data is patient-centered and patient-mediated. Blockchain technology facilitates this transition through different mechanisms including data liquidity, patient identity, data aggregation, etc. Thus, the increasing demand for reliable data exchange and interoperability is expected to promote the growth of the market during the forecast period.

The healthcare payers segment in blockchain technology in the healthcare market is expected to reach over $ 1.21 billion by 2027. This is mainly attributed to several benefits of blockchain technology for healthcare payers. health, such as maintaining the confidentiality, transparency and confidentiality of patient records in the system. . Blockchain provides a solution for healthcare payers to alleviate the problem of managing credentials, ensuring proper licensure, and tracking job changes. Administrative tasks including underwriting and handling complaints can also benefit from blockchain technology. This is mainly possible through managed authorizations which make it easier for healthcare payers to use the validity of a claim and manage pre-authorizations.

China dominated the Asia-Pacific blockchain technology in the healthcare market in 2020 and will exceed $ 621 million by 2027. The high market share is mainly due to the increase in the elderly population, to the increased health spending and advanced health infrastructure in the country. According to 2020 census data, around 264 million people were aged 60 and over in China. China is one of the most advanced countries with the largest number of blockchain technology hubs and is experiencing national digitization in healthcare facilities. In 2018, China’s per capita health expenditure was around $ 501, an increase of 14.6% from 2017. These variables are believed to boost blockchain technology penetration in health sector growth in the country. Likewise, the advent of healthcare tech startups and the acceptance of blockchain technology in healthcare will further amplify the expansion of the industry.

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Some of the major companies operating in blockchain technology in the healthcare market are IBM Corporation, Microsoft Corporation, Guardtime, Change Healthcare, Gem Health, Patientory, and iSolve, LLC, among others. These leaders adopt many strategic initiatives such as agreements, partnerships, new product launches and business expansion to improve their product portfolio and market presence.

Table of contents (ToC) of the report:

Chapter 3 Blockchain Technology in Healthcare Market Analysis

3.1 Industry segmentation

3.2 Industry Landscape, 2016 – 2027 (USD Million)

3.3 Impact factors on the industry

3.3.1 Growth drivers

3.3.2 Pitfalls and challenges of the industry

3.4 Analysis of growth potential

3.4.1 By type

3.4.2 By application

3.4.3 By end use

3.5 COVID-19 impact assessment

3.6 Types of blockchain

3.6.1 Public

3.6.2 Private

3.6.3 Consortium

3.7 Start-up scenario

3.8 Regulatory landscape

3.9 Innovative landscape

3.10 Investment landscape

3.11 Advantages / Disadvantages of Blockchain Technology in Healthcare

3.12 Major Blockchain Solution Providers

3.13 Healthcare projects related to Blockchain technology

3.14 Applications of Blockchain Technology for Healthcare

3.15 SWOT Analysis of Blockchain Technology in Healthcare

3.16 Timeline for Blockchain Technology Adoption in Healthcare Applications

3.17 Porter’s analysis

3.18 Competitive landscape, 2020

3.19 PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services, providing syndicated and personalized research reports as well as advisory services. growing. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid in strategic decision making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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