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Blockchain Tech In Healthcare Market Will Reach USD 1415.59 Million By 2024

Blockchain Tech In Healthcare Market Will Reach USD 1415.59 Million By 2024

Blockchain technology will help the Healthcare market to generate USD 1415.59 million at end of 2024. The market will be growing at a CAGR of around 70.45% between 2018 and 2024. The same blockchain technology healthcare market grew approximately USD 34.47 million in 2017, according to a report by Zion Market Research.

The key players in the blockchain technology in the healthcare market are Microsoft, IBM, PokitDok, Guardtime, Gem, iSolve, Chronicled, Hashed Health, Factom, Patientory, Proof.Work, FarmaTrust, SimplyVital Health, Medicalchain, and Blockpharma.

10 points to know about blockchain.

In the global healthcare market looking at managing healthcare data with the help of blockchain technology. This is one of the most important use cases due to security and interoperability of healthcare data. Blockchain technology due to its characteristics helps in decentralizing the data storage and enable data sharing without any hurdles. The shared data can make it possible for doctors to access real-time information. The data from wearables can also be integrated into medical records using blockchain technology.

The report indicates that Blockchain technology also has applications in drug development and medical research. The blockchain technology has the potential to stop counterfeiting of the drug as well as it can help integrate data from clinical trials.

The factors that contribute to the growth of global blockchain technology in healthcare sectors are,
1. Increased investment in startups working in the healthcare market
2. Number of fraudulent drugs and medicines
3. Increase in number of cases of a medical data breach
4. Governmental initiatives in medical healthcare data
5. Growing adoption of Blockchain as a service (BaaS) solutions
6. The growth of the Internet of Things (IoT) in medical healthcare

The report segments the global blockchain technology healthcare market into three categories, viz application, end-user, and region.
Side by side differences,
The application segment consists of clinical data exchange & interoperability, supply chain management (the biggest), and claims settlement & billing.

The end-user segment consists of healthcare payers, pharmaceutical companies, and healthcare providers.

Region wise segment consists of North America (U.S), Europe (UK, France, Germany), Asia Pacific ( China, Japan, India), Latin America (Brazil), Middle East and Africa.

The United States is leading country among developed regions in North America. This is due to leading startups in blockchain technology, IT infrastructure and funding. Also, implementation of the Internet of Things (IoT) in healthcare will promote the growth of blockchain technology in the healthcare market.

North America represents a developed regional market for blockchain technology in healthcare and is expected to see the rapid growth in the years to come. The U.S. is by far the leading blockchain technology in the healthcare market by country in North America. The U.S. market is expected to grow at the highest CAGR during the forecast period. This growth is mainly due to the presence of key startups working on blockchain technology, the presence of developed IT infrastructure, and high government funding. Furthermore, the ongoing research on the implementation of the Internet of Things (IoT) in healthcare will promote the growth of blockchain technology in the healthcare market.

Europe follows North Americas due to rising medical research activity, growing awareness regarding the use of IT in medical data management, and presence of developed healthcare infrastructure.

Asia Pacific will grow at the highest rate among all regions over the forecast period mainly due to developing healthcare IT infrastructure and growing government spending on health data management. In Asia, China, India, and Japan will continue to be the fastest growing markets in blockchain technology in healthcare.

You can download the detailed report here

PC: pablo,unsplash

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Mandar Pise Opinions expressed by techsutram contributors are their own. More details

Mandar is a seasoned software professional & Fintech, Cloud, IoT, and Blockchain enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about Fintech, Cloud, IoT, AI and Blockchain, and the effects they will have economically and socially in the future.

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