Global Blockchain in Healthcare Market is valued at USD 287.9 Million in 2021 and is projected to attain a value of USD 1,189.8 Million by 2028 at a CAGR of 61.3% during the forecast period, 2022–2028. The market's growth can be ascribed to the rising occurrence of data leaks and breaches, as well as the growing need to address these concerns. The implementation of the technology is being driven by strategic actions by key players, a high demand to prevent medicine counterfeiting, and the necessity for effective health data management systems. In addition, increased investment in the development of efficient healthcare record systems, wearable device cryptography, and medical examination systems is expected to give profitable prospects in the near future for Blockchain in Healthcare industry. The rising prevalence of diseases is predicted to generate a large volume of data, increasing the requirement for data management.
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The COVID-19 pandemic emerged as an unprecedented public health threat, infecting a large number of people all across the world. The pandemic caused economic and financial harm to the world economy and a number of industrial sectors. Several countries declared national emergencies and implemented lockdowns to stop SARS-CoV-2 from spreading and infecting people. In the United States, clinical research and surveys have revealed a decrease in outpatient and emergency medical care. Many medical practises, particularly elective medical practises, were impeded, sidetracked, postponed, and halted, affecting industry growth. The coronavirus outbreak, on the other hand, has accelerated the adoption of emerging technologies in healthcare, including blockchain technology.
Increasing Incidence of Healthcare Data Breaches
The number of data breaches in the healthcare business has risen dramatically over the years. Healthcare data breaches have increased in scale and regularity over the last five years, with the most serious breaches affecting as many as 80 million people.
Global Blockchain in Healthcare Market is segmented on the basis of Application into Clinical Data Exchange, Billing Management and Claims Adjudication and supply chain management. Based on region, the Blockchain in Healthcare Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Some of the players in the Blockchain in Healthcare Market include IBM Corporation, Microsoft Corporation, Gem, Patientory Inc., Guardtime Federal, Hashed Health
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