Blockchain Technology in the Healthcare Market by 2022


Blockchain technology is a distributed platform system that allows transaction input in real-time. It acts as a digital ledger and will enable users to keep track of all online activities. The growth of global blockchain technology in the healthcare market is driven by increasing incidents and security risks, the increased demand for user-friendly and cost-effective data management tools, increased investments in healthcare, and the spread of blockchain technology. In addition, the space of blockchain technology in healthcare should provide favorable conditions for market growth. For example, in June 2018, the leading British blockchain company Guard time launched a health information platform that works with blockchain technology.


Figure:


Some major global blockchain technology healthcare players are IBM, Microsoft, Guard time, Pokitdok, Gem, Patient, Hashed Health, Chronicled, I solve, Factor, Bloc pharma, Medical chain, and Simply vital Health, Farm trust, and others.


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Regional analysis


The US market is expected to dominate the global healthcare market for blockchain technology during the forecast period due to the high adoption rate of pre-technology, the availability of a large patient population, the presence of established care management systems, and the increase in healthcare expenses and policyholders. According to the Committee for a Responsible Federal Budget, in 2017, the United States spent more than $ 3.5 trillion on health, about 18% of the country's total GDP. 


The European market is expected to be the second-largest market, as the number of clinical trials and the pharmaceutical industry's spending on research and development, awareness of blockchain technology in the region, and healthcare spending have increased.


In addition, the Asia-Pacific market is expected to grow the fastest during the forecast period due to the growth of the generic industry in the region, the continued growth of health investments, and the use of health technology.


 The Middle East and Africa markets probably account for the smallest share of global blockchain technology in the healthcare market.


Segmentation


The global future of blockchain healthcare is segmented by application, type, and end-user.


The application segment differs based on supply chain management, patient data management, drug traceability, clinical trials, data security, claims processing, billing, and more.


Based on the type, the market is categorized as permissive blockchains, with permissive fewer blockchains.


The end-user segments the market into pharmaceutical companies, healthcare providers, healthcare consumers, and others


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