Global Block chain Technology in Healthcare Market Gaining Momentum—Projected to Reach USD 4,720.96 Million by 2027
According to Blueweave consulting the global blockchain technology in the healthcare marketwas worth USD 129.22 million in 2020. It is further projected to reach USD 4,720.96 million by 2027, at an impressive CAGR of 68.13% during the forecast period (2021-2027).
Companies operating in global blockchain technology in the healthcare market are investing heavily in the integration of the blockchain technology for secure payments, patient data protection, protection against cyberattacks/hackers, management of vaccines & medicines, supply chain management, and other areas, which are expected to drive the market during the forecast period. The working fundamental behind cryptocurrencies is blockchain technology, with Bitcoin being the most well-known. Blockchain technology decentralizes the system and makes it virtually impossible to change, hack, or cheat the system.
GlobalBlockchain technology in healthcare market: By Application
The supply chain management segment held the largest market share in global blockchain technology in healthcare market in 2020.
GlobalBlockchain Technology in Healthcare Market: By End-Use
Among end-use segments in global blockchain technology in healthcare industry, the healthcare providers segment holds the largest market share.
Elimination of Intermediaries and Cost Savings are expected to drive the global blockchain technology in the healthcare market during the forecast period.
Blockchain technology is one of the most cutting-edge technologies available today. No discussion on blockchain technology can be complete without considering Bitcoin--the best-known cryptocurrency and the catalyst for the development of blockchain technology. Bitcoin is built on the blockchain principle, which implies that while data is immutable, it can be freely recorded and transacted. Bitcoin eliminates intermediaries or third-party participants and presents a secure, transparent, decentralized alternative to fiat currencies worldwide. Blockchain also enables bitcoin or any other cryptocurrency to eliminate certain processing or transaction fees. Additionally, it reduces the dependency on banks and governments to guarantee the value of the cryptocurrency.
Lack of awareness and understanding is expected to impede the growth of the global blockchain technology in the healthcare market during the forecast period.
The biggest problem with blockchain is a lack of information about the system and a general lack of awareness of how it functions. The integration of blockchain indicates 80% business process change and 20% technology implementation. Many individuals may become perplexed as a result of the high percentage of business process transition. Therefore, a creative approach is needed to understand the workings of blockchain and to see how things can improve.
A lot of companies don’t have any idea of how blockchain works. With the reputation and image of blockchain linked with cryptocurrencies, people are hesitant to integrate blockchain in other areas. This lack of awareness and understanding along with issues related to the reputation and image of blockchain technology is expected to impede the growth of the global blockchain technology in the healthcare market during the forecast period.
Supply chain management accounted for the largest share in the global blockchain technology in the healthcare market in 2020
The supply chain management segment held the largest share in the global blockchain technology in the healthcare market in 2020. Healthcare giants like Pfizer and Change Healthcare is already using blockchain technology for various purposes including supply chain management.
In March 2021, Moderna and IBM agreed to collaborate on COVID-19 vaccine supply chain tracking using blockchain technology.
Global Blockchain Technology healthcare Market: Regional insights
Global blockchain technology in the healthcare market is divided into the Asia-Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa regions. North America dominated the market in 2020 as a lot of healthcare companies operating in the North American region are integrating blockchain technology to manage their security, patient data, medicines, vaccine doses, etc. In March 2021, Moderna, a biotechnology and pharmaceutical company based in the United States signed a new agreement with IBM to use blockchain technology to handle its COVID-19 vaccines. Additionally, 3M Pharmaceuticals, another American pharmaceutical giant, uses blockchain technology to curb counterfeit pharmaceuticals, Recently, it has started using Blockchain technology to identify and stop counterfeit face masks. Availability of skilled workforce, awareness, and understanding of the technology, high disposable income, and presence of global healthcare leaders are some of the reasons contributing towards North America’s largest market share in global blockchain technology in the healthcare market.
The Leading Players operating in the Healthcare Market areIBM, Microsoft, Guardtime, Change Healthcare, Gem, Hashed Health, Chronicled, Patientory, Isolve, Factomand others are the key players operating in the global blockchain technology in the healthcare market.
Key market players are entering into collaborations, partnerships, and engaging in mergers & acquisitions to capture a greater market share.
Attorney General James Launches Investigations Into Social Media Companies for Role in Buffalo Attack - Including but not limited to Twitch (owned by Amazon), 4chan, 8chan, and Discord
