Blockchain in the Healthcare Market – Key Drivers and Forecasts from 2023 to 2028

Dublin, Jan. 10, 2024 (GLOBE NEWSWIRE) — The “Blockchain In Healthcare Market – Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.

Blockchain is one of the emerging technologies that have the potential to transform the healthcare sector, which is constantly evolving. Blockchain technology, which gained prominence as the technology that served as the foundation for cryptocurrencies like Bitcoin, is now utilized in numerous fields, including healthcare. The blockchain in healthcare market size has adopted and utilized blockchain technology in the healthcare sector. It involves putting blockchain-based solutions into action to address issues and enhance the efficiency, transparency, security, and interoperability of the healthcare system.

The market is made up of several different segments, including Drug Supply Chain Management, Claims Adjudication and Billing Management, Clinical Data Exchange and Interoperability, etc.

Products and Services offered by Key companies:

• IBM: The IBM Blockchain platform, which enables healthcare networks to be dependable and interoperable, is offered by IBM, a global technology leader.
• Microsoft: The Azure Blockchain Service, offered by Microsoft, another significant participant, enables developers to develop scalable and integrated blockchain applications.
• Change Healthcare: A service provider for managing the revenue cycle and handling claims that use blockchain to cut down on administrative tasks and improve the quality of data.
• Guardtime: The KSI Blockchain, which guarantees impermeable record-keeping for the integrity of data and supply chain management, is offered by Guardtime, a cybersecurity company.
• Hashed Health: With the intention of fostering interoperability and managing the revenue cycle, Hashed Health creates consortium networking and collaborative platforms for stakeholders in the healthcare industry.

Key Market Drivers:

Increasing adoption of Electronic Health Records (EHR):

Security, confidentiality, and interoperability are enhanced when blockchain is incorporated into EHR systems. It provides tamper-proof records, restricted access, and expedited data transmission to meet the growing demand for safe and effective healthcare solutions.

Growing concerns regarding Data privacy and security:

Data privacy and security are important considerations in healthcare because of the high number of security incidents and consumer complaints. Blockchain technology addresses these issues by ensuring patient privacy, consent, and data integrity while facilitating safe storage, administration, and exchange of healthcare information through decentralization and immutability.

Demand for effective Supply Chain Management in Healthcare:

In the healthcare industry, timely delivery of essential goods necessitates efficient supply chain management. Transparency, traceability, and verification are enhanced by blockchain technology, thereby resolving issues like interruptions and counterfeit pharmaceuticals. The use of blockchain-based solutions is being driven by the demand for efficient healthcare supply chain management in the industry.

Regulatory support and initiatives for Blockchain adoption:

To progress blockchain utilization in medical services, administrative action and backing are basic. Blockchain’s goals of increasing data security, privacy, and interoperability in EHR systems are aligned with the HITECH Act in the United States. The European Commission’s Blockchain Observatory and Forum fosters cooperation and favourable regulatory conditions. Healthcare organizations may utilize blockchain technology to enhance their offerings with government support.

Technological Advancements in Blockchain Solutions:

Protocols for interoperability between blockchains make it possible for healthcare systems to exchange data and communicate effectively. Safe AI algorithm control, IoT data authentication, and data integrity in healthcare applications are all made possible by integration with AI and IoT. These advancements support innovative and secure blockchain-based healthcare solutions by enhancing scalability, privacy, and interaction with other technologies.

The healthcare blockchain market is set to grow at a constant rate in the forecast period

The market for healthcare blockchain is segmented by application, end-user, type, deployment, and geography. Deployment is further segmented into teleconsultation, on-premises, and cloud-based. The type is further segmented into public blockchain, private blockchain, and consortium blockchain.

The United States holds one of the significant market shares in the global healthcare blockchain industry

The healthcare blockchain market share is dominated by North America, particularly the United States, due to its strong infrastructure, legislation, and focus on digital health. Blockchain’s capabilities are in line with the region’s emphasis on information security. Among the obstacles are interoperability, standardization, and intricate legislation. For the integration of blockchain technology into various healthcare systems, stakeholders must work together. Laying out legitimate systems, settling security issues, and growing clear norms need close coordination with innovation organizations, medical services associations, and administrative bodies. The adoption of blockchain technology in healthcare will increase if these obstacles are overcome.

Key Market Segment:

BY APPLICATION

• Clinical Data Exchange and Interoperability
• Claims Adjudication and Billing Management
• Drug Supply Chain Management
• Clinical Trials and Research Studies
• Medical Records Management
• Others

BY END-USER

• Healthcare Providers
• Pharmaceutical Companies
• Healthcare Payers
• Patients
• Others

BY TYPE

• Public Blockchain
• Private Blockchain
• Consortium Blockchain

BY DEPLOYMENT

• On-Premises
• Cloud-Based

Companies Profiled

• IBM
• Microsoft
• Accenture
• Change Healthcare
• Guardtime
• Hashed Health
• Medicalchain
• Factom
• Chronicled
• Proof.Work

For more information about this report visit https://www.researchandmarkets.com/r/e2etv8

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