According to report published by All The Research, Increasing government initiatives such as the implementation of the General Data Protection Regulation (GDPR) boosts the adoption of blockchain technology in the healthcare sector.
The growth of healthcare blockchain market is attributed to the increasing awareness data security, increasing incidences of data leaks and data breach, coupled with the increasing need for exceeding storage spaces and increasing entrance of counterfeit medicines in the pharmaceutical supply chain. In addition, the growth of this market is driven by increasing awareness regarding cybersecurity attacks and patient protection against possible medical data breaches across the globe. On the other hand, high cost associated with the implementation of the block chain, lack of common standards, and lack of awareness regarding the uses of blockchain technologies in the healthcare sector.
Blockchain is a list of records which are linked using cryptography in which each block contains a digital piece of information. This technology provides a new model for health information exchanges with the help of electronic medical records. Blockchain technology can reduce the friction and costs associated with current intermediaries.
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The private block chain segment expected to grow at the fastest growing CAGR during the forecast period
Based on type, the global healthcare blockchain market has been segmented into private blockchain and public blockchain. The private blockchain is designed and used for precise enterprise as it provides easy transaction, privacy, and high security. Private blockchain segment is expected to register a fastest growing CAGR owing to the increasing need for private sector data management, and highly secured supply chain. Public blockchain segment holds the highest share in the global healthcare blockchain market. The growth of this segment is attributed to low cost and easy accessibility to the larger database.
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Drugs and medical device company’s end user segment would register fastest growing CAGR during the forecast period
Based on the end user, the healthcare blockchain market is segmented into hospitals, insurance providers, drugs and medical devices companies, and others. Among these, the drugs and medical devices companies register a fastest growing CAGR owing to increasing need for counterfeit prevention, managing the authenticity of drug and devices, and compliance with the pharma and medical devices supply chain. Hospitals end user segment holds the largest share in the market. The growth of this segment is attributed to increasing adoption advanced technologies in the hospital section and improving healthcare infrastructure.
Company Profiles and Competitive Intelligence:
The major players operating in the global healthcare blockchain market are Blockpharma (France), PokitDok (US), Guardtime (Estonia), ISolve (US), LLC, DeepMind Health, MedRec, IBM (US), Microsoft (US), Gem (US), Chronicled (US), and Hashed Health (US) among others.
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