Global Blockchain in Healthcare Market

Global Blockchain in Healthcare Market Size, Share, Growth Analysis, By Network Type(Public, and Private), By Application(Claims Adjudication & Billing, Clinical Data Exchange & Interoperability), By End User(Payers, Providers) - Industry Forecast 2024-2031

Report ID: SQMIG35A2879 | Region: Global | Published Date: May, 2024
Pages: 213 | Tables: 92 | Figures: 70

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Blockchain in Healthcare Market size was valued at USD 1.97 Billion in 2022 and is poised to grow from USD 3.32 Billion in 2023 to USD 214.56 Billion by 2031, at a CAGR of 68.40% in the forecast period (2024-2031).

Global pharmaceutical company Pfizer has teamed up with blockchain technology company. Chronicled to develop a blockchain-based system to track prescription drug dispensing This strategic partnership offers the Chronicled Mediledger network, a blockchain platform designed for pharmaceuticals the project increases supply chain transparency, counterfeit to drugs, and ensures compliance with regulatory requirements. Blockchain-based systems enable secure and transparent tracking of prescriptions throughout the supply chain, from manufacturing to delivery to pharmacies, reducing risk on counterfeit drugs and enhance patient safety. 'IBM', 'PATIENTORY INC.', 'Guardtime', 'iSolve, LLC', 'Solve.Care', 'Oracle', 'Change Healthcare', 'BurstIQ', 'Medicalchain SA', 'Blockpharma', 'Gem', 'Hashed Health', 'Factom Inc.', 'PokitDok Inc.'

Over the years, data breaches in the healthcare industry have skyrocketed. The magnitude and frequency of health data breaches increased over the past five years, with large-scale breaches affecting 80 million people (about twice the population of California). Health data breaches typically reflect high-sensitivity issues, from personally identifiable information such as Social Security numbers, names and addresses.

Rising Government Services: Blockchain technology is emerging as a viable solution in the healthcare industry. Many startups have started solving major pain points in the healthcare industry (such as interoperability of medical records, data security, and preventing counterfeit drugs from entering the pharmaceutical industry) with the help of blockchain technology in the last few years. Technology has attracted the attention of various stakeholders in the healthcare industry. Due to increased interest in this technology, government agencies around the world are investing in blockchain to conduct the same research.

North America had the largest share in the global blockchain in healthcare market. Growing North America healthcare blockchain market with local enforcement laws related to patient data security, improved quality of care, increased fraudulent activities in healthcare sector, need to reduce healthcare costs an increased on, and increased protection from alteration of medical information Increased importance.

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