In the healthcare industry, blockchain refers to the use of blockchain technology for safe data management and storage. In the healthcare industry, blockchain is utilised not just to communicate patient data between hospitals, pharmacies, labs, and doctors, but also to improve data security and accuracy, save costs, increase transparency, and track items. Blockchain technology can offer decentralised, impenetrable platforms for the secure storage of private health data while maintaining its integrity and privacy. Medical facilities can improve the analysis of medical information and obtain new insights with the use of this technology. Blockchain technology has the ability to increase the efficiency of data for the healthcare industry and plays a crucial role in managing fraud in clinical studies.
According to SPER market research, ‘North America Healthcare Sector Blockchain Market Size- By Application, By Deployment, By Provider, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the North America Healthcare Sector Blockchain Market is predicted to reach USD 58.6 billion by 2032 with a CAGR of 67.95%.
The healthcare industry has frequent data leaks due to the rise in cybersecurity, hacking, and data phishing. As a result, blockchain has become more in demand since it improves data sharing throughout a healthcare network in terms of trust, security, openness, and traceability. The healthcare sector uses blockchain technology to protect patient personnel information in light of the growing number of online patient data breaches. Thus, one of the main factors propelling the blockchain market in the healthcare industry is the requirement for improved medical data administration and sharing. The blockchain market in the healthcare industry is also expected to develop due to the growing use of electronic health records (EHRs) and other digital technologies.
The lack of an industry-wide standard for blockchain application in the healthcare sector is one of the main things impeding market expansion. The lack of clarity surrounding regulations for blockchain in healthcare further impedes business expansion. Market expansion is hampered by healthcare organisations’ and experts’ lack of knowledge about and comprehension of blockchain applications in the field, as well as by the high upfront costs associated with putting a blockchain solution into practice. The market’s growth pace is hampered by a lack of qualified professionals with the necessary technical know-how to manage blockchain technology operations in some nations, healthcare organisations’ reluctance to embrace new technologies and methods, and scalability concerns.
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Impact of COVID-19 on North America Blockchain in Healthcare Market
Due to blockchain technology’s decentralised and unchangeable nature, various healthcare organisations throughout the world have utilised it to enable safe and effective data sharing among healthcare practitioners in the wake of the COVID-19 outbreak. Furthermore, the use of blockchain technology for identity verification and payment processing has surged due to the quick uptake of telemedicine. Likewise, the COVID-19 pandemic has had a positive effect on blockchain technology in the healthcare industry. Conversely, the COVID-19 epidemic has produced economic uncertainty and disruptions that have led to a decrease in investments for blockchain start-ups and projects, which has had an adverse effect on the worldwide market. Similar to this, the COVID-19 pandemic has brought both possibilities and difficulties for the application of blockchain technology in the medical field.
North America Blockchain in Healthcare Market Key Players:
Furthermore, Because of its developed medical infrastructure and rising use of modern medical technologies, North America accounted for the biggest revenue share geographically. Expanding blockchain industry in the healthcare sector and an increasing number of major players in the US market are also driving the growth. Additionally, some of the key market players are Booz Allen Hamilton Inc., Broadcom, Cisco Systems Inc., DXC Technology Company, FireEye Inc, and others.
North America Blockchain in Healthcare Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Offering: Based on the Offering, North America Blockchain in Healthcare Market is segmented as; Platform, Services.
By Type: Based on the Type, North America Blockchain in Healthcare Market is segmented as; Public Blockchain, Consortium or Hybrid Blockchain, Private or Permission Blockchain.
By Provider: Based on the Provider, North America Blockchain in Healthcare Market is segmented as; Infrastructure and Protocol Providers, Middleware Providers, Application and Solution Providers.
By Application: Based on the Application, North America Blockchain in Healthcare Market is segmented as; Clinical Data Exchange & Interoperability, Claims and Billing, Supply Chain Management, Drug Traceability, Drug Discovery & Clinical Trials, Other Applications.
By End User: Based on the End User, North America Blockchain in Healthcare Market is segmented as; Hospitals, Pharmaceutical Companies, Insurance Providers, Other End Users.
By Organization Size: Based on the Organization Size, North America Blockchain in Healthcare Market is segmented as; Large Enterprises, Small and Medium Enterprises (SMEs).
By Region: This report also provides the data for key regional segments of United States, Mexico, Canada.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Blockchain Technology In Healthcare Market Growth
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