Market Business Insights - 16 November, 2022

As specified in our exclusive report, the global Blockchain in Healthcare Market is projected to reach USD 119 billion by 2030.

The growing need for curbing these issues along with the increasing incidence of information leaks and data breaches has been attributed to the growth of the market. Strategic initiatives by major players, high demand to reduce drug counterfeiting, and the need for efficient health data management systems are key factors driving the adoption of the blockchain in healthcare technology.

The COVID-19 pandemic fueled the adoption and demand for blockchain solutions in healthcare. Although blockchain is considered an emerging technology, market stakeholders have presented several use cases and proposals for increasing awareness and adoption of blockchain to improve health outcomes.

It was created when the Estonian e-Health Foundation, whose activities focused on patient data and the integrity of the block chain, proved to be an important tool to achieve this goal. A special system of electronic medical records was created by collecting the required data from the portal e-Patient. This solution gave doctors easy and secure access to important patient data without having to dig through paper documents.

The Estonian system has proved useful for another reason. Thanks to the data received from the Ministry of Health, it was possible to create statistics on health trends and control the cost of health services more effectively. Another example of the use of blockchain technology in medical documentation is MedicalChain, a British platform that stores medical data.

Also, patients are guaranteed continuous access to information about their treatment and can be granted access to the card via mobile devices. Doctors, on the other hand, provide immediate insight into the patient's medical history, which only requires the patient to scan a code given separately. By having access to patient data, British medical facilities can conduct their activities on a registered and distributed ledger. The platform also enables rapid online consultations during which doctors consult medical records.

Recent Development:

April 2022: Zenith Chain, a Lithuania-based blockchain startup, announced the signing of an investment funding deal worth USD 35 million with GEM Digital Ltd. This investment is projected to boost the company's positioning to improve its existing products while enabling the launch. New to build blockchain solutions to increase user adoption.

Which Region Holds the Largest Share?

Although investment in developing technologies is increasing in the US healthcare sector, issues related to electronic medical records are also increasing. The Asia-Pacific segment is anticipated to be attractive in the blockchain in healthcare market over the forecast period.

Some of the key players in the blockchain in healthcare market are:

IBM (US), Guardtime (Estonia), Microsoft (US), Gem (US), PokitDok (US), Hashed Health (US), Chronicled (US), iSolve (US), SimplyVital Health (US), Patientory (US), Factom (US), Blockpharma (France), Proof.Work (UK), FarmaTrust (UK), Medicalchain (UK), and Others.

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