Healthcare Blockchain Market Size, Share, Rising Trends, Key Manufactures and Future Opportunities 2033: SPER Market Research

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Blockchain is a distributed, decentralized digital ledger used to keep track of transactions on a shared internet platform. It is important to remember that changing the record in the past requires changing all blocks that come after it as well as the network’s consensus. Moreover, the technology was created to enable safe and non-third-party transactions between many stakeholders. The healthcare blockchain industry is divided into four segments based on the several ways it is used in healthcare: supply chain management, health insurance, prevention, clinical data interoperability, and identity management.

According to SPER Market Research, ‘Global Healthcare Blockchain Market Size- By Network Type, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Healthcare Blockchain Market is estimated to reach USD 32.91 billion by 2033 with a CAGR of 42.1%.

The frequency of data breaches in the healthcare sector has dramatically increased over time. Healthcare data breaches have increased in scale and frequency over the last few years, with the most notable breaches affecting up to numerous number of individuals. Highly sensitive information is frequently exposed by healthcare data breaches. This includes sensitive health information like Medicaid ID numbers, health insurance information, and patient medical histories, as well as personally identifiable information like names, addresses, and Social Security numbers. In the healthcare sector, blockchain technology is starting to show promise as a solution. With the use of blockchain technology, numerous firms have begun tackling significant issues facing the healthcare sector, including data security, medical record interoperability, and keeping fake medications out of the pharmaceutical supply chain.

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Due to a lack of laws governing the interchange of medical data, the majority of healthcare payers and providers, particularly in developing countries, are hesitant to provide information. Keeping information to themselves gives healthcare providers a competitive edge because disclosing information to payers may result in lower compensation because different patients may qualify for different rates. The adoption of an open technology like a distributed ledger would be difficult in this scenario, since all the players in the healthcare sector are engaged in a fierce competition for profit and are reticent to provide accurate information. This is anticipated to impede blockchain technology adoption in the medical field.

The COVID-19 pandemic has affected many different industries. To slow the pandemic’s rapid spread, governments all around the world enacted social segregation laws and stringent lockdown procedures. All around the world, factories were closed in the early stages of the outbreak. Moreover, the post-epidemic economic recession could significantly postpone the healthcare industry’s commercialization. Since the start of the epidemic, small and medium-sized firms, which form the backbone of the technical industry, have suffered a dramatic fall in sales.

Throughout the projected time, North America is expected to hold the second-biggest market share, with Europe holding the greatest due to the multiple measures taken by regional governments to avoid a data leak.

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