The market for Blockchain in Healthcare is estimated to attain $293.3 billion by the year 2025. It is expected that the industry will grow at a rate of 72.8% for the period 2018-2025. The industry report made by Big market research shows that there is a huge untapped opportunity in this space. The new trends supporting this forecast are Blockchain as a service (BaaS) and recent regulations in the healthcare and medical sector that support blockchain implementation in these two industries.
The main reason for the spike in interest in blockchain is the growing incidents of data breaches in the health care sector and also an increase in requirement for affordable healthcare services. A study done by Identity theft resource center in 2017 shows that the healthcare/medical industry has encountered around 180 breaches. This accounts for nearly 22.5% of the data breaches occurred in the US. Blockchain is increasingly being looked at as the technology that enables data security and privacy because the data is shared real-time based on the permission from the client.
The report shows that there would be an increase in blockchain technology in the medical and the healthcare sector in the forecast period of 2018-2025. Also, private funding and government regulations will help in promoting blockchain technology in the health care segment. However, the primary restraints of growth are an unwillingness to expose data to blockchain technology and the lack of awareness during the forecast period.
The report has taken into account the key driving factors, regional market situations, size & scope of the market and major competitors in the industry. This report is the output of comprehensive and professional research on the global trends in the blockchain technology. The reports have a starter section for people who are new to the blockchain which includes definitions, applications, classifications, product specifications, market overview, cost structures, manufacturing processes, and raw materials, etc. The industry analysis is done using value chain analysis, Porter’s five forces model, and PEST analysis. The competition is elaborated as new entrants, leading market players, and stakeholders in emerging economies.
The regions analyzed in the report are Latin America, North America, Europe, and the Asia Pacific. The major players mentioned in the report are Microsoft, IBM, Gem, Guardtime, Hashed Health, Pokitdok, Isolve, Patientory, Chronicled, and Factom. This shows the players who are active in the industry. The report also provides an account of recent developments in the industry. This is a must-have report for anyone interested in understanding the Blockchain technology in the healthcare industry. This report is useful for marketing professionals, product managers, stakeholders, investors who need in-depth analysis of demand-supply, and future predictions. This enables companies and policymakers to take informed steps to ensure the rapid growth of their market share in the overall growth of the industry.