Blockchain To Generate 6.1bn USD In Revenue By 2027

IBM Corporation, Microsoft Corporation, Guardtime, Change Healthcare, Gem Health, Patientory, and iSolve, LLC are among the major blockchain technology in healthcare market companies.

According to the most recent analysis by Global Market Insights Inc., the blockchain technology in healthcare market is expected to reach a worth of USD 6.1 billion by 2027.

Blockchain technology is helping to improve continuing medical discoveries, modern business procedures, and routine healthcare practises.

In several areas of administrative administration and patient care procedures, blockchain technology is currently assisting healthcare providers.

It has a wide range of applications in terms of minimising the risk of counterfeit medications, reducing therapeutic errors, enhancing patient safety, decision support, and so on, all of which are helping to boost the adoption of blockchain technology in healthcare.

Business growth is being fueled by major advancements in healthcare technology to solve identified gaps in healthcare facilities.

The public segment of the blockchain technology in healthcare market is expected to increase at a CAGR of 48.6% through 2027, owing to recent technological breakthroughs in public blockchain systems that allow for the application of much more dependable technology in healthcare.

This system is decentralised, with no single person in charge of the network. 

Medical data on a public blockchain system is secure because it prevents data from being modified or altered once it has been allowed on the blockchain.

Ethereum is a commonly used public blockchain that allows smart contracts and decentralised applications to be deployed.

Furthermore, because to active engagement, decentralisation, and a larger number of nodes in the network, this network is more secure.

The healthcare blockchain technology market for data sharing and interoperability is expected to grow at a CAGR of 53.1 percent until 2027.

Blockchain technology has a number of potential qualities that allow for the sharing of medical data that is reliable, compliant, secure, auditable, and accessible.

It has proven to be useful in healthcare and life-science applications for data interchange. In a healthcare setting, blockchain interoperability allows for the observation and access of data across several systems. 

Patient-driven interoperability, in which health data interchange is patient-driven and patient-mediated, has recently been the focus of healthcare interoperability.

This transformation is facilitated by blockchain technology through many processes including as data liquidity, patient identity, data aggregation, and so on.

As a result, the growing demand for dependable data sharing and interoperability is expected to drive market expansion throughout the forecast period.

By 2027, the healthcare payers section of the blockchain technology industry is expected to be worth more than USD 1.21 billion.

This is due to various advantages of blockchain technology for healthcare payers, including the preservation of patient records’ privacy, openness, and confidentiality.

Healthcare payers can use blockchain to solve problems including managing credentials, verifying proper licenses, and keeping up with job changes.

Underwriting and claims processing are two administrative chores that could benefit from blockchain technology.

This is mostly due to control permissions, which make it easier for healthcare payers to use claim validity and manage pre-authorizations.

By 2027, China will have led the Asia Pacific blockchain technology in the healthcare market, with revenues exceeding USD 621 million.

The growing geriatric population, rising health expenditures, and improved healthcare infrastructure in the country are all contributing to the country’s strong market share.

According to the 2020 census, China had roughly 264 million people aged 60 and up.

China is one of the top countries with the most blockchain technology centers, and it is undergoing national digitalization in healthcare. 

China’s per capita health expenditure in 2018 was roughly USD 501, an increase of 14.6% over 2017.

These factors will accelerate the adoption of blockchain technology in the healthcare business in the United States.

The emergence of health-tech businesses, as well as the acceptance of blockchain technology in healthcare, will increase the industry’s growth.

IBM Corporation, Microsoft Corporation, Guardtime, Change Healthcare, Gem Health, Patientory, and iSolve, LLC are just a few of the main players in blockchain technology in the healthcare sector.

To improve their product portfolio and market presence, these leaders use a variety of strategic activities such as collaborations, partnerships, new product releases, and commercial expansion.