What is The market size of Blockchain in Pharma Industry:
IMARC Group, a leading market research company, has recently releases report titled “Blockchain in Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The global blockchain in healthcare industry size reached US$ 1.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.5 Billion by 2028, exhibiting a growth rate (CAGR) of 49.3% during 2023-2028.
What is Blockchain in Healthcare?
Blockchain in healthcare refers to the decentralized ledger system that allows the recording, verification, and tracking of transactions across multiple participants in a secure and tamper-proof manner. It helps store health records, facilitates data exchange, and ensures the authenticity and integrity of the data without relying on a central authority. It allows visible transactions to participants in the network, which helps promote trust and accountability. It offers optimal security to the financial transaction system from unauthorized changes and prevents data hacks and fraudulent activities like false billing. It is used to verify the credentials of healthcare professionals, ensuring that certified practitioners attend to patients.
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Blockchain In Healthcare Market Trends and Drivers:
The increasing demand for greater transparency in medical data, treatments, and billing represents one of the key factors catalyzing the demand for blockchain to facilitate a transparent ledger system. The rising cases of cyber threats and data breaches in the healthcare industry are positively influencing the market. Additionally, the growing concerns over counterfeit drugs and the escalating need for transparent pharmaceutical supply chains are catalyzing the demand for blockchain solutions to ensure drug integrity from manufacturer to end-user. Furthermore, governments of various countries are actively promoting the use of blockchain in healthcare to ensure data security, streamline processes, and reduce fraudulent activities.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Akiri Inc.
- Blockchain Ai Solutions Ltd.
- Blockpharma
- BurstIQ Inc.
- Chronicled Inc.
- Guardtime
- Hashed Health
- International Business Machines Corporation
- iSolve LLC
- Oracle Corporation
- Patientory Inc.
- Proof.Works and Sirma Group Holding.
The report has been segmented the market into following categories:
Breakup by Network Type:
- Private
- Public
- Others
Breakup by Application:
- Supply Chain Management
- Data Exchange and Interoperability
- Claims Adjudication and Billing Management
- Others
Breakup by End Use:
- Healthcare Providers
- Healthcare Payers
- Biopharmaceutical Medical Device Companies
- Others
By Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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