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 market 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 refers to a digitally decentralized and distributed ledger technology (DLT) that monitors transactions across peer-to-peer systems and business networks and facilitates the maintenance of growing ordered records. It is extensively utilized to supervise labor costs, identify the trail of pharmaceutical supplies with optimal transparency, unlock genetic codes, transfer patient medical records among diagnostic labs and hospitals, etc. Blockchain in healthcare further deals with data exchange, billing, and interoperability, supply chain management, patient claims adjudications, etc. This, in turn, assists medical institutions in identifying data errors, improving workflow, offering enhanced security, ensuring scalability, alleviating concerns regarding information manipulation by activating accountability and authentication solutions, etc. Consequently, blockchain in healthcare is widely utilized across public and private clinics, research centers, pharmaceutical companies, hospitals, etc., to trace drugs and manage longitudinal patient data.

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Blockchain In Healthcare Market Trends and Drivers: 

The growing instances of data breaches, information leaks, and drug counterfeiting are primarily driving the blockchain in healthcare market. Additionally, the increasing prevalence of several chronic diseases and the inflating need for effective health data management systems to collect and store medical records of patients while ensuring their optimal integrity are further bolstering the global market.

Apart from this, the sudden outbreak of the COVID-19 pandemic across countries has prompted government bodies to adopt blockchain-based networks to connect with traditional suppliers for ensuring the timely delivery of novel vaccines, which is acting as another significant growth-inducing factor. Moreover, the introduction of efficient healthcare record systems, cryptography, wearable devices, and medical examination solutions is also catalyzing the market growth. Besides this, extensive R&D activities to develop advanced solutions that eliminate the involvement of third parties are projected to fuel the blockchain in healthcare market in the coming years.

Blockchain In Healthcare Market Report Segmentation:

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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