- 2 August 2019 23:02
Blockchain in Healthcare Market Valuation US$ 1.7 Bn by 2026
The blockchain is essentially a distributed database of records or public ledger of all transactions or digital events that have been executed and shared among participating parties. The blockchain contains a certain and verifiable record of every single transaction ever made. During last few years there is an significant increase in the blockchain technology market. The global blockchain market is majorly driven by increasing adoption of the blockchain technology and increasing need for the fast transaction. Additionally, increasing healthcare spending and incorporation of IT in healthcare in the sector have fueled the market growth. The global blockchain technology in healthcare is expected to grow at CAGR 48.1% during the forecast period.
The global blockchain in healthcare market is segmented on the basis of types and application. On the basis of types, the market is segmented into private, public, and others. On the basis of application, the market is segmented into payments & transactions, electronic health records, smart contracts, precision medicine, others.
America commands the largest share in the global blockchain in healthcare market owing to the increasing adoption and awareness about of the blockchain technology. North America holds the major share in Americas market. The United States is a mature market and navigating the market. The U.S is expected to dominate the blockchain in healthcare market in North America owing to the greater concentration of smart homes and widespread adoption of smart technology in manufacturing and healthcare sector. The government support in the U.S has promoted the use of advanced technology by the various industries. Presence of leading software companies in this region has boosted the growth of the market. Nowadays, blockchain is widely used in healthcare sectors. Well-developed industrial sector and huge spending on technology has fuelled the blockchain in healthcare market growth in United State.
Europe holds the second leading position due to the presence of strong government support and huge healthcare spending. EU also develop maturely and plays an important role in blockchain in healthcare market. During last few years there is a significant increase in the blockchain in healthcare market, which has increased the demand for the blockchain in healthcare software and devices. The major factor driving the growth of the Europe blockchain in healthcare market are increasing expenditure on technology, the presence of multinational companies and huge government support. However, lack of security is the major factor restraining the growth of the blockchain in healthcare market in Europe.
The Asia Pacific is expressing the fastest growth for the blockchain in healthcare market due to the presence of huge opportunities and the presence of fastest growing economy. Japan is an important blockchain in healthcare market, with a mature market, large population, completed infrastructural facilities and high-leveled skilled labor. During last few decades, Japan has emerged as a country for the origin of new and advanced technology. The Japanese government has supported a number of companies to introduce the new technology. Japan accounts for roughly 40% of the global market for sensors, which is a central component of IoT technology. Compare to U.S and Europe, Japan is expecting a huge growth in the blockchain in healthcare market. As no efforts have yet been made in Europe or the U.S. is the presence of huge multination companies to create a larger market that connects multiple exchanges for IoT-related data. The major factors that hinder the market growth are the security issues and increasing number of cybercrime.
In the past two years, China has a downturn in the economy, due to a series of factors like excess production capacity, a decline in export and domestic demand. But the blockchain in healthcare develops rapidly and increases continuously. As we know, the Mobile Internet is developing fast in China, due to the large population and the rapid growth of Internet economy. In the future, China will keep the high-speed growth. During last few years, China is immersed as one of the leading countries in technology. The introduction of low-power-consuming and high-performance chips has increased the adoption of memory devices. The blockchain in healthcare assists organizations in managing, tracking, securing, and sustaining the abundant devices that are used in the organizations. Presence of huge skilled labor, government support and rapid growth in industrialization has boosted the growth of the market in China.
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On the other hand, due to lack of awareness about the technology, and presence of poor economy in Africa region the Middle East & Africa holds the least share in the market.
Some of the key players in the global Blockchain in healthcare market include IBM Corporation, Accenture, Microsoft, Capgemini, Deloitte Touche Tohmatsu Limited, Blockchain Tech Ltd, Digital Asset Holdings, Global Arena Holding, Inc., Ethereum, BitFuryUsa Inc., Chain, Inc., Coinbase Inc., Abra, Inc.
For instance, in December 2017, Acana Capital Corp., has completed its acquisition of Blockchain Technology Group Inc.