Global Medical Blockchain Applications Market Overview:
Medical blockchain applications have a wide range of medical operations like in hospitals, clinics, biotechnology, pharmaceuticals purposes. The blockchain applications in medical uses include data exchange and interoperability, claims adjudication and billing management, drug supply chain integrity, clinical trials, cyber security, and the internet of medical things, etc. The medical blockchain applications help in securing the transfer of patient medical data and manages the proper medicine supply chain.
As per latest study released by AMA Research, the Global Medical Blockchain Applications market is expected to see growth rate of 52.4%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Emerging Integration of Numerous Internet of Things Features in Blockchain Application in Medical Sectors
Market Growth Drivers:
Growing Health Electronic Data and Need for Managing it Efficiently and Need for Securing Medical Data with the Rising Data Security Concern
Challenges:
Technology Related Uncertain Errors and Glitches in Medical Blockchain Applications
Restraints:
Lack of Regulatory Guidelines and Standard regarding Medical Blockchain Applications
Opportunities:
Rising Investment in the Medical Infrastructure and Advancement in eth Supply Chain Technology will Boost the Medical Blockchain Applications Market
Competitive Landscape:
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market shortly. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period.
Some of the key players profiled in the report are IBM (United States), Microsoft Corporation (United States), Hashed Industries, LLC (United States), Medicalchain (United Kingdom), Blockpharma (France), GuardTime AS (Estonia), PokitDok, Inc. (United States), Patientory (United States) and DeepMind (United Kingdom). Analyst at AMA Research see United States Players to retain maximum share of Global Medical Blockchain Applications market by 2030. Considering Market by Deployment, the sub-segment i.e. Private Blockchain will boost the Medical Blockchain Applications market. Considering Market by Features, the sub-segment i.e. Data Exchange and Interoperability will boost the Medical Blockchain Applications market.
Latest Market Insights:
March 2022 : Nokia stated that Equideum Health had chosen it to assist in developing and delivering healthcare use cases. Equideum Health will employ Nokia's Data Marketplace (NDM) solution, which is available through its Software-as-a-Service (SaaS) architecture. Equideum Health, a leader in the healthcare and life sciences blockchain, will be able to launch new use cases.
On 6th November 2020, Blockchain technology company Veridia joins forces with CareProtocol to launch IKIGAI Network, a decentralized OpenHealth ecosystem. Unlocking personal health data allows patients to benefit from their health data in new, innovative ways and provides timely access to data for better clinical outcomes. Artificial intelligence will be leveraged to consensually run on individuals’ health data to provide hyper-personalized, proactive healthcare recommendations and unlock large real-time health datasets for medical researchers.
"Implementation of blockchain in healthcare must consider regulatory and compliance impacts on the use of the technology depending on its use case. Considerations on what information will be stored on-chain and off-chain will also be important to comply with regulations related to PHI storage. Another consideration from a compliance perspective is that of third-party management with blockchain initiatives (e.g., covered entity and business associate agreements). Having a solid understanding of what each party has agreed to do and the impact of data sharing/storage responsibilities is essential. As of January 2020, the Office of Civil Rights (OCR) is reexamining HIPAA’s language to eliminate barriers to access and exchange of health information for value-based care. Considerations for your organization’s compliance with these regulations may shift pending the updates to these regulations."
What Can be Explored with the Medical Blockchain Applications Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Medical Blockchain Applications Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Medical Blockchain Applications
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Medical Blockchain Applications market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Medical Blockchain Applications market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Medical Blockchain Applications Developers, Medical Blockchain Applications Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.