A blockchain is a digital ledger or database of transactions record that associates together encrypted data blocks to introduce a single source of truth that is successive. It is a shared, fixed ledger that keeps track of assets and assists the document transactions simpler. An asset could be physical or abstract. Almost everything of value may be followed and switched on a blockchain network.
Blockchain in the healthcare sector is utilized to store and exchange the data of patients with the hospitals, pharmacy firms, laboratories, and physicians. It further assists in advancing the data security & accuracy, cost reduction, growing transparency, and tracing of medical products. For instance, tracking a medicine as it travels from the introducer to the patient is made simple by the blockchain technology. This improves a medicine’s traceability as it passes through the supply chain and decreases the likelihood of drug fraud.
According to the report analysis, ‘North America Healthcare Sector Blockchain Market by Application, by Deployment Mode, by Provider, by End-User, and Major Countries, Market Size and Growth, Market Outlook and Forecast by Revenue (2017-2027)’ states that the North America Healthcare Sector Blockchain Market is projected to observe strong growth of approximately 15-20% CAGR over the next five years, due to the Drug Supply Chain Security Act (DSCSA) which states the require to build an electronic system for tracing drugs that are dispersed in the US. Thus, the Act is probable to safeguard the consumers from exposure to drugs that may be fake, stolen, contaminated, or otherwise damaging.
The pandemic of COVID-19 has substantially enhanced the deployment of blockchain in healthcare sector. The requirement to enhance patient participation, switching health information, data security, data sharing, interoperability, the battle against counterfeit pharmaceuticals, decreasing the cost expenses and convenience of a larger database are a few drivers owing to which end users are implementing the blockchain technology in the healthcare sector.
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The challenge which the healthcare sector blockchain industry is facing is the employment of privacy, functional inefficiencies, and a shortage of uniform architectures and standards to ensure trusted admittance to Protected Health Information (PHI) and Personally Identifiable Information (PII), and safe data exchange. Another challenge is the analysis of encrypted the data and laws that forbid the usage of interoperable data by the healthcare sector.
The healthcare sector blockchain market chain entails a raw data collector which gathers data points such as patient data and vaccination records. This data is then managed and well-refined by database providers. The refined data is sent to healthcare blockchain solution companies and is administered in a clinical data repository where the data is further cleaned, structured, and encrypted to generate the solutions that are finally conveyed to the precise end user segments within the healthcare sector. Factors such as the advancing the healthcare infrastructure, growing adoption of EHR systems and other healthcare IT solutions, augmenting demand for health information exchange between dissimilar stakeholders in the healthcare industry due to the growing medical tourism in this region, and augmenting need to safeguard the counterfeit drugs from entering the supply chain are propelling the growth of this regional segment.
Key Segments Covered in North America Healthcare Sector Blockchain Market
North America Healthcare Sector Blockchain Market by Application
Supply Chain Management
Claims and Billing Management
Patient-Centric Health Data
North America Healthcare Sector Blockchain Market by Deployment Type
Public
Private
Consortium
North America Healthcare Sector Blockchain Market by Provider
Infrastructure and Protocol Providers
Middleware Providers
Application and Solution Providers
North America Healthcare Sector Blockchain Market by End-User
Hospitals
Clinics
Diagnostic Laboratories
Pharmaceutical Companies
Medical Device Companies
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North America Healthcare Sector Blockchain Market by Geography and Major Countries
US
Canada
Mexico
Key Competitors in North America Healthcare Sector Blockchain Market
Microsoft
Oracle
International Business Machines (IBM)
Intel
Amazon Web Services, Inc.
Applied Blockchain Ltd.
Patientory, Inc.
Solve.Care
Time Period Captured in the Report:-
Historical Period: 2017-2021
Forecast Period: 2022-2027F
Key Target Audience:-
Healthcare Blockchain Solution Providers
Blockchain Technology Solution Providers
Blockchain Infrastructure Providers
Software Solutions Providers
Software Service Providers
Potential Investors for Blockchain in Healthcare Sector
Healthcare Database Providers
Patients Database Providers
Pharmaceutical Companies
Ministries of Healthcare
Healthcare Insurance Companies
Clinical Trials Companies
Healthcare Research Organizations
Banks and Financial Service Providers
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