Blockchain refers to a distributed database or ledger that is shared by each node in a computer network. For storing data in digital form, a blockchain functions as an electronic database. To store and share patient data among hospitals, diagnostic labs, pharmaceutical companies, and physicians, the healthcare sector uses a blockchain network. The sharing of medical data inside the healthcare system may become more effective, secure, and open as a result. This technology offers a new model for health information exchanges for blockchain in the healthcare sector by improving the efficiency, de-intermediation, and security of electronic medical data.

The rise in data breaches, which is also the market trend leader for blockchain technology in healthcare, is one of the main causes driving the adoption of this technology in this industry. Medical databases are consequently more likely to be targeted by cybercriminals. For financial gain, they might sell or use the healthcare data. The expansion of blockchain technology in the healthcare sector is also anticipated by the rise in the supply of fake medications. By implementing blockchain technology in the healthcare industry, supply chain management can be made totally secure from fake pharmaceuticals. Additionally, as a technology, blockchain is being adopted by the healthcare industry, which is boosting the market for blockchain-based healthcare products. Blockchain in the healthcare industry is also changing significantly due to technological advancements. Due to the rising demand for blockchain technology and to strengthen their position in the market, the top businesses in the healthcare blockchain market are focusing on creating cutting-edge technical solutions for the healthcare sector.

However, there are several challenges that limit the expansion of Global Healthcare Blockchain market. The primary impediment to blockchain technology development is a lack of understanding of distributed ledger technology and its applications in the healthcare industry. End users in the healthcare industry are not aware of the benefits and capabilities of this ground-breaking technology. Consequently, companies could be less likely to invest in this emerging technology. Additionally, most healthcare providers and payers, especially in developing nations, are reluctant to divulge data since there is no legislation governing the exchange of medical data. It is advantageous for healthcare providers to keep their information private because disclosing it to healthcare payers could lead to lesser compensation because they might be paid differently for various patient types. 

Given that everyone involved in the healthcare industry is competing for profits and is very reluctant to share correct data, it would be challenging to adopt a transparent technology like a distributed ledger in this situation. This is expected to hinder the adoption of blockchain technology in the healthcare sector. 

The coronavirus outbreak hastened the adoption of cutting-edge technologies in the healthcare sector, such blockchain. Blockchain technology has been utilised by healthcare facilities across a number of countries, which has improved effective resource and operation planning. Many market participants are creating a tracking system based on blockchain to halt the spread of incorrect information. Thus, it is projected that the COVID-19 epidemic will benefit the market for blockchain technology in healthcare.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Chronicled Inc., Factom Inc., Gem, Guardtime Federal, Hashed Health, IBM Corporation, iSolve LLC, Microsoft Corporation, Patientory Inc., PokitDok Inc., Others.

By Network Type: Based on the Network Type, Global Healthcare Blockchain Market is segmented as; Private, Public, Others.

By Application: Based on the Application, Global Healthcare Blockchain Market is segmented as; Claims Adjudication & Billing, Clinical Data Exchange & Interoperability, Clinical Trials & eConsent, Supply Chain Management, Others.

By End User: Based on the End User, Global Healthcare Blockchain Market is segmented as; Biopharmaceutical & Medical Device Companies, Payers, Providers, Others.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.