The global health care block chain market is anticipated to see an upswing in the coming years. According to a recent report by Transparency Market Research (TMR), the demand for securing and interoperability of health care data is expected to propel this market. The report, titled, “Health Care Block Chain Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025,” discusses the various factors that are accountable for the growth of the overall industry and upcoming market trends.
Get Report Brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=22988
Block chain can be considered to be a kind of a database which stores information. What differentiates them from any other database is that the data is located in a network of personal computers called nodes, where there is no central entity such as a government or a bank to controls the data. Instead, all data is publicly shared, though each data package comprises of information that is only accessible to selected users or those with the permission to access it.
Block chain technology, with its solid security infrastructure for seamless exchange of health care data, has quite the potential to diminish the risks and costs of health data reconciliation and offer interoperability. Emerging block chain systems promise a definitive cost-effectiveness by elimination of intermediaries such as high-cost gatekeepers and automated transactional services across healthcare workflows (such as billing management, claim adjudication, drug supply chain and RCM). Armed with these advantages, the global health care block chain market is anticipated to witness a plethora of growth opportunities in the coming years.
Furthermore, a block chain-based distributed network coupled with cryptography systems offers an additional layer of trust that ensure minimized cybersecurity threats for the healthcare IT systems. The surging concerns to reduce healthcare cost globally and the digitization of care delivery models has pushed the industry towards a much-required personalized treatment paradigm. Due to these health systems in effect, patients along with pharmaceutical and device manufacturers equally are in dire need of a secured, connected health IT ecosystem to efficiently operate and manage healthcare data, fuelling the market for health care block chain systems.
The slow pace of acceptance and adoption of block chain technology could prove to be the major pitfall in the implementation and rise of the overall health care block chain market. The rising demand for substantially advanced hardware equipment and substantial processing power could hinder the growth of this market in the near future.
Based on region, the health care block chain market spans North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America is extrapolated to account for a substantial part of the revenue in the global health care block chain market. This is attributed to the early and brisk adoption of technology among developed countries along with the vast data availability owing to extensive ongoing research.
Some of the prominent players operating in the health care block chain market are Deloitte, IBM Corporation, Digital CC Ltd., Microsoft Corporation, Philips AG., and Block chain Tech Ltd.