DUBLIN, Jan. 21, 2023 /PRNewswire/ — The “North America Healthcare Blockchain Market Size, Segments, Outlook, and Revenue Forecast 2022-2027 by Application, Deployment, Provider, End User and Major Countries” report has been added to ResearchAndMarkets.com’s offering.
North America Healthcare Blockchain Market is expected to witness strong growth of around 70% CAGR over the next five years (2022-2027).
Security and privacy breaches in the medical industry in 2017 accelerated the demand for the adoption of blockchain in the healthcare sector to reduce risks against cyberattacks and fraud. The ongoing Covid-19 pandemic has benefited the Healthcare Blockchain market resulting in the growth of the overall market by exacerbating the trend toward the adoption of blockchain technology in the healthcare sector.
Blockchain in the healthcare sector is not only used for the exchange of the data of patients with hospitals, pharmacy firms, laboratories, and physicians but also helps in improving data security & accuracy, cost reduction, increasing transparency, and tracing of products.
With the increase in cybersecurity, hacking, and data phishing, the healthcare sector faced many data leaks. Therefore, blockchain has come into demand as it increases trust, security, transparency, and the traceability of data shared across a business network. The Healthcare sector holds 20% GDP contribution in the US and 45% of global cybercrimes occur in the US so to prevent this blockchain plays an important role in the Healthcare sector.
Blockchain Technology isn’t secure as it still has some security loopholes, which creates barriers to the wide adoption of Blockchain Technology.
Key Trends by Market Segment
By Application:
In the North America Healthcare Blockchain market, the Patient-centric Health Data type is expected to be the major gainer with its market share reaching ~30% by 2027.
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