The health care industry is growing rapidly with the increasing in the concern of disease and several viral in the respective economy. However unsurprisingly, the health care industry is a profit making market is becoming more effective by the time and with the significant development in the technologies of the health care industry. In this industry the technology is playing vital role as in the recent trend with the help of technology several tests to be done and can easily detect the dangerous disease such as cancer and others. According to the report analysis, ‘Market Research Reports For Health Care’ states that in the coming years the technology in this sector will drive the market more enormously and the technology of Blockchain has potential to transform the health care market with the various application which includes increasing the security, privacy and interoperability of health data.
Many of the people have heard a lot related to the blockchain as a portrait of a cryptocurrency called bitcoin but is has much wider use then this, including various industries. The usage of blockchain in the health care industry is that creates immutable and distributable data records which can be shared peer to peer between networked database systems. With the help of this technology the data is theoretically secured and protected from data breach threats. Moreover, in a research it is observed that the Silicon Republic, blockchain startups raised USD 1.4 billion in 2016 and USD 1.0 million in 2017 thus the financial sector has already realized the benefits of using the blockchain. Additionally, the opportunities for health care industry from the blockchain technology are plentiful and in the future this technology in the industry has a wide usage and lead to significant growth as due to this technology the development is done in the health care record systems, wearable devices and others. One of the blockchain approaches that allows for the secure recording and sharing information to the public blockchain with this approach many of the health care institutes and hospitals are admiring this technology.
According to the report analysis, ‘Health Care Market Research Reports’ states that the applications of blockchain technology will lead the market growth even more significantly and blockchain provides a more secure way to protect data than ordinary encryption whereas, it excludes intermediation in data sharing, while using blockchain. Moreover, in 2018 the pharmaceutical companies sector is expected to account for the largest share of the health care blockchain.
It is expected that in the coming years, the North America will be accounted for the largest share in the market followed by Asia Pacific region. Additionally, the large share of North America is attributed to increase of data breaches in the region and rising need to address the dramatic rise in the health care costs in the region. Furthermore, the Europe is also doing so many developments in the technology of blockchain for acquiring huge market share in the coming years.
IBM and Microsoft the companies in US which are currently functioning in this sector globally in an effective manner and acquiring major share in the market together. Moreover, Patientory, iSolve, Blockpharma and others are the major players of this industry which are working more significantly which make the market more competitive. Therefore, it is expected that in the coming years the market of blockchain in the health care industry will grow rapidly and will lead to significant growth over the decades with the more financial support from the new entrants.
To know more, click on the link below:-
Ankur Gupta, Head Marketing & Communications