Blockchain in Healthcare Market is expected to grow with a CAGR 61.3% from 2022 to 2028

As stated by an extensive report by Vantage Market Research, the global blockchain in the healthcare market accounted for USD 287.9 Million in 2021.

The global healthcare in the blockchain technology market is majorly driven by an increase in the need for advanced and new technology in the healthcare sector and increasing spending in healthcare.

During the last few years, digitalization has increased the demand for management software and technology. Blockchain helps to secure the transfer of medical records, maintain the medicine distribution chain, and help the healthcare professional to identify the new codes.

Additionally, Increasing demand for the new and advanced technology, changing trend of theblockchain in healthcare, increasing government support, and the introduction of healthcare IT has driven the growth of the market. However, On the other hand, lack of awareness among the people especially in a developing country, and high cost of installment & infrastructure have restrained the market growth.

The high adoption of blockchain technology for payments, smart contracts, and digital identities will create a huge opportunity for the development of the market during the forecast period.

Europeis projected to hold a potential market share for blockchain in the healthcare market. The market growth is attributed to, increasing adoption and awareness about blockchain technology. Additionally, the presence of major players in the region is furtherpropelling the market growth in the region.Europe holds the second leading position due to the presence of strong government support and huge healthcare spending.

North Americais anticipated to grow at the fastest CAGR over the forecast period.The market growth in the region is attributed to, the presence of thefastest-growing economy such as India and China. This presence is offering several opportunities forblockchain in the healthcare market.

Some of the key players inblockchainin the healthcare marketinclude,IBM Corporation, Microsoft Corporation, Gem, Patientory Inc., Guardtime Federal, Hashed Health.