Blockchain in Healthcare - Evolving Technology and Market Analysis Blockchain in Healthcare Market Report 2023 | Page 4

Blockchain in Healthcare Market
Based on end user, the blockchain in healthcare market is classified into pharmaceutical
companies, healthcare providers, healthcare payers, and others. Pharmaceutical companies, as an
end-user category, dominate the market and expected to maintain this trend throughout the
forecast period. This can be ascribed to the fact that the blockchain technology is gaining
acceptance among healthcare providers, globally. Due to several advantages offered by this
technology such as data security and integrity, its adoption is expected to further increase in the
coming years.
Geographically, Asia-Pacific (APAC) is anticipated to be the fastest growing blockchain in
healthcare market, with at a CAGR of over 70.0% during the forecast period. This fastest growth is
primarily attributed to the growing focus on blockchain technology in this region as well as unmet
need in areas of clinical data exchange and interoperability, and drug supply chain management.
For example, in July 2018, Singapore Innovate Pte. Ltd. (SGInnovate), Singapore’s government-
owned technology development firm, invested in MediLOT Technologies, a blockchain and
healthcare analytics start-up.
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