Blockchain in Healthcare Market Growth, Size, Share by 2031
The Blockchain in Healthcare Market size is expected to grow from US$ 2.4 billion in 2023 to US$ 65.5 billion by 2031; it is anticipated to expand at a CAGR of 51.3% from 2023 to 2031.The increasing incidence of healthcare data breaches and counterfeit drugs is expected to boost the blockchain in healthcare market growth.
Blockchain in Healthcare Market Analysis
Blockchain technology offers enhanced security and efficiency in healthcare operations. It provides tamper-resistant data storage, reduces transaction costs, and speeds up transactions through automated smart contracts. The demand for medical record security, particularly in regions such as North America, is driving the expansion of blockchain technology in healthcare. The implementation of GDPR and the increasing investment in emerging technology in the U.S. healthcare industry are contributing to this trend.
Blockchain in Healthcare Market
Overview
- Blockchain facilitates supply chain transparency in the healthcare sector, allowing for the tracking of medical goods from the manufacturing point through each stage of the supply chain. This ensures the authenticity and provenance of medical products, addressing a major challenge in the healthcare industry.
- Blockchain technology enables the creation of patient-centric electronic health records, providing patients with greater control over their medical data and enhancing data security and privacy.
- Blockchain can be utilized for the verification of medical staff credentials, ensuring the accuracy and authenticity of professional qualifications.
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Blockchain in Healthcare Market: Strategic Insights
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Blockchain in Healthcare Market: Strategic Insights
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Blockchain in Healthcare Market Drivers and Opportunities
Increasing Incidence of Healthcare Data Breaches and Counterfeit Drugs to Drive the Blockchain in Healthcare Market Growth
- The frequency and magnitude of healthcare data breaches have been rapidly increasing, leading to substantial financial losses and the exposure of sensitive medical records. The healthcare industry is a prime target for cybercriminals due to the high value of healthcare data, making it a major lure for misappropriation and pilferage.
- The rising number of counterfeit drugs in circulation poses a significant threat to patient safety and public health. Blockchain technology offers a solution to address this challenge by providing transparency and traceability in the drug supply chain. The technology enables the tracking of medical goods from the manufacturing point through each stage of the supply chain, ensuring the authenticity and provenance of medical products.
- The combination of these factors has fueled the demand for blockchain technology in the healthcare industry, driving the growth of the healthcare blockchain market.
Blockchain in Healthcare Market Report Segmentation Analysis
- Based on network type, the market is segmented into internal, public, and private. The public segment is expected to hold a substantial blockchain in healthcare market share in 2023.
- In the context of blockchain in the healthcare market, a public network refers to a fully decentralized network where every member can access the blockchain content and participate in the consensus process. This type of blockchain network is characterized by its openness and accessibility to all participants without the need for preexisting trust between the parties.
- One of the key features of public blockchains is their transparency. Everyone can see everything on a public blockchain network, and the immutability of the data is guaranteed by a peer-to-peer network of computers rather than by any centralized authority.
Blockchain in Healthcare Market Share Analysis by Geography
The scope of the Blockchain in Healthcare Market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant blockchain in healthcare market share. The use of blockchain technology in the healthcare sector in North America has been gaining significant traction, with a focus on enhancing efficiency and securing electronic medical data sharing. Several blockchain-based systems and applications have been developed to address various aspects of healthcare data management and security. Factors driving this growth include the implementation of regulations regarding patient data security, the need to combat healthcare fraud, rising healthcare costs, and the increasing demand to safeguard medical data from tampering.
Blockchain in Healthcare Market Report Scope
The "Blockchain in Healthcare Market Analysis" was carried out based on network type, application, end user, and geography. In terms of network type, the market is segmented into public and private. Based on application, the market is segmented into claims and billing management, regulatory audit, drug supply chain management, and clinical data exchange & interoperability. Based on end users, the market is segmented into healthcare providers, healthcare service consumers, and pharmaceutical enterprises. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Blockchain in Healthcare Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the market. The blockchain in healthcare market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. A few recent key market developments are listed below:
- In February 2024, XRP Healthcare, an innovative force at the convergence of healthcare, blockchain, and cryptocurrency, proudly announced its recent attainment of a position as one of the select worldwide Validator nodes on the XRPL (XRP Ledger) network. This strategic advancement underscores XRP Healthcare's dedication to transparency and solidifies its position as a trailblazer in the dynamic realm of blockchain technology.
[Source: XRP Healthcare, Company Website]
Blockchain in Healthcare Market Report Coverage & Deliverables
The market report on “Blockchain in Healthcare Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The adoption of blockchain for drug discovery and clinical trials is anticipated to play a significant role in the market in the coming years.
The market was estimated to be US$ 2.4 billion in 2023 and is expected to grow at a CAGR of 51.3% during the forecast period 2023 - 2031.
The key players holding majority shares in the market are IBM Corporation; iSolve LLC; Microsoft Corporation; Change Healthcare; and Proof.Work.
The market is expected to reach US$ 65.5 billion by 2031.
The increasing incidence of healthcare data breaches and counterfeit drugs are the major factors that propel the market.
TABLE OF CONTENTS
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Blockchain In Healthcare Market - By Application
1.3.2Blockchain In Healthcare Market - By End-User
1.3.3Blockchain In Healthcare Market - By Region
1.3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.BLOCKCHAIN IN HEALTHCARE MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PORTER'S FIVE FORCES ANALYSIS
4.2.1Bargaining Power of Buyers
4.2.1Bargaining Power of Suppliers
4.2.1Threat of Substitute
4.2.1Threat of New Entrants
4.2.1Competitive Rivalry
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.BLOCKCHAIN IN HEALTHCARE MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6.BLOCKCHAIN IN HEALTHCARE MARKET - GLOBAL MARKET ANALYSIS
6.1.BLOCKCHAIN IN HEALTHCARE - GLOBAL MARKET OVERVIEW
6.2.BLOCKCHAIN IN HEALTHCARE - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.BLOCKCHAIN IN HEALTHCARE MARKET - REVENUE AND FORECASTS TO 2028 â APPLICATION
7.1.OVERVIEW
7.2.APPLICATION MARKET FORECASTS AND ANALYSIS
7.3.CLAIMS AND BILLING MANAGEMENT
7.3.1.Overview
7.3.2.Claims and Billing Management Market Forecast and Analysis
7.4.REGULATORY AUDIT
7.4.1.Overview
7.4.2.Regulatory Audit Market Forecast and Analysis
7.5.DRUG SUPPLY CHAIN MANAGEMENT
7.5.1.Overview
7.5.2.Drug Supply Chain Management Market Forecast and Analysis
7.6.CLINICAL DATA EXCHANGE AND INTEROPERABILITY
7.6.1.Overview
7.6.2.Clinical Data Exchange and Interoperability Market Forecast and Analysis
8.BLOCKCHAIN IN HEALTHCARE MARKET - REVENUE AND FORECASTS TO 2028 â END-USER
8.1.OVERVIEW
8.2.END-USER MARKET FORECASTS AND ANALYSIS
8.3.HEALTHCARE PROVIDERS
8.3.1.Overview
8.3.2.Healthcare Providers Market Forecast and Analysis
8.4.HEALTHCARE SERVICE CONSUMERS
8.4.1.Overview
8.4.2.Healthcare Service Consumers Market Forecast and Analysis
8.5.PHARMACEUTICAL ENTERPRISES
8.5.1.Overview
8.5.2.Pharmaceutical Enterprises Market Forecast and Analysis
9.BLOCKCHAIN IN HEALTHCARE MARKET REVENUE AND FORECASTS TO 2028 â GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Blockchain In Healthcare Market Overview
9.1.2North America Blockchain In Healthcare Market Forecasts and Analysis
9.1.3North America Blockchain In Healthcare Market Forecasts and Analysis - By Application
9.1.4North America Blockchain In Healthcare Market Forecasts and Analysis - By End-User
9.1.5North America Blockchain In Healthcare Market Forecasts and Analysis - By Countries
9.1.5.1United States Blockchain In Healthcare Market
9.1.5.1.1United States Blockchain In Healthcare Market by Application
9.1.5.1.2United States Blockchain In Healthcare Market by End-User
9.1.5.2Canada Blockchain In Healthcare Market
9.1.5.2.1Canada Blockchain In Healthcare Market by Application
9.1.5.2.2Canada Blockchain In Healthcare Market by End-User
9.1.5.3Mexico Blockchain In Healthcare Market
9.1.5.3.1Mexico Blockchain In Healthcare Market by Application
9.1.5.3.2Mexico Blockchain In Healthcare Market by End-User
9.2.EUROPE
9.2.1Europe Blockchain In Healthcare Market Overview
9.2.2Europe Blockchain In Healthcare Market Forecasts and Analysis
9.2.3Europe Blockchain In Healthcare Market Forecasts and Analysis - By Application
9.2.4Europe Blockchain In Healthcare Market Forecasts and Analysis - By End-User
9.2.5Europe Blockchain In Healthcare Market Forecasts and Analysis - By Countries
9.2.5.1Germany Blockchain In Healthcare Market
9.2.5.1.1Germany Blockchain In Healthcare Market by Application
9.2.5.1.2Germany Blockchain In Healthcare Market by End-User
9.2.5.2France Blockchain In Healthcare Market
9.2.5.2.1France Blockchain In Healthcare Market by Application
9.2.5.2.2France Blockchain In Healthcare Market by End-User
9.2.5.3Italy Blockchain In Healthcare Market
9.2.5.3.1Italy Blockchain In Healthcare Market by Application
9.2.5.3.2Italy Blockchain In Healthcare Market by End-User
9.2.5.4United Kingdom Blockchain In Healthcare Market
9.2.5.4.1United Kingdom Blockchain In Healthcare Market by Application
9.2.5.4.2United Kingdom Blockchain In Healthcare Market by End-User
9.2.5.5Russia Blockchain In Healthcare Market
9.2.5.5.1Russia Blockchain In Healthcare Market by Application
9.2.5.5.2Russia Blockchain In Healthcare Market by End-User
9.2.5.6Rest of Europe Blockchain In Healthcare Market
9.2.5.6.1Rest of Europe Blockchain In Healthcare Market by Application
9.2.5.6.2Rest of Europe Blockchain In Healthcare Market by End-User
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Blockchain In Healthcare Market Overview
9.3.2Asia-Pacific Blockchain In Healthcare Market Forecasts and Analysis
9.3.3Asia-Pacific Blockchain In Healthcare Market Forecasts and Analysis - By Application
9.3.4Asia-Pacific Blockchain In Healthcare Market Forecasts and Analysis - By End-User
9.3.5Asia-Pacific Blockchain In Healthcare Market Forecasts and Analysis - By Countries
9.3.5.1Australia Blockchain In Healthcare Market
9.3.5.1.1Australia Blockchain In Healthcare Market by Application
9.3.5.1.2Australia Blockchain In Healthcare Market by End-User
9.3.5.2China Blockchain In Healthcare Market
9.3.5.2.1China Blockchain In Healthcare Market by Application
9.3.5.2.2China Blockchain In Healthcare Market by End-User
9.3.5.3India Blockchain In Healthcare Market
9.3.5.3.1India Blockchain In Healthcare Market by Application
9.3.5.3.2India Blockchain In Healthcare Market by End-User
9.3.5.4Japan Blockchain In Healthcare Market
9.3.5.4.1Japan Blockchain In Healthcare Market by Application
9.3.5.4.2Japan Blockchain In Healthcare Market by End-User
9.3.5.5South Korea Blockchain In Healthcare Market
9.3.5.5.1South Korea Blockchain In Healthcare Market by Application
9.3.5.5.2South Korea Blockchain In Healthcare Market by End-User
9.3.5.6Rest of Asia-Pacific Blockchain In Healthcare Market
9.3.5.6.1Rest of Asia-Pacific Blockchain In Healthcare Market by Application
9.3.5.6.2Rest of Asia-Pacific Blockchain In Healthcare Market by End-User
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Blockchain In Healthcare Market Overview
9.4.2Middle East and Africa Blockchain In Healthcare Market Forecasts and Analysis
9.4.3Middle East and Africa Blockchain In Healthcare Market Forecasts and Analysis - By Application
9.4.4Middle East and Africa Blockchain In Healthcare Market Forecasts and Analysis - By End-User
9.4.5Middle East and Africa Blockchain In Healthcare Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Blockchain In Healthcare Market
9.4.5.1.1South Africa Blockchain In Healthcare Market by Application
9.4.5.1.2South Africa Blockchain In Healthcare Market by End-User
9.4.5.2Saudi Arabia Blockchain In Healthcare Market
9.4.5.2.1Saudi Arabia Blockchain In Healthcare Market by Application
9.4.5.2.2Saudi Arabia Blockchain In Healthcare Market by End-User
9.4.5.3U.A.E Blockchain In Healthcare Market
9.4.5.3.1U.A.E Blockchain In Healthcare Market by Application
9.4.5.3.2U.A.E Blockchain In Healthcare Market by End-User
9.4.5.4Rest of Middle East and Africa Blockchain In Healthcare Market
9.4.5.4.1Rest of Middle East and Africa Blockchain In Healthcare Market by Application
9.4.5.4.2Rest of Middle East and Africa Blockchain In Healthcare Market by End-User
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Blockchain In Healthcare Market Overview
9.5.2South and Central America Blockchain In Healthcare Market Forecasts and Analysis
9.5.3South and Central America Blockchain In Healthcare Market Forecasts and Analysis - By Application
9.5.4South and Central America Blockchain In Healthcare Market Forecasts and Analysis - By End-User
9.5.5South and Central America Blockchain In Healthcare Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Blockchain In Healthcare Market
9.5.5.1.1Brazil Blockchain In Healthcare Market by Application
9.5.5.1.2Brazil Blockchain In Healthcare Market by End-User
9.5.5.2Argentina Blockchain In Healthcare Market
9.5.5.2.1Argentina Blockchain In Healthcare Market by Application
9.5.5.2.2Argentina Blockchain In Healthcare Market by End-User
9.5.5.3Rest of South and Central America Blockchain In Healthcare Market
9.5.5.3.1Rest of South and Central America Blockchain In Healthcare Market by Application
9.5.5.3.2Rest of South and Central America Blockchain In Healthcare Market by End-User
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.BLOCKCHAIN IN HEALTHCARE MARKET, KEY COMPANY PROFILES
11.1.DEEPMIND HEALTH
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.FACTOM INC
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.GEM GUARDTIM
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.IBM CORPORATION
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.ISOLVE LLC
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.MICROSOFT CORPORATION
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.CHANGE HEALTHCARE
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.PROOF.WORK
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.SIMPLYVITAL HEALTH INC
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.BLOCKPHARMA
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
- IBM Corporation
- iSolve LLC
- Microsoft Corporation
- Change Healthcare
- Proof.Work
- Farmatrust
- BurstIQ
- Crystalchain
- Oracle Corporation
- Medical Chain
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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