USD 1.97 Billion
Global Blockchain in Healthcare Market Size, Share, Growth Analysis, By Network Type(Public, and Private), By Application(Claims Adjudication & Billing, Clinical Data Exchange & Interoperability), By End User(Payers, Providers) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2879 |
Region:
Global |
Published Date: May, 2024
Pages:
213
|
Tables:
92 |
Figures:
70
Global Blockchain in Healthcare Market Insights
Blockchain in Healthcare Market size was valued at USD 1.97 Billion in 2022 and is poised to grow from USD 3.32 Billion in 2023 to USD 214.56 Billion by 2031, at a CAGR of 68.40% in the forecast period (2024-2031).
One of the key market trends driving the use of blockchain in healthcare is the increased focus on data privacy and security. With the increasing digitization of health records and increasing threats of breaches and cyberattacks, healthcare organizations are turning to blockchain technology to ensure patient data security and privacy. Decentralized and immutable nature of blockchain Increased security against unauthorized access, tampering and data manipulation payments, to protect sensitive health information.
Blockchain's immutable data storage capabilities provide a secure and tamper-proof environment for storing health records, ensuring data integrity and privacy. By using blockchain technology, healthcare organizations can create sensitive patient information protect against unauthorized access, data breaches, and cyber-attacks, so that patients and of the s Trust and confidence grow in the middle.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Public
Fastest Growth
Private
Growth Rate
68.40% CAGR
Global Blockchain in Healthcare Market ($ Bn)
Country Share for North America Region (%)
Global Blockchain in Healthcare Market By Network Type ($ Bn)
Global Blockchain in Healthcare Market By Network Type (%)
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Global Blockchain in Healthcare Market Segmental Analysis
Based on network type the market is segmented into public and private. Based on application the market is segmented as, claims adjudication & billing, clinical data exchange & interoperability, clinical trials & econsent, supply chain management, others. Based on end-user the market is segmented as, payers, providers, biopharmaceutical & medical device companies, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Blockchain in Healthcare Market Analysis by Application
The supply chain management application segment accounted for more than 25% of blockchain technology's share in the healthcare market in 2022. Blockchain applications help maintain data integrity. This technology also helps facilitate integration with Internet of Things (IoT) device types work for pharmaceutical companies. It helps them recruit candidates for clinical trials and monitor drug supply. Blockchain can transform the healthcare industry by reducing operational costs, data waste and improving the quality of healthcare.
The clinical trials & eConsent segment is expected to grow exponentially during the forecast period. The advantages of technology in clinical trials make it easier to manage and protect data. The integration of blockchain technology also enables doctors to have secure internal transactions. No tampering or manipulation is allowed on the blockchain, which is expected to drive the growth of the market in the coming years. The adoption of blockchain technology in medical records ensures data integrity. Similar reasoning can be applied to clinical trials, where records are an integral part of regulatory practice.
Blockchain in Healthcare Market Analysis by Network Type
In terms of connectivity, the global market was dominated by the public segment by 2022, accounting for 56.4% of the revenue share. There are public, private, and other types of transactions in blockchain in healthcare market. A key driver of greater public participation is the increasing use of public networks to manage data. Currently, Ethereum, a public network, is one of the most widely used technologies in healthcare. It is also known as a “permission-free” blockchain system. Low costs and the availability of large databases are key factors in the growth of these public networks.
The private sector is expected to witness a rapid growth rate of around 70% in the coming years. For example, the Linux foundation uses a private network called the hyperledger fabric. They offer privacy, fast connections and high levels of security. So, they’re designed, they’re used for specific workplace needs. The main drivers for the growth of the private sector are data management and recordkeeping segments increasing in demand for more secure supply chains and furthermore, future segments related to technological advancements are expected to drive uptake blockchain atom in healthcare.
Global Blockchain in Healthcare Market By Network Type (%), Healthcare (%)
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Global Blockchain in Healthcare Market Regional Insights
North America had the largest share in the global blockchain in healthcare market. Growing North America healthcare blockchain market with local enforcement laws related to patient data security, improved quality of care, increased fraudulent activities in healthcare sector, need to reduce healthcare costs an increased on, and increased protection from alteration of medical information Increased importance.
However, Asia Pacific is expected to record the highest CAGR from 2024 to 2031. Factors such as improving healthcare, increasing adoption of EHRs and other healthcare IT solutions, for healthcare increasing demand for information among various stakeholders in 2022. Healthcare industry due to growing medical tourism, supply Counterfeit drugs introduced into the chain. The growing need to prevent this is also driving the regional sector this has improved.
Global Blockchain in Healthcare Market By Geography, 2024-2031
- Largest
- Fastest
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Global Blockchain in Healthcare Market Dynamics
Blockchain in Healthcare Market Drivers
Growing Health Data Breaches
- Over the years, data breaches in the healthcare industry have skyrocketed. The magnitude and frequency of health data breaches increased over the past five years, with large-scale breaches affecting 80 million people (about twice the population of California). Health data breaches typically reflect high-sensitivity issues, from personally identifiable information such as Social Security numbers, names and addresses.
Increasing Adoption of Electronic Health Records (EHRs)
- The growing adoption of electronic health records (EHRs) and the need for seamless collaboration between health systems is driving demand for blockchain solutions. Blockchain technology enables secure and mining EHRs to be shared effectively engage healthcare providers, patients, and other stakeholders, ensuring data accuracy, integrity and accessibility happens. By using blockchain, healthcare organizations can drive blockchain adoption in healthcare by simplifying data exchange, reducing administrative burdens, and improving patient care processes.
Blockchain in Healthcare Market Restraints
Reluctance to Disclose Data
- In the healthcare industry, especially in developing countries, most healthcare providers and payers are reluctant to disclose information due to regulations regarding the exchange of medical information. In this context, where all stakeholders in the healthcare industry are in a war of interest with each other and very reluctant to share accurate information, transparent technologies such as a distributed ledger and implementation will be a challenge. This is expected to hinder the adoption of blockchain technology in the healthcare sector.
Lack of Awareness & Understanding
- The main limitation to the development of blockchain technology is the lack of knowledge about distributed ledger technology and its applications in the healthcare industry. End users in the healthcare industry lack an understanding of the benefits of this disruptive technology and how it works. This can deter companies from investing in this emerging technology. Blockchain technology in its current form is something of a huge unknown frontier with uncertain evolution. Investors, the public, and industry have yet to harness its potential to transform the business model.
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Global Blockchain in Healthcare Market Competitive Landscape
Global pharmaceutical company Pfizer has teamed up with blockchain technology company. Chronicled to develop a blockchain-based system to track prescription drug dispensing This strategic partnership offers the Chronicled Mediledger network, a blockchain platform designed for pharmaceuticals the project increases supply chain transparency, counterfeit to drugs, and ensures compliance with regulatory requirements. Blockchain-based systems enable secure and transparent tracking of prescriptions throughout the supply chain, from manufacturing to delivery to pharmacies, reducing risk on counterfeit drugs and enhance patient safety.
Blockchain in Healthcare Market Top Player’s Company Profiles
- PATIENTORY INC.
- iSolve, LLC
- Oracle
- Change Healthcare
- BurstIQ
- Medicalchain SA
- Blockpharma
- Gem
- Hashed Health
- Factom Inc.
- PokitDok Inc.
Blockchain in Healthcare Market Recent Developments
- In February 2022, Estonia-based healthcare company MAH Healthcare (Htax fund) is pleased to announce the release of the Htax fund as a step towards realizing its digitization goal of integrating blockchain technology into the healthcare sector. The Htrax coin is also a high-security BEP20 standard coin and can be accessed by users in several variations.
- January 2022: Awanir Helleth received additional support for health networks of US$5 million, wedding to FHIR increased.
- March 2022: Nokia says Equidium Health selects it to help develop and deliver healthcare content. Equidium Health will use Nokia’s Data Marketplace (NDM) solution, available through its Software-as-a-Service (SaaS) platform. Equidium Health, a blockchain pioneer in health life sciences, could launch a new application.
Global Blockchain in Healthcare Key Market Trends
- Rising Government Services: Blockchain technology is emerging as a viable solution in the healthcare industry. Many startups have started solving major pain points in the healthcare industry (such as interoperability of medical records, data security, and preventing counterfeit drugs from entering the pharmaceutical industry) with the help of blockchain technology in the last few years. Technology has attracted the attention of various stakeholders in the healthcare industry. Due to increased interest in this technology, government agencies around the world are investing in blockchain to conduct the same research.
Global Blockchain in Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Blockchain in the healthcare market is witnessing strong growth driven by increasing demand for secure, connected and transparent healthcare information management solutions. Blockchain technology provides modified benefits, increased security, upstream access, features and costs under special customs, upgrades and upgrades. Government-directed encouragement of litigations. Despite challenges such as existing regulatory uncertainties and operational issues, blockchain in the healthcare market is poised to expand exponentially as healthcare organizations, technology providers and governments around the world recognize blockchain's potential to transform healthcare and patient care.
| Report Metric | Details |
|---|---|
| Market size value in Healthcare | USD 1.97 Billion |
| Market size value in 2031 | USD 214.56 Billion |
| Growth Rate | 68.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Blockchain in Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Blockchain in Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Blockchain in Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Blockchain in Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Blockchain in Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Blockchain in Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Blockchain in Healthcare Market Report Snapshots
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