Global Blockchain in Healthcare Market

Blockchain Technology in Healthcare Market Size, Share, Growth Analysis, By Type(Public, Private, Hybrid), Application(Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication & Billing, Others), End User, and Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2879 | Region: Global | Published Date: July, 2024
Pages: 213 | Tables: 90 | Figures: 73

Blockchain Technology in Healthcare Market Insights

Blockchain Technology in Healthcare Market size was valued at USD 524.40 Million in 2022 and is expected to grow from USD 725.25 Million in 2023 to reach USD 9706.49 Million by 2031, at a CAGR of 38.3% during the forecast period (2024-2031).

The blockchain in healthcare market is experiencing rapid growth, driven by the need for enhanced data security, interoperability, and transparency in the healthcare sector. blockchain technology, known for its decentralized and immutable nature, offers a robust solution to many of the challenges faced by healthcare providers, payers, and patients. By ensuring secure and efficient management of health records, blockchain can potentially revolutionize the industry by reducing fraud, improving data integrity, and streamlining operations. 

A key driver for the adoption of blockchain in healthcare is the rising cases of data theft and cybercrimes that have exposed the brittle existent health informatics systems. Also, the requirement to integrate information systems from different organizations has increased therefore calling for a secure integration model for the exchange of health information. Other factors that are driving market growth include changes in regulatory environments that demand better data protection and security for patients’ information, as well as the increasing need for cost effective supply chain management. 

Significant opportunities lie in the development of blockchain-based solutions for patient-centric health data management, which can enhance patient engagement and consent management. Through automation, decentralization and collaboration, the pharmaceuticals industry can use blockchain in enhancing drug recallability and fight the_BUFF jealous counterfeit drugs. In this, its clinical trials application reveals sharp improvements to the system since records can be kept transparent and any interfered tampered records would be easily identifiable. The current adoption and utilization of blockchain technology by the healthcare industry and persistent improvements in the use of the Blockchain appreciated the growth and development of the market.

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Blockchain Technology in Healthcare Market size was valued at USD 524.40 Million in 2022 and is expected to grow from USD 725.25 Million in 2023 to reach USD 9706.49 Million by 2031, at a CAGR of 38.3% during the forecast period (2024-2031).

The Blockchain in the Healthcare market exhibits fragmentation, with a notable market leader securing a significant market share. Key players in this landscape continually employ diverse growth strategies to maintain their competitive edge. These strategies encompass product launches, innovations, mergers, acquisitions, collaborations, and partnerships. Moreover, a relentless focus on research and development persists among these market leaders, aimed at delivering industries with the most efficient and cost-effective solutions.  'Akiri, Inc (USA) ', 'Guardtime (Estonia) ', 'Equideum Health (USA) ', 'Avaneer Health, Inc (USA) ', 'Medical Chain (UK) ', 'iSolve, LLC (USA) ', 'Crystalchain (France) ', 'Oracle Corporation (USA) ', 'Change Healthcare, Inc (USA) ', 'BurstIQ (USA) ', 'IBM (USA) ', 'Chronicled (USA) ', 'Farmatrust (UK) ', 'Hashed Health (USA) ', 'Embleema (USA) ', 'Patientory, Inc (USA) ', 'Proof Works (USA)'

One of the primary drivers for blockchain in healthcare is the need for enhanced data security. With the increasing frequency of data breaches and cyberattacks, healthcare organizations are seeking more secure ways to manage sensitive patient information. Blockchain technology offers a decentralized and immutable ledger system that significantly reduces the risk of unauthorized access and data tampering. By ensuring that health records are securely encrypted and accessible only to authorized parties, blockchain provides a robust solution for protecting patient privacy and maintaining data integrity, which is crucial for compliance with stringent regulatory standards.

Growing Adoption of Blockchain for Secure Data Sharing in Healthcare: As the healthcare industry continues to generate vast amounts of data daily, a prominent trend emerging in the blockchain in healthcare market is the increasing adoption of blockchain technology for secure data sharing. With the rising need for efficient and secure exchange of patient information among healthcare providers, blockchain offers a decentralized and immutable platform that ensures data integrity and privacy. This trend reflects the industry's recognition of blockchain's potential to address data security concerns while facilitating seamless interoperability between disparate healthcare systems, ultimately leading to improved patient care and outcomes. 

North America held the majority share of the global blockchain in healthcare market in 2023 and is expected to maintain its dominance throughout the forecast period. This is due to significant technological advancements in blockchain technology, the integration of advanced technology and software processes, the presence of key industry players, and a robust healthcare infrastructure. These factors collectively support the widespread adoption and implementation of blockchain solutions in the region. 

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Global Blockchain in Healthcare Market

Report ID: SQMIG35A2879

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