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A recent report published by Infinium Global Research on blockchain technology in healthcare market provides in-depth analysis of segments and sub-segments in the global as well as regional blockchain technology in healthcare market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional blockchain technology in healthcare market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global blockchain technology in healthcare market.
Blockchain technology is a distributed system recording and storing transaction records. Blockchain technology involves data storage that is not changeable and is kept in a digital ledger and constructed from connected transaction blocks. As the Healthcare sector includes highly complex unorganized data and vast clinical trial data, the supply of drugs to patients raises concerns regarding the management of data and security of patients' data. Thus, blockchain technology creates unique opportunities to reduce complexity, enable trustless collaboration, and create secure and immutable information health care, places the patient at the center of the healthcare ecosystem, and increases the security, privacy, and interoperability of health data. This technology creates a new model for Health Information Exchanges (HIE) by making electronic medical records more efficient, disintermediated, and secure. In short, blockchain can help digital health by making it easier to share data securely, with patient consent. Blockchain technology finds applications across various healthcare areas like electronic health records, supply chain management, clinical trials, and health information exchange.
The increasing incidences of healthcare data breaches drive the growth of blockchain technology in the healthcare market. Blockchain technology has been used to protect and preserve medical data since it is especially prone to security lapses and attacks including manipulation, counterfeits, and privacy leaks. The increasing need for counterfeit-proofing in the pharmaceutical industry is driving the growth of Blockchain Technology in the Healthcare Market. Healthcare supply chains are becoming traceable and transparent through blockchain technology. This traceability serves to confirm the authenticity of pharmaceuticals, stopping the spread of fake drugs, and assuring that patients receive real goods. However, the limited understanding and awareness of blockchain technology among healthcare professionals may hamper the market growth. Furthermore, the ongoing development in the healthcare sector creates a lucrative opportunity for the growth of the market over the forecast period.
Geographically, blockchain technology in the healthcare market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America holds the largest share of the global blockchain technology in the healthcare market. The implementation of regulations in the region regarding the safety of patient data and improving quality of care, the rising need to reduce the escalating healthcare costs, and the growing need to protect medical data from tampering are contributing to the growth of the market. Furthermore, healthcare companies operating in the North America region are integrating blockchain technology to manage their security, patient data, medicines, vaccine doses, etc. Moreover, technology acceptance and the presence of global healthcare leaders are contributing to the growth of North America’s blockchain technology in the healthcare market. Meanwhile, Europe is expected to witness the fastest growth in the blockchain technology market. The growing partnerships and collaboration drive the market growth in the region.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 1.98 Billion |
| Market Size by 2030 | USD 92.68 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 53.57% |
| Largest Market | North America |
| No. of Pages | 180 |
| Market Drivers |
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| Market Segmentation | By Application, and By End User |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global blockchain technology in healthcare market provides a detailed analysis of segments in the market based on Application, and End User.
· Claim Adjudication and Billing Management
· Clinical Data Exchange and Interoperability
· Supply Chain Management
· Others
· Healthcare Providers
· Healthcare Payers
· Pharmaceutical Companies
· Others
· Medicalchain SA
· Factom, Inc
· Patientory, Inc
· iSolve Technologies
· Hashed Health
· Chronicled
· Guardtime Federal
· Microsoft Corporation
· IBM Corporation
· Burstiq
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the blockchain technology in healthcare market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.