Market Overview –
Blockchain Technology in Healthcare Market Size was evaluated at USD 1.12 billion in 2021 and is expected to expand from USD 1.88 billion in 2022 to USD 121 billion by 2030, with a compound yearly growth rate (CAGR) of 68.30% over the forecast period (2022-2030).
The Blockchain Technology in Healthcare Market is witnessing rapid growth, revolutionizing how healthcare data is stored, shared, and secured. Blockchain, a decentralized and tamper-proof ledger system, ensures the integrity and security of health information, making it ideal for sensitive medical data.
Blockchain technology is revolutionizing the healthcare industry, offering increased security, transparency, and efficiency in data management. Healthcare blockchains facilitate secure sharing of patient data among stakeholders, streamlining processes like medical record management, supply chain tracking, and clinical trials. This technology promises to enhance patient care, reduce costs, and improve overall healthcare outcomes.
In recent years, this market has expanded due to several factors. Firstly, healthcare organizations are increasingly adopting blockchain to address challenges such as data breaches, interoperability issues, and inefficiencies in healthcare systems. Blockchain enables secure and seamless sharing of patient records among different stakeholders while maintaining patient privacy and confidentiality.
Segmental Analysis
The segmental investigation of the blockchain technology in healthcare market has been conducted on the basis of application, region, type, and end-user. Based on the region, the blockchain technology in healthcare market is segmented into the Middle East, Asia Pacific, Europe, the Americas and Africa. On the basis of type, the market for blockchain technology in healthcare has been segmented into permissioned blockchains and permission less blockchains. Based on the end-user, the market for blockchain technology in healthcare has been segmented into healthcare service providers, pharmaceutical companies, healthcare consumers, and others. On the basis of application, the market for blockchain technology in healthcare has been segmented into clinical trials & data security, patient data management, drug traceability, supply chain management, claims adjudication, billing, and others.
Detailed Regional Analysis
The regional examination of the blockchain technology in healthcare market is segmented into the Middle East, Asia Pacific, Europe, the Americas and Africa. The Americas’ blockchain technology in healthcare market is anticipated to lead the global market owing to the great implementation rate of advance technology, the occurrence of well-established healthcare management systems, and obtainability of the big patient pool and insurance owners. The European blockchain technology in healthcare market is anticipated to be the second regional market. The market development in this region can be attributed as the growing number of clinical trials with collective research and development spending in the pharmaceutical industry, growing familiarity about blockchain technology in the region, and increasing healthcare expenditure is anticipated to drive the development of the market. The Asia Pacific blockchain technology in healthcare market is anticipated to be the fastest developing blockchain technology in healthcare market throughout the forecast period due to the intensifying generic pharmaceutical industry in the region, constantly growing investment in healthcare and approval of technology in healthcare.
Competitive Analysis
The effectiveness of market strategies is estimated to be keenly observed to goad the consumer sentiments in the right angle and culminate in the purchasing of the various products and services. The inflow of funding in critical transactions can be estimated to have an overall positive effect on the global market in the appraisal period. The impact of disruptive technologies is also estimated to be carefully calculated in the coming period to reduce disturbances in the market structure. The market is estimated to create its trajectory for development in the period ahead owing to the individual contributions of the market stakeholders. The tone of diversification is likely to induce the growth of the global market with contenders trying to reduce the risk of volatility that is common in the market currently. The introduction of new products is estimated to range between lots of launches for individual companies to selected product launches in exclusive regional markets. The government bodies around the world are expected to have a dominant role in getting the global economy on track with conducive policies and subsidies.
Key Players –
Blockchain technology in healthcare key companies include IBM from the US, PATIENTORY INC. from the US, Guardtime from the US, Microsoft Corporation from the US, Care from Ukraine, Oracle from the US, Change Healthcare from the US, BurstIQ from the US, Medicalchain SA from the UK, and Blockpharma from France.
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