Blockchain Technology In Healthcare Market Research, 2031
The global blockchain technology in healthcare market was valued at $531.19 million in 2021, and is projected to reach $16.30 billion by 2031, growing at a CAGR of 40.8% from 2022 to 2031. A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. A blockchain serves as an electronic database for storing data in digital form. In the healthcare system, a blockchain network is used to store and share patient data among hospitals, diagnostic labs, drug companies, and doctors. It can enhance the efficiency, safety, and openness of the exchange of medical data within the healthcare system. By increasing the performance, disintermediation, and security of electronic medical records, this technology offers a new model for health information exchanges for blockchain in healthcare market.
One of the key factors that drive the adoption of blockchain technology in the healthcare sector is the growth in data breaches which is also the blockchain technology in healthcare market trends leader. Cybercriminals are therefore more likely to target medical databases. They might use or sell the healthcare data to generate income. In addition, rise in the supply of counterfeit drugs also anticipates the growth of the blockchain technology in healthcare industry. Supply chain management may be made completely safe from counterfeit drugs by incorporating blockchain in healthcare market. Furthermore, the adoption of blockchain as a technology in the healthcare system also flourishes the blockchain technology in healthcare market growth. However, lack of common set of standards and the complex nature of technology impede market growth. Moreover, continuous advancement in technology is one of the blockchain technology in healthcare market opportunity lucrative for key players to invest.
Impact of COVID-19
The COVID-19 outbreak is anticipated to have a positive impact on the blockchain in healthcare market. A huge number of clinics and hospitals across the globe were restructured to increase hospital capacity for patients diagnosed with COVID-19. Non-essential procedures took a potential backlog, owing to rapidly rising COVID-19 cases. The lockdown led to disruption of manufacturing and transportation of healthcare essentials. Furthermore, other factors responsible for the impact on the market include limited availability of medical care, shortage of healthcare staff, and rise in burden of COVID-19 related hospitalization.
The coronavirus outbreak accelerated the use of cutting-edge technologies such as blockchain in the healthcare industry. Healthcare facilities in several nations have adopted blockchain technology, which has facilitated efficient resource and operation planning. A tracking system based on blockchain is being developed by many market players to stop the spread of false information. Opportunities and challenges of blockchain technologies in healthcare is anticipated to drive the launch of various solutions according to the requirements.
Blockchain Technology In The Healthcare Market Segmentation
The blockchain technology in healthcare market is segmented on the basis of type, application, end user, and region. On the basis of type, the market is bifurcated into public and private. The private segment for blockchain in healthcare market is further segmented into consortium and fully private. By application, it is divided into supply chain management, data exchange & interoperability, claims adjudication & billing management, and others. By end user, it is segmented into pharmaceutical companies, healthcare payers, and healthcare providers.
Region wise, the blockchain in healthcare market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
By type, the market is segmented into private and public. The public segment dominated blockchain technology in healthcare market size in 2021, as to public blockchains are open ended and open to everyone. The private segment is expected to witness highest CAGR of 41.2% during the forecast period owing to its higher safety of data and efficiency.
By application, the market is divided into supply chain management, data exchange & interoperability, claims adjudication & billing management and others. The supply chain management segment dominated the blockchain technology in healthcare market size in 2021, owing to adoption of supply chain management by many pharmacies in their system. The data exchange & interoperability segment is expected to witness highest CAGR of 41.4% during the forecast period owing to exchange of patient data with security.
By end user, the blockchain technology in healthcare market analysis is divided into pharmaceutical & medical device companies, healthcare payers, healthcare providers and others. The pharmaceutical & medical device companies segment dominated the market in 2021, with $241.85 million owing to replacement of traditional system with blockchain. The healthcare payers’ segment is expected to witness highest CAGR of 41.4% during the blockchain technology in healthcare market forecast period owing to surge in the data for keeping track data shared.
North America accounted for a majority of the global blockchain technology in healthcare market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in blockchain technology, integration of advanced technology & software processes, presence of key players, and robust infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing rise in data breaches, development of healthcare infrastructure, and increase in investments projects in the region., thus propelling the future of blockchain in healthcare.
The major players profiled in the report are Akiri, Inc., Avaneer health, Inc., BurstIQ, Crystalchain, Change Healthcare, Inc., Chronicled, Equideum Health, Embleema, Farma Trust, Guardtime, Hashed Health, International Business Machines Corporation (IBM), iSolve, LLC, Medical Chain SA, Oracle Corporation, Patientory, Inc, and Proof.Works.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the blockchain technology in healthcare market analysis from 2021 to 2031 to identify the prevailing blockchain technology in healthcare market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the blockchain technology in healthcare market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global blockchain technology in healthcare market trends, key players, market segments, application areas, and market growth strategies.
Blockchain Technology in Healthcare Market Report Highlights
By End User
Key Market Players
Proof Works, Crystalchain, Akiri, Inc, Chronicled, International Business Machines Corporation, BurstIQ, Embleema, Avaneer Health, Inc, GuardTime, Oracle Corporation, Equideum Health, iSolve, LLC, Farmatrust, Hashed Health, Medical Chain, Patientory, Inc, Change Healthcare, Inc
This section provides opinions of top level CXOs in the global blockchain technology in healthcare market. According to the insights of CXOs, leading companies in the market, development of advanced and reliable blockchain technology in the healthcare systems has led to extensive number of applications of this technique. Increase in demand for minimally invasive procedures and better healthcare services are expected to propel the mass blockchain technology in the healthcare market.
The blockchain technology in healthcare industry holds high potential, owing to innovative concepts and multidisciplinary expertise demand for new technological advancements in the creation of blockchain technology in healthcare technology. Owing to popularity of IoT, blockchain as a technology is gaining interest as it provides high security and numerous additional benefits. Furthermore, implementation of blockchain in supply chain management can reduce the supply of counterfeit drugs in healthcare industry.
The market gains interest of healthcare companies, owing to its unmet demands in developing economies such as India and China, where the clinical trials are rising rapidly which creates the need of blockchain technology for secure storage and exchange of data. Increase in use of blockchain technology in healthcare techniques by researchers have led to an enhancement of secure storage and exchange of data. North America is expected to witness highest growth, in terms of revenue, owing to robust healthcare infrastructure, presence of key players, and rise in healthcare expenditure. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in clinical trials, unmet medical demands, initiatives by government & non-governmental organizations (NGOs) to promote awareness for adoption of blockchain technology in the healthcare system, and increase in public–private investments in the healthcare sector