PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1211729
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1211729
Contact us about how to customize the report with add-on data.
Blockchain technology in healthcare market size was valued at USD 780.6 Million in 2022, expanding at a CAGR of 38.1% from 2023 to 2030.
Blockchain technology is defined as an electronic database for keeping data digitally. Additionally, blockchain network is used in the healthcare sector to store and share patient data between diagnostics labs, drug companies, doctors, and hospitals. Moreover, it can improve the efficiency, transparency, and security of the medical data interchange within the healthcare sector. Furthermore, medical institutions could use this technology to gain knowledge and improve the evaluation of medical records.
Market Dynamics:
The rising cases of information leaks and the release of delicate clinical data have increased the adoption of blockchain technology in the healthcare sector. In addition, it may result in notable annual cost saving in areas including personnel, IT, operations, and support function expenditure along with a reduction in fraud and the sale of fake goods. Thus complete protection from fraud is further projected to drive market growth during the forecast period. However, a lack of skilled professionals and a common set of standards are expected to restrain the market growth.
Moreover, continuous technological advancement such as opting for electronic records over non-electronic-based clinical records offers a lucrative opportunity for blockchain technology in the healthcare market. The covid- 19 pandemic had a positive impact on blockchain technology in the healthcare market. In several nations, healthcare facilities have opted for blockchain technology to stop the spread of wrong information. Thus COVID-19 pandemic has boosted the demand for blockchain technology.
Segmentation Analysis:
Blockchain technology in the healthcare market is segmented on the basis of network type, application, end-user, and by region.
The market is divided into two categories based on network type: private, public, and others. The private segment is expected to grow at a notable rate. The recording and data management aspects and rising demand for highly secured supply chain networks are such factors leading to the private sector growth.
The market is divided into four categories based on application: claims adjudication & billing, clinical data exchange & interoperability, supply chain management, clinical trials, and others. The clinical data exchange & interoperability segment is expected to possess the market share owing to the exchange of patient security and data.
The market is divided into three categories based on end-user: providers, payers, biopharmaceutical & medical device companies, and others. The biopharmaceutical & medical device companies segment is expected to grow significantly in the coming years due to the replacement of the traditional system with blockchain.
Competitive Landscape:
Government initiatives, technological collaborations, and emerging startups are such factors for market growth. Across various organizations, such projects mandate the safe and secure sharing of authentic data. Thus the adoption of blockchain technology by key players is helping to grow the market. The rising share of prescriptions, health status, and medical reports among medical practitioners for quick diagnosis is expected to increase the adoption of blockchain technology in the healthcare sector. Additionally, companies are constantly focusing on increasing their presence by adopting strategies, R&D investments, and mergers & acquisitions to oppose competition in the market. In the blockchain technology market, manufacturers are concerned and focusing on product innovation, as a result, these manufacturers gain a foothold globally.
For instance, in October 2022, MDS Mexico, a medical services company launched a blockchain technology-based COVID-19 testing service. It uses blockchain technology to authenticate results, and protect patients' private data.
Key features of the study:
This proposed research study on blockchain technology in healthcare market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for blockchain technology in healthcare market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the blockchain technology in healthcare market.
Impact of COVID-19 on blockchain technology in healthcare market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on blockchain technology in healthcare market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the blockchain technology in healthcare market, we have also included competitive landscape and key innovator analysis for the blockchain technology in healthcare market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the blockchain technology in healthcare market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global blockchain technology in healthcare market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows:
BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET KEY PLAYERS
Oracle
Medicalchain SA
IBM
PATIENTORY INC.
Guardtime
iSolve, LLC
Change Healthcare
BurstIQ
Blockpharma
Solve.Care
DeepMind Health
BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET, BY NETWORK TYPE
Private
Public
Others
BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET, BY APPLICATION
Clinical Data Exchange & Interoperability
Claims Adjudication & Billing
Supply Chain Management
Clinical Trials & eConsent
Others
BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET, BY END-USER
Providers
Payers
Biopharmaceutical & Medical Device Companies
Others
BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA