NON-FUNGIBLE TOKENS (NFT) IN HEALTHCARE MARKET
As per Roots Analysis, the global NFT in healthcare market, valued at USD 154.0 million in 2021, is projected to reach USD 208.1 million in 2025 and USD 1,116.8 billion by 2035, representing a CAGR of 18.3% during the forecast period.
The opportunity for NFT in the healthcare market has been distributed across the following segments:
Blockchain Used
- Ethereum
- HyperLedger
- Polygon
- Other Blockchains
Application Area
- Health Records Management
- Supply Chain Management
- Genomics Research
- Health and Wellness
- Clinical Trial Consent
- Other Application Areas
End-user
- Healthcare Professionals
- Patients
- Pharmaceutical Companies
- Academic Institutions / Government Bodies
- Insurance Companies
- Other End-users
Geographical Regions
- North America (US and Canada)
- Europe (Germany, UK, Spain and Rest of the Europe)
- Asia-Pacific (China, South Korea, India and Rest of the Asia-Pacific)
- Middle East and North Africa (Saudi Arabia, UAE and Rest of the Middle East and North Africa)
- Latin America (Brazil, Argentina and Rest of the Latin America)
NFT IN HEALTHCARE MARKET: GROWTH AND TRENDS
The NFT market is a rapidly evolving sector that is transforming several industries by integrating decentralized blockchain technology. The incorporation of blockchain technology has prompted various industries to shift from centralized systems to decentralized networks, offering several advantages, such as enhanced transaction speeds, reduced costs, and improved data integrity. It is worth highlighting that NFTs are stored and tokenized on blockchain and therefore offer several advantages (mentioned above). These advantages have further contributed to the increased adoption of NFTs in recent years. In fact, in 2021, the NFT market generated more than USD 40 billion in revenues by trading NFTs; primarily attributed to an important event in the artwork industry (wherein Beeple, a digital artist, sold a piece of his artwork worth USD 69 million) that marked a significant breakthrough in the history of NFTs.
NFTs are distinct digital representations of assets, such as artwork, medical data, and video clips that have been tokenized through blockchain technology. It is worth noting that NFTs are non-divisible, immutable, and provide high security and privacy, since third parties cannot access the tokenized information. Owing to the abovementioned features, NFTs are being used across multiple disciplines, such as art, supply chain, fashion, gaming, healthcare, and real estate. Further, NFTs have gained significant interest from investors and stakeholders engaged in the cryptocurrency and blockchain market, contributing to their increased adoption.
In healthcare, NFTs are being used for several applications, including tracking supply chain, managing health records, genomics research, blood donation, clinical trial consent, healthcare and wellness programs. Notably, the NFTs for medical records are most commonly used in the healthcare industry, which allows patients to control their health-related data and trade it with pharmaceutical firms and research institutions. Moreover, to fully realize the potential of NFTs in the healthcare sector, various companies providing NFT solutions are also developing innovative platforms that enable secure and transparent storage and sharing of data.
Given the rising awareness and increased adoption of blockchain and related advanced technologies, the demand for NFT solutions in the healthcare industry is increasing at a steady pace. Moreover, the celebrity endorsements of digital assets and the urgent need to handle healthcare data, the NFT in healthcare market is expected to witness steady growth in the forthcoming years.
NFT IN HEALTHCARE MARKET: KEY INSIGHTS
The report delves into the current state of the NFT in healthcare market and identifies potential growth opportunities within the industry. Some key findings from the report include:
- Driven by the need for security and reliability across various healthcare applications, over 30 NFT solutions have been launched / under development; notably, the market landscape primarily features the presence of new entrants.
- Presently, more than 65% of the NFT platforms are available in the market; of these, 30% of the platforms have all the key features, namely data sharing, smart contracts, decentralization, tokenization, immutability and security.
- Around 45% of the deals inked in this domain were focused on enhancing NFT solutions to improve health data management and accessibility; the majority of the intercontinental deals were signed by players based in North America.
- Over the past few years, more than USD 90 million has been raised across various funding rounds by NFT solution providers in healthcare; of which, 80% of the total amount was raised by players based in Europe.
- The rise in adoption of cryptocurrencies coupled with monetization opportunities for patients drives the non-fungible tokens in healthcare market, positioning it for steady growth in the foreseeable future.
- Given the rising awareness regarding principles such as decentralization coupled with unmatched data security offered by NFTs, the market is anticipated to grow at an annualized rate (CAGR) of 18.3% till 2035.
NFT IN HEALTHCARE MARKET: KEY SEGMENTS
NFT Solutions Utilizing Ethereum Blockchain Network is Likely to Dominate the NFT in Healthcare Market During the Forecast Period
Based on the blockchain used, the global NFT in healthcare market is segmented into Ethereum, HyperLedger, Polygon and other blockchains. Currently, the majority share of the NFT in healthcare market is captured by NFT solutions utilizing Ethereum blockchain network. This can be attributed to the fact that Ethereum blockchain offers enhanced security and privacy (as this was the first blockchain to implement smart contracts) and does not require third-party verification. It is worth mentioning that the NFT solutions utilizing other blockchains are likely to grow at a significant pace in the coming years.
Health Records Management Segment is Likely to Hold the Largest Share of the NFT in Healthcare Market During the Forecast Period
Based on the application area, the global NFT in healthcare market is distributed across health records management, supply chain management, genomics research, health and wellness, clinical trial consent and other application areas. Currently, the health records management segment is likely to dominate the overall market, as NFTs enable the tracking of electronic health records effectively, which supports accurate diagnosis and treatment. Notably, this trend is unlikely to change during the forecast period.
Currently, NFT Solutions Catering to Healthcare Professionals Hold the Largest Share of the NFT in Healthcare Market
Based on the end-user, the global NFT in healthcare market is segmented into healthcare professionals, patients, pharmaceutical companies, academic institutions / government bodies, insurance companies and other end-users. It is worth noting that the current market is likely to be dominated by NFT solutions being utilized by healthcare professionals. However, in the coming years, the NFT solutions catering to patient needs are expected to witness substantial growth.
North America Accounts for the Largest Share of the Market
Based on geographical regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America. In the current scenario, North America is likely to dominate the NFT in healthcare market. However, owing to the increasing research and development activity, rising awareness and increased adoption of NFT solutions, the NFT in healthcare market in Asia-Pacific is expected to grow at a higher CAGR during the forecast period.
Example Players in the NFT in Healthcare Market
- Aimedis
- BurstIQ
- ChainCode Consulting
- DeHealth
- Epillo Health
- GenoBank.io
- Genomes.io
- IVIRSE
- Molecule
- Rejuve.AI
- TuumIO
- Universal Health Token
NFT IN HEALTHCARE MARKET: RESEARCH COVERAGE
The report on NFT in healthcare market features insights into various sections, including:
- Market Sizing and Opportunity Analysis: An in-depth analysis of NFT in healthcare market, focusing on key market segments, including [A] blockchain used, [B] application area, [C] end-user, and [D] geographical regions.
- Market Impact Analysis: A thorough analysis of various factors, such as drivers, restraints, opportunities, and existing challenges that are likely to impact market growth.
- NFT Solutions Market Landscape: An insightful analysis of various NFT solutions based on several relevant parameters, such as [A] stage of development, [B] key features, [C] application area, and [D] end-user. Additionally, this section also features analyses of the companies engaged in this domain, based on [A] company size, [B] location of headquarters, and [C] year of establishment.
- Company Competitiveness Analysis: An insightful competitiveness analysis of NFT solution providers based on various relevant parameters, such as [A] supplier strength, [B] portfolio strength, and [C] portfolio diversity.
- Company Profiles: Elaborate profiles of leading players developing NFT solutions across various geographies, including North America, Europe, Asia-Pacific and rest of the world, providing details on [A] company overview, [B] NFT solution overview, [C] recent developments and [D] an informed future outlook.
- Partnerships and Collaborations: An insightful analysis of the deals inked by stakeholders engaged in NFT in healthcare industry, based on several parameters, such as [A] year of partnership, [B] type of partnership, [C] type of partner, [D] application area, [E] most active players and [F] geographical distribution of partnership activity.
- Funding and Investment Analysis: An in-depth analysis of funding and investments made in the NFT in healthcare domain, based on relevant parameters, such as [A] year of funding, [B] type of funding, [C] amount invested (USD million), [D] geography, and [E] most active players.
- Case Study: A detailed assessment of the existing and potential use cases of non-fungible tokens across several healthcare applications, highlighting their capacity to revolutionize health data management and enhancing patient care.
- Porter's Five Forces Analysis: An analysis of five competitive forces prevailing in the NFT in healthcare industry, including threats of new entrants, bargaining power of buyers, bargaining power of NFT in healthcare solution providers, threats of substitute products and rivalry among existing competitors.
KEY QUESTIONS ANSWERED IN THIS REPORT
- How many companies are currently engaged in this market?
- Which are the leading companies in this market?
- What factors are likely to influence the evolution of this market?
- What is the current and future market size?
- What is the CAGR of this market?
- How is the current and future market opportunity likely to be distributed across key market segments?
- What types of partnership models are commonly adopted by industry stakeholders?
- What is the ongoing investment trend in this market?
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