PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371927
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371927
Blockchain in Healthcare Market Forecasts to 2030 - Global Analysis By Network Type (Public and Private), Application, End User and By Geography
According to Stratistics MRC, the Global Blockchain in Healthcare Market is accounted for $3.35 billion in 2023 and is expected to reach $140.03 billion by 2030 growing at a CAGR of 70.4% during the forecast period. A increasing set of documents, referred to as blocks, that are linked together cryptographically is referred to as a blockchain. A cryptographic hash of the preceding block, the time and date, and transaction details are all included in each block. Blockchain is a cutting-edge technology that is being applied to provide ground-breaking solutions across several industries, including healthcare. A Blockchain network is utilized in the healthcare industry to store and transmit patient data across hospitals, diagnostic labs, pharmacies, and doctors. Blockchain technologies can reliably detect grave and even deadly mistakes in the medical area.
According to the World Health Organization (WHO), one in each 10 medicines fails in low- and middle-income countries because they are substandard or falsified.
Market Dynamics:
Driver:
Increasing cases of healthcare data breaches
A blockchain functions as a digital database for the storage of data. A blockchain network is utilized in the healthcare industry to store and share patient data across hospitals, diagnostic labs, pharmaceutical firms, and physicians. However, the healthcare sector has seen a sharp rise in the frequency of data breaches. Highly sensitive information, including personally identifiable information like social security numbers, names, and addresses as well as sensitive health data, is frequently exposed in healthcare data breaches. As a result, the industry is now more in demand due to the increase in data breaches.
Restraint:
Lack of awareness
Lack of information about distributed ledger technology and its use in the healthcare sector is the main obstacle to the development of blockchain technology. End customers in the healthcare sector are unaware of the advantages and functionality of this revolutionary technology. This could discourage businesses from making investments in this developing technology. In its present state, blockchain technology resembles a huge, uncharted frontier with unpredictable growth. Investors, the general public, and business owners have not yet taken advantage of its potential to alter corporate operations.
Opportunity:
Increasing demand for distributed ledger technology
The market is expected to grow as a result of the increasing number of incidents of data theft, break-ins, and the unauthorized disclosure of sensitive clinical data from electronic systems. The use of electronic records with tailored medical care data sets over paper-based clinical records is another result of the healthcare industry's rapid growth. In order to display the two blocks to every user, accuracy on the blockchain must also be compared with other data. By doing this, security is guaranteed, and data loss and harm are prevented.
Threat:
Regulatory Challenges
The introduction of blockchain technology creates new regulatory issues in the highly regulated healthcare sector. When incorporating blockchain systems, adherence to current data privacy and security requirements might be challenging. A big barrier to using blockchain's advantages is maintaining compliance. However, reluctance to disclose data is also the factor hampering the market growth.
COVID-19 Impact:
It is believed that the epidemic would benefit the market for blockchain in healthcare. To expand hospital capacity for patients diagnosed with COVID-19, a significant number of clinics and hospitals throughout the world underwent restructuring. A possible backlog in non-essential processes developed as a result of the sharp increase in cases. The lockout caused delays in the production and delivery of critical medical supplies. Limited access to medical treatment, a staffing deficit in the healthcare industry, and an increase related hospitalization are a few more variables that have an influence on the market.
The clinical trials & eConsent segment is expected to be the largest during the forecast period
The clinical trials & eConsent segment is expected to be the largest during the forecast period. Utilizing technology in clinical trials makes data management and security more effective. Additionally, secure internal connections amongst clinicians are made possible via blockchain integration. Since the blockchain forbids information updates or revisions, industry growth is projected in the years to come. Data integrity is ensured by the use of blockchain technology in medical records. Similar ideas may be used in clinical studies, where the documentation is a crucial component of the regulations.
The hospital segment is expected to have the highest CAGR during the forecast period
The hospital segment is expected to have the highest CAGR during the forecast period owing to the growing adoption of the technology in hospitals. Hospitals and healthcare facilities are now striving to store patient data to ensure the system's efficient operation. This aids in categorizing both new and returning patients and makes use of previous records to support the doctor's appointment. Additionally, the system will shield sensitive data from data breaches and hackers, protecting things like payment information, addresses, and phone numbers.
Region with largest share:
North America is projected to hold the largest market share during the forecast period. The main driver of regional expansion is the rise in demand for medical record security. The U.S. healthcare industry is investing more in emerging technology, but there are also more problems with electronic medical records. Major players and other healthcare organizations are engaging in the blockchain industry as a result of the increase in need for controlled, safe, and safe data sharing across businesses.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period. The expansion of this regional market is being fueled by elements like expanding healthcare infrastructure, rising adoption of EHR systems and other healthcare IT solutions, growing demand for health information exchange between various healthcare stakeholders as a result of an increase in medical tourism in this region, and growing pressure to stop fake drugs from entering the supply chain.
Key players in the market:
Some of the key players in Blockchain in Healthcare Market include: Blockpharma, IBM Corporation, Guardtime, Change Healthcare, iSolve, LLC, PATIENTORY INC., Medicalchain SA, Solve.Care, BurstIQ, Oracle, Equideum Health, MAH Healthcare , Avaneer Health , Microsoft Corporation, Guardtime Federal, Blockpharma and International Business Machines Corporation.
Key Developments:
In March 2022, Equideum Health selected Nokia as its partner to collaboratively develop and implement healthcare use cases. Nokia's Data Marketplace (NDM) solution, available through its Software-as-a-Service (SaaS) architecture, will support Equideum Health in launching innovative healthcare applications.
In February 2022, the Estonia-based healthcare company MAH Healthcare (Htax coin) is excited to announce the release of the HTrax currency as a step toward realizing its goal to integrate blockchain technology into the healthcare sector and digitize it.
In January 2022, Avaneer Health secured additional funding of USD 50 million from renowned healthcare institutions to support its blockchain-based health network. The network focuses on facilitating secure data sharing between payers, improving eligibility verification, and streamlining prior authorization processes.
Network Types Covered:
- Public
- Private
Applications Covered:
- Claims Adjudication & Billing Management
- Clinical Data Exchange & Interoperability
- Supply Chain Management
- Clinical Trials & eConsent
- Other Applications
End Users Covered:
- Biopharmaceutical
- Players
- Providers
- Medical Device Companies
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Blockchain Technology in Healthcare Market, By Network Type
- 5.1 Introduction
- 5.2 Public
- 5.3 Private
6 Global Blockchain Technology in Healthcare Market, By Application
- 6.1 Introduction
- 6.2 Claims Adjudication & Billing Management
- 6.3 Clinical Data Exchange & Interoperability
- 6.4 Supply Chain Management
- 6.5 Clinical Trials & eConsent
- 6.6 Other Applications
7 Global Blockchain Technology in Healthcare Market, By End User
- 7.1 Introduction
- 7.2 Biopharmaceutical
- 7.3 Players
- 7.4 Providers
- 7.5 Medical Device Companies
- 7.6 Other End Users
8 Global Blockchain Technology in Healthcare Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Blockpharma
- 10.2 IBM Corporation
- 10.3 Guardtime
- 10.4 Change Healthcare
- 10.5 iSolve, LLC
- 10.6 PATIENTORY INC.
- 10.7 Medicalchain SA
- 10.8 Solve.Care
- 10.9 BurstIQ
- 10.10 Oracle
- 10.11 Equideum Health
- 10.12 MAH Healthcare
- 10.13 Avaneer Health
- 10.14 Microsoft Corporation
- 10.15 Guardtime Federal
- 10.16 Blockpharma
- 10.17 International Business Machines Corporation
List of Tables
- Table 1 Global Blockchain Technology in Healthcare Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Blockchain Technology in Healthcare Market Outlook, By Network Type (2021-2030) ($MN)
- Table 3 Global Blockchain Technology in Healthcare Market Outlook, By Public (2021-2030) ($MN)
- Table 4 Global Blockchain Technology in Healthcare Market Outlook, By Private (2021-2030) ($MN)
- Table 5 Global Blockchain Technology in Healthcare Market Outlook, By Application (2021-2030) ($MN)
- Table 6 Global Blockchain Technology in Healthcare Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
- Table 7 Global Blockchain Technology in Healthcare Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
- Table 8 Global Blockchain Technology in Healthcare Market Outlook, By Supply Chain Management (2021-2030) ($MN)
- Table 9 Global Blockchain Technology in Healthcare Market Outlook, By Clinical Trials & eConsent (2021-2030) ($MN)
- Table 10 Global Blockchain Technology in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 11 Global Blockchain Technology in Healthcare Market Outlook, By End User (2021-2030) ($MN)
- Table 12 Global Blockchain Technology in Healthcare Market Outlook, By Biopharmaceutical (2021-2030) ($MN)
- Table 13 Global Blockchain Technology in Healthcare Market Outlook, By Players (2021-2030) ($MN)
- Table 14 Global Blockchain Technology in Healthcare Market Outlook, By Providers (2021-2030) ($MN)
- Table 15 Global Blockchain Technology in Healthcare Market Outlook, By Medical Device Companies (2021-2030) ($MN)
- Table 16 Global Blockchain Technology in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 17 North America Blockchain Technology in Healthcare Market Outlook, By Country (2021-2030) ($MN)
- Table 18 North America Blockchain Technology in Healthcare Market Outlook, By Network Type (2021-2030) ($MN)
- Table 19 North America Blockchain Technology in Healthcare Market Outlook, By Public (2021-2030) ($MN)
- Table 20 North America Blockchain Technology in Healthcare Market Outlook, By Private (2021-2030) ($MN)
- Table 21 North America Blockchain Technology in Healthcare Market Outlook, By Application (2021-2030) ($MN)
- Table 22 North America Blockchain Technology in Healthcare Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
- Table 23 North America Blockchain Technology in Healthcare Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
- Table 24 North America Blockchain Technology in Healthcare Market Outlook, By Supply Chain Management (2021-2030) ($MN)
- Table 25 North America Blockchain Technology in Healthcare Market Outlook, By Clinical Trials & eConsent (2021-2030) ($MN)
- Table 26 North America Blockchain Technology in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 27 North America Blockchain Technology in Healthcare Market Outlook, By End User (2021-2030) ($MN)
- Table 28 North America Blockchain Technology in Healthcare Market Outlook, By Biopharmaceutical (2021-2030) ($MN)
- Table 29 North America Blockchain Technology in Healthcare Market Outlook, By Players (2021-2030) ($MN)
- Table 30 North America Blockchain Technology in Healthcare Market Outlook, By Providers (2021-2030) ($MN)
- Table 31 North America Blockchain Technology in Healthcare Market Outlook, By Medical Device Companies (2021-2030) ($MN)
- Table 32 North America Blockchain Technology in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 33 Europe Blockchain Technology in Healthcare Market Outlook, By Country (2021-2030) ($MN)
- Table 34 Europe Blockchain Technology in Healthcare Market Outlook, By Network Type (2021-2030) ($MN)
- Table 35 Europe Blockchain Technology in Healthcare Market Outlook, By Public (2021-2030) ($MN)
- Table 36 Europe Blockchain Technology in Healthcare Market Outlook, By Private (2021-2030) ($MN)
- Table 37 Europe Blockchain Technology in Healthcare Market Outlook, By Application (2021-2030) ($MN)
- Table 38 Europe Blockchain Technology in Healthcare Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
- Table 39 Europe Blockchain Technology in Healthcare Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
- Table 40 Europe Blockchain Technology in Healthcare Market Outlook, By Supply Chain Management (2021-2030) ($MN)
- Table 41 Europe Blockchain Technology in Healthcare Market Outlook, By Clinical Trials & eConsent (2021-2030) ($MN)
- Table 42 Europe Blockchain Technology in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 43 Europe Blockchain Technology in Healthcare Market Outlook, By End User (2021-2030) ($MN)
- Table 44 Europe Blockchain Technology in Healthcare Market Outlook, By Biopharmaceutical (2021-2030) ($MN)
- Table 45 Europe Blockchain Technology in Healthcare Market Outlook, By Players (2021-2030) ($MN)
- Table 46 Europe Blockchain Technology in Healthcare Market Outlook, By Providers (2021-2030) ($MN)
- Table 47 Europe Blockchain Technology in Healthcare Market Outlook, By Medical Device Companies (2021-2030) ($MN)
- Table 48 Europe Blockchain Technology in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 49 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Country (2021-2030) ($MN)
- Table 50 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Network Type (2021-2030) ($MN)
- Table 51 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Public (2021-2030) ($MN)
- Table 52 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Private (2021-2030) ($MN)
- Table 53 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Application (2021-2030) ($MN)
- Table 54 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
- Table 55 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
- Table 56 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Supply Chain Management (2021-2030) ($MN)
- Table 57 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Clinical Trials & eConsent (2021-2030) ($MN)
- Table 58 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 59 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By End User (2021-2030) ($MN)
- Table 60 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Biopharmaceutical (2021-2030) ($MN)
- Table 61 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Players (2021-2030) ($MN)
- Table 62 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Providers (2021-2030) ($MN)
- Table 63 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Medical Device Companies (2021-2030) ($MN)
- Table 64 Asia Pacific Blockchain Technology in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 65 South America Blockchain Technology in Healthcare Market Outlook, By Country (2021-2030) ($MN)
- Table 66 South America Blockchain Technology in Healthcare Market Outlook, By Network Type (2021-2030) ($MN)
- Table 67 South America Blockchain Technology in Healthcare Market Outlook, By Public (2021-2030) ($MN)
- Table 68 South America Blockchain Technology in Healthcare Market Outlook, By Private (2021-2030) ($MN)
- Table 69 South America Blockchain Technology in Healthcare Market Outlook, By Application (2021-2030) ($MN)
- Table 70 South America Blockchain Technology in Healthcare Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
- Table 71 South America Blockchain Technology in Healthcare Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
- Table 72 South America Blockchain Technology in Healthcare Market Outlook, By Supply Chain Management (2021-2030) ($MN)
- Table 73 South America Blockchain Technology in Healthcare Market Outlook, By Clinical Trials & eConsent (2021-2030) ($MN)
- Table 74 South America Blockchain Technology in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 75 South America Blockchain Technology in Healthcare Market Outlook, By End User (2021-2030) ($MN)
- Table 76 South America Blockchain Technology in Healthcare Market Outlook, By Biopharmaceutical (2021-2030) ($MN)
- Table 77 South America Blockchain Technology in Healthcare Market Outlook, By Players (2021-2030) ($MN)
- Table 78 South America Blockchain Technology in Healthcare Market Outlook, By Providers (2021-2030) ($MN)
- Table 79 South America Blockchain Technology in Healthcare Market Outlook, By Medical Device Companies (2021-2030) ($MN)
- Table 80 South America Blockchain Technology in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 81 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Country (2021-2030) ($MN)
- Table 82 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Network Type (2021-2030) ($MN)
- Table 83 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Public (2021-2030) ($MN)
- Table 84 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Private (2021-2030) ($MN)
- Table 85 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Application (2021-2030) ($MN)
- Table 86 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
- Table 87 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
- Table 88 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Supply Chain Management (2021-2030) ($MN)
- Table 89 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Clinical Trials & eConsent (2021-2030) ($MN)
- Table 90 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 91 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By End User (2021-2030) ($MN)
- Table 92 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Biopharmaceutical (2021-2030) ($MN)
- Table 93 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Players (2021-2030) ($MN)
- Table 94 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Providers (2021-2030) ($MN)
- Table 95 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Medical Device Companies (2021-2030) ($MN)
- Table 96 Middle East & Africa Blockchain Technology in Healthcare Market Outlook, By Other End Users (2021-2030) ($MN)
