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Blockchain Technology in Healthcare Market Size and Share

by janeausten

Blockchain Technology in Healthcare Market to Reach US$ 915.4 Mn by 2031, driven by Increasing application of Internet of Things (IoT) in healthcare: Global Insight Services

New York, November 2022: According to a new research study by Global Insight Services (GIS), the global Blockchain Technology in Healthcare Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 915.4 Million by 2031.

Blockchain technology is a distributed database that allows for secure, transparent and tamper-proof sharing of data. In healthcare, blockchain can be used to create a secure and interoperable system for storing and sharing medical data. By creating a decentralized network of health data, blockchain can help to reduce errors, improve data quality and increase trust between patients and providers. Additionally, blockchain can help to enable new applications such as clinical trial management, drug supply chain tracking and patient-centered data sharing.

Blockchain Technology in Healthcare Market: Key Trends and Drivers

Growing need to store & secure medical data coupled with the rising incidence of medical data breaches to spur the blockchain technology in healthcare market expansion

There has been a surge in the requirement to store and secure medical data that can have significant advantages for healthcare facilities, medical staff, and patients. Blockchain technology is cross-checked, encrypted, and decentralized that enables medical data to remain strongly backed, thereby providing stimulus to the market progression. The government of several countries is emphasizing on the digitalization of the healthcare system and related industry sectors that potentially improve health outcomes, enhance patient engagement, enable better predictions, etc. Owing to increased attack volume for various healthcare service providers, the U.S. and UK government has made a significant investment to ensure that all health records are digitized. Further, medical data has been subjected to risks of privacy breaches attributed to unauthorised access to electronic health records (EHR) or loss of physical patient files.

Blockchain Technology in Healthcare Market: Restraints & Challenges

Lack of skilled professionals with the required technical expertise to handle blockchain technology in healthcare may have a negative impact on the market growth. Blockchain technology in healthcare is complex in nature and henceforth, requires skilled professionals to operate and manage the task. Lack of a skilled workforce, particularly in the emerging economies may hamper the adoption of blockchain technology in healthcare. Apart from the revenue loss, the shortage of skilled professionals in handling this technology also produces a variety of other negative consequences for firms such as the inability to deliver precise market needs, affecting customer satisfaction, etc.

The public segment is likely to hold a dominant Blockchain Technology in Healthcare Market share and grow at a substantial CAGR during the forecast period.

Based on type, the market is segregated as private, and public. Amongst them, public segment is poised to register a significant CAGR from 2023 to 2031 led by the rising preference for a public blockchain system that provides several advantages comprising greater transparency, offer decentralized structure, and records everything among others. This blockchain system is widely used to manage healthcare data efficiently. Digital ledger technology (DLT) and Ethereum, a public network, are one of the broadly used blockchain systems in healthcare. The digital ledger technology is highly secure, eliminates the need for a third-party caretaker, and delivers a high amount of transparency. Public blockchain technology is specifically designed to operate with maximum medical data security, thereby augmenting the industry value. Further, the cost-effectiveness of implementing public blockchain technology in healthcare is the key factor that leads to industry expansion. Featuring a high standard of security protocols, reliable portal services, and anonymous nature are expected to positively influence the market demand.

The Clinical Trials segment is anticipated to hold a majority of the Blockchain Technology in Healthcare Market size throughout the study period.

On the basis of application, the Blockchain Technology in Healthcare Market is categorized into Clinical Trials, Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management, and Others. The clinical trials segment held significant share of the blockchain technology in healthcare market in 2021 impelled by the wide range applications of blockchain technology for improving clinical trials quality. Implementation of this technology enhances recruitment, allows full decentralization, supports governance with real-time decision making, and optimizes the performance of repetitive tasks that enable trials to take place effectively. Blockchain technology aids in reaching a considerable level of historicity and inviolability of data for the whole document flow in a clinical trial. This further allows the secure automation of clinical trials through smart contracts, ensures traceability, and prevents a posteriori reconstruction.

The Healthcare Providers segment is anticipated to hold a majority of the Blockchain Technology in Healthcare Market size throughout the study period.

With regards to end-user, the Blockchain Technology in Healthcare Market is divided into Pharmaceutical Companies, Healthcare Payers, Healthcare Providers, and Others. The healthcare providers segment captured significant revenue in 2021 driven by the broad range of uses and applications of blockchain technology in healthcare. The digital ledger technology supports healthcare providers through managing the medicine supply chain efficiently and facilitating the secure transfer of patient medical records. This technology has increased the productivity of healthcare providers by offering a novel model for health information exchanges by making electronic medical records more resourceful. The blockchain system is providing opportunities to healthcare providers by reducing or eliminating the friction and costs of current intermediaries. Additionally, it reduces complexity and creates secure & immutable information.

The North America region is estimated to exhibit the highest growth rate during the Blockchain Technology in Healthcare Market forecast period.

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America Blockchain Technology in Healthcare Market revenue is poised to grow significant CAGR during the forthcoming years. The major market share is attributable to the recent advancements in blockchain technology along with several government initiatives supporting the acceptance of these innovative platforms in healthcare. Venture capital investors are identifying the enormous potential that blockchain technology can offer for enhancing patient care, broadening the reach of health services, and cutting down medical care expenses. Companies functioning in the country comprising BurstIQ, Akiri, Factom, etc. are emphasizing on the development of blockchain technology solutions that ensures healthcare data to remain secured, provide complete and up-to-date information about patients’ health & healthcare activity, etc. Similarly, robust economic growth in the U.S. has led market to showcase strong growth in value terms.

Competitive Landscape

The global Blockchain Technology in Healthcare Market report includes players such as Akiri, Inc., Avaneer Health, Inc., BurstIQ, Crystalchain, Change Healthcare, Inc., Chronicled, Equideum Health, Embleema, Farma Trust, and Guardtime,  among others. For instance, in May-2021, BurstIQ entered into collaboration with The National Center for Advancing Translational Sciences (NCATS) at the National Institutes of Health (NIH). This collaboration aimed to acknowledge the protection of intellectual property related to NCATS’ work on translational science. Similarly, in Jun-2020, Oracle came into a collaboration with HACERA, a US-based technology company. This collaboration aimed to provide reliable information through MiPasa platform.

Recent Developments in the Blockchain Technology in Healthcare Market:

  • In Aug-2022: Oracle teamed up with InfStones, the world’s leading blockchain infrastructure provider. This collaboration aimed at combining InfStones’ top blockchain development platform with Oracle Cloud Infrastructure (OCI) to boost Web3 development. This collaboration would assist in delivering major insights that drive the development, evolution, and adoption of Web3 applications across the globe.
  • In Jul-2022: Equideum Health entered into a partnership with SIMBA Chain, a cloud-based, blockchain-as-a-service (BaaS) platform. This partnership aimed to enhance global healthcare by developing a decentralized marketplace called the Equideum Exchange to empower individuals to monetize health as well as health-associated data about them.
  • In May-2022: Equideum Health teamed up with Nokia Bell Labs, an American industrial research and scientific development company. This collaboration aimed to use data generated from video feeds, wearables, smartphones, and home health devices.
  • In Apr-2022: Chronicled partnered with AmerisourceBergen, an American drug wholesale company. This partnership aimed to use a new blockchain-powered solution developed to improve pharmaceutical chargeback accuracy and substantially decrease chargeback rejections.
  • In Aug-2021: Chronicled came into a partnership with MediLedger, an industry-owned permissioned blockchain network. This partnership aimed to use the latest blockchain-powered solution on the MediLedger Network to simplify operations over the pharmaceutical supply chain and allow a reliable, frictionless experience for pharmacies over the country.

Blockchain Technology in Healthcare Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current global Blockchain Technology in Healthcare Market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
  • A thorough analysis of market trends and restraints is provided.
  • Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
  • The forecasts in this report are made by examining the recent trends along with future Blockchain Technology in Healthcare Market potential from 2021 to 2031 in terms of revenue.
  • Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Blockchain Technology in Healthcare Market are also analyzed.
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global digital diabetes management market.

Global Blockchain Technology in Healthcare Market Segmentation

By Type

  • Public
  • Private

By Application

  • Clinical Trials
  • Supply Chain Management
  • Data Exchange and Interoperability
  • Claims Adjudication and Billing Management
  • Others

By End-user

  • Pharmaceutical Companies
  • Healthcare Payers
  • Healthcare Providers
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of World
    • Latin America
    • Middle East
    • Africa

Key Players

•            Akiri, Inc.

•            Avaneer health, Inc.

•            BurstIQ

•            Crystalchain

•            Change Healthcare, Inc.

•            Chronicled

•            Equideum Health

•            Embleema

•            Farma Trust

•            Guardtime

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