Blockchain In Healthcare Global Market Report 2022

Major players in the blockchain in healthcare market are IBM Corporation, Factom, Hashed Health LLC, Microsoft Corporation, iSolve, Blockpharma, MedicalChain, Guardtime Limited, Gem, Patientory, FarmaTrust, SimplyVital Health Inc., Akiri, BurstIQ, Professional Credentials Exchange Inc., Avaneer, RoboMed, and Embleema Inc.

The global blockchain in healthcare market is expected to grow from $0.93 billion in 2021 to $1.23 billion in 2022 at a compound annual growth rate (CAGR) of 31.6%. The blockchain in the healthcare market is expected to grow to $4.46 billion in 2026 at a CAGR of 38.1%.

The blockchain in healthcare market consists of sales of blockchain technology and services by entities (organizations, sole traders, and partnerships) that provides blockchain technology for use in the healthcare industry. Blockchain technology also known as distributed ledger technology (DLT) is a rapidly evolving field that has the potential to transform healthcare by increasing the security, privacy, health information exchanges, and interoperability of health data.

The main types of blockchain in healthcare are permission blockchains and permissionless blockchains. Permissioned blockchains also called private blockchains that require prior approval before use and can be accessed by people who are allowed to access. These offer high customizability, access controls, better Scalability, depend on governance, and more efficient performance. The different deployment types include on-premise, and cloud-based, and are used in supply chain management, clinical data exchange and interoperability, claims adjudication and billing management, and others. The end-users of blockchain in healthcare include healthcare providers, pharmaceutical companies, healthcare payers, and others.

North America was the largest region in the blockchain in healthcare market in 2020. The regions covered in blockchain in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The growing adoption of blockchain as a service (BaaS) is expected to drive the growth of the blockchain in healthcare market going forward. Blockchain technology can provide innovative solutions to the challenges faced by the healthcare industry which include supply chain management, smart contracts, the confidentiality of personal health information, technical issues in data management, enabling alternative payment models, and virus outbreak tracking. For instance, in March 2021, Moderna, a drugs manufacturing company, and IBM announced the collaboration to improve and strengthen COVID-19 vaccination management. Moderna can get information on real-time tracking of vaccination using IBM’s blockchain and artificial intelligence to reduce supply chain disruptions. Also, in March 2019, Embleema, a healthcare blockchain network provider announced a partnership with Gustave Roussy Institute to apply blockchain technology to integrate, store health data, and data sharing applications for oncology clinical research in Gustave Roussy Institute. Therefore, the growing adoption of blockchain as a service (BaaS) propels the growth of the blockchain in healthcare market.

The advancements in technology are significantly shaping the blockchain in healthcare market. As there is a growing demand for blockchain technology, the key players operating in blockchain in the healthcare market are focusing on developing advanced technological solutions for the healthcare industry to strengthen their position in the market. For instance, in May 2020, Solve. Care, a healthcare blockchain technology company based in Ukraine launched a decentralized care network called Global Telehealth Exchange (GTHE) using blockchain and digital currency. All patient records and transactions will be securely stored on the blockchain of GTHE and can be accessed by Solve. care. Also, in May 2021, Nebula Genomics, a US-based privacy-focused personal genomics service company launched the world’s first genomic NFT - blockchain. The NFT is a unique and irreplaceable representation of a digital or physical object and the human genome which provides an exciting opportunity for an NFT.

In November 2020, Signify Health, a US-based home health care services company acquired PatientBlox for an undisclosed. This acquisition will assist Signify Health in integrating blockchain technology into its payment methods for potential episodes of care and the move to value-based care. PatientBlox is a US-based company that provides distributed ledger technology in healthcare.

The countries covered in the block chain in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.





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