The global block chain in healthcare market was valued at $531.19 million in 2021, and is estimated to reach $ 16,300.43 million by 2031, growing at a CAGR of 40.8% from 2022 to 2031.
The healthcare system uses a blockchain network to store and share patient data across hospitals, diagnostic labs, pharmacy companies, and doctors. The patient is at the core of the healthcare ecosystem owing to blockchain technology, which improves the security, privacy, and interoperability of health data. By increasing the performance, disintermediation, and security of electronic medical records, this technology offers a new model for health information exchanges (HIE).
The rapid rise in the incidence of data breaches and the surge in the supply of counterfeit medicines are major factors that drive the market growth. In the black market, personal health information (PHI) or standard personally identifiable information (PII) is more valuable than credit card information. Cybercriminals have a greater motivation to target medical databases as a result. The PHI might be used or sold for their own financial advantage. According to the Health and Human Services, data breaches have affected over 15 million health records. Since data is held in discrete blocks in block chains, they are seen as being safer and less threatening of data breaches and thus significantly drive the growth of blockchain technology in the healthcare market.
In addition, the adoption of blockchain as a technology in the healthcare system flourishes the blockchain technology in the healthcare market growth. Blockchain helps in supply chain management, data exchange & interoperability, claim adjudication & billing management, and others. Furthermore, an increase in the supply of counterfeit drugs is expected to propel the growth of blockchain technology in the healthcare market. Blockchain by entering supply chain management can offer full protection from counterfeit drugs.
Moreover, many governments have adopted the blockchain as technology in their system, which can boost market growth. For instance, to guarantee the validity of immunization records, the healthcare company MDS Mexico, located in Mexico, launched a COVID-19 testing service that is enabled by blockchain technology. According to MDS Mexico, it is crucial to have valid evidence of a person's vaccination status as false vaccine certificates are frequently used to avoid quarantine. The blockchain business provides home-based PCR swab testing, fast test programs, and interpretation services. The results are certified using cryptography to assure their validity.
However, a lack of skilled professionals to handle blockchain technology in the healthcare industry and the lack of a common set of standards can impede the growth of the market. As blockchain technology in healthcare is sophisticated, it needs to be operated and managed by qualified professionals.
Blockchain technology in the healthcare market is segmented on the basis of type, application, end user, and region. On the basis of type, the market is bifurcated into public and private. The private segment is further divided into the consortium and fully private. By application, it is divided into supply chain management, data exchange & interoperability, claims adjudication & billing management, and others. By end user, it is segmented into pharmaceutical and medical device companies, healthcare payers, and healthcare providers. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa (LAMEA).
The major players profiled in the report are Akiri, Inc., Avaneer health, Inc., BurstIQ, Crystalchain, Change Healthcare, Inc., Chronicled, Equideum Health, Embleema, Farma Trust, Guardtime, Hashed Health, International Business Machines Corporation (IBM), iSolve, LLC, Medical Chain SA, Oracle Corporation, Patientory, Inc, and Proof Works.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of blockchain technology in the healthcare market analysis from 2021 to 2031 to identify the prevailing blockchain technology in the healthcare market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of blockchain technology in healthcare market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global blockchain technology in healthcare market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Public
- Private
- Type
- Consortium
- Fully Private
By Application
- Supply Chain Management
- Data Exchange and Interoperability
- Claims Adjudication and Billing
- Others
By End User
- Pharmaceutical and Medical Device Companies
- Healthcare Payers
- Healthcare Providers
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Akiri, Inc
- Avaneer Health, Inc
- BurstIQ
- Crystalchain
- Change Healthcare, Inc
- Chronicled
- Embleema
- Equideum Health
- Farmatrust
- GuardTime
- Hashed Health
- iSolve, LLC
- International Business Machines Corporation
- Medical Chain
- Oracle Corporation
- Patientory, Inc
- Proof Works
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET, BY TYPE
CHAPTER 5: BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET, BY APPLICATION
CHAPTER 6: BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET, BY END USER
CHAPTER 7: BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Blockchain Technology in Healthcare Market," the blockchain technology in healthcare market was valued at $531.19 million in 2021, and is estimated to reach $16.30 billion by 2031, growing at a CAGR of 40.8% from 2022 to 2031.A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. A blockchain serves as an electronic database for storing data in digital form. Blocks have specific storage capabilities, and when filled, they are sealed and connected to the block that came before them to create the data chain is known as the blockchain. Every additional piece of information that comes after that newly added block is combined into a brand-new block, which is then added to the chain once it is full.
In the healthcare system, a blockchain network is used to store and share patient data among hospitals, diagnostic labs, drug companies, and doctors. It can enhance the efficiency, safety, and openness of the exchange of medical data within the healthcare system. Medical institutions can acquire insight and improve the analysis of patient information with the use of this technology.
The rise in data breaches is one of the main drivers that fuels the use of blockchain technology in the healthcare sector.
The market for blockchain technology in healthcare has grown as a result of the implementation of blockchain technology in the healthcare system. It could save massive cost per year, in data breach-related costs, IT costs, operations costs, support function costs & personnel costs, and through reduction in frauds & counterfeit products. By integrating blockchain into supply chain management, comprehensive protection from fake medications may be provided., thus is also the leading blockchain technology in healthcare market trends.
In addition, a lot of governments have incorporated blockchain technology into their systems, which is expected to help the blockchain technology in healthcare market growth. However, a dearth of qualified personnel to manage blockchain technology in the healthcare sector and lack of common set of standards may limit market expansion. Owing to its complexity, blockchain technology in the healthcare industry requires experienced personnel to run and maintain it. Moreover, technological advancement by many key market player offers opportunities and challenges of blockchain technologies in healthcare a lucrative future growth.
The blockchain technology in healthcare market is segmented on the basis of type, application, end user, and region. By type, the market is bifurcated into private and public. The public segment dominated blockchain technology in healthcare market size in 2021, as public blockchains are open ended and open to everyone. The private segment is expected to witness highest CAGR of 41.2% during the forecast period, owing to its higher safety and scalable designs. The private segment is further classified into fully private and consortium. The consortium segment generated maximum revenue in 2021, and is expected to witness highest CAGR of 41.6% during the forecast period owing to high level of security.
Depending on application, the market is divided into supply chain management, data exchange & interoperability, claims adjudication & billing management, and others. The supply chain management segment dominated the market in 2021, owing to adoption of supply chain management by many pharmacies in their system. The data exchange & interoperability segment is expected to witness highest CAGR of 41.4% during the forecast period owing to surge in the number of patient data exchange with security.
Depending on end user, the market is divided into pharmaceutical companies, healthcare payers, healthcare providers, and others. The pharmaceutical and medical device companies segment dominated the market in 2021, as blockchain can eliminate the risk of counterfeit drugs. . The healthcare payers’ segment is expected to witness highest CAGR of 41.4% during the forecast period owing to increase in demand for secure health information exchange between providers & payers, and to improve organization’s operational efficiency.
North America accounted for a majority of the blockchain technology in healthcare market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in blockchain technology in the healthcare techniques, integration of advanced technology, software processes in blockchain technology in the healthcare devices, and presence of key & robust infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in data breaches, development of healthcare infrastructure, and increase in investments projects in the region, thus also boosting the blockchain technology in healthcare industry.
Key Findings of the Study
- By type, the public segment was the highest contributor to the market in 2021.
- By application, the supply chain management segment was the highest contributor to the market in 2021.
- Depending on end user, the pharmaceutical and medical device companies segment was highest contributor in 2021, and is expected to continue this trend during the forecast period.
- Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- Akiri, Inc
- Avaneer Health, Inc
- Burstiq
- Crystalchain
- Change Healthcare, Inc
- Chronicled
- Embleema
- Equideum Health
- Farmatrust
- Guardtime
- Hashed Health
- Isolve, LLC
- International Business Machines Corporation
- Medical Chain
- Oracle Corporation
- Patientory, Inc
- Proof Works
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 302 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 531.19 million |
| Forecasted Market Value ( USD | $ 16300.43 million |
| Compound Annual Growth Rate | 40.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 17 |
