The Blockchain in Healthcare Market is projected to increase from US$ 4.15 billion in 2024 to US$ 40.5 billion by 2031, with an anticipated CAGR of 45.2% during the period from 2025 to 2031. The rise in healthcare data breaches and counterfeit medications is expected to drive the growth of the blockchain in healthcare market.
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Analysis of the Blockchain in Healthcare Market
Blockchain technology enhances security and efficiency in healthcare operations. It offers tamper-proof data storage, lowers transaction costs, and accelerates transactions via automated smart contracts. The demand for secure medical records, especially in North America, is propelling the adoption of blockchain technology in healthcare. The enforcement of GDPR and increased investments in emerging technologies within the U.S. healthcare sector are also contributing to this trend.Overview of the Blockchain in Healthcare Market
- Blockchain promotes transparency in the healthcare supply chain, enabling the tracking of medical products from manufacturing through every stage of the supply chain. This ensures the authenticity and origin of medical items, addressing a significant issue in the healthcare sector.
- Blockchain technology allows for the development of patient-centered electronic health records, giving patients more control over their medical information while improving data security and privacy.
- Blockchain can also be used to verify the credentials of medical personnel, ensuring the accuracy and legitimacy of their professional qualifications.
Strategic Insights
Drivers and Opportunities in the Blockchain in Healthcare Market
Rising Incidence of Healthcare Data Breaches and Counterfeit Medications to Propel Blockchain in Healthcare Market Growth
- The frequency and scale of healthcare data breaches are rapidly increasing, resulting in significant financial losses and the exposure of sensitive medical information. The healthcare sector is a prime target for cybercriminals due to the high value of healthcare data, making it a major target for theft and misuse.
- The growing prevalence of counterfeit medications poses a serious risk to patient safety and public health. Blockchain technology provides a solution to this issue by ensuring transparency and traceability in the drug supply chain. It allows for the tracking of medical products from manufacturing through each stage of the supply chain, ensuring their authenticity and origin.
- These factors combined have increased the demand for blockchain technology in the healthcare sector, driving the growth of the healthcare blockchain market.
Segmentation Analysis of the Blockchain in Healthcare Market Report
- According to network type, the market is divided into internal, public, and private segments. The public segment is expected to capture a significant share of the blockchain in healthcare market in 2024.
- A public network in the context of the healthcare blockchain market refers to a fully decentralized network where all members can access the blockchain content and participate in the consensus process. This type of network is characterized by its openness and accessibility to all participants without requiring pre-existing trust among the parties.
- One of the main characteristics of public blockchains is their transparency. All transactions on a public blockchain network are visible to everyone, and the immutability of the data is ensured by a peer-to-peer network of computers rather than a centralized authority.
Geographical Analysis of Blockchain in Healthcare Market Share
The Blockchain in Healthcare Market report is primarily segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is witnessing rapid growth and is expected to hold a significant share of the blockchain in healthcare market. The adoption of blockchain technology in the North American healthcare sector is gaining momentum, focusing on improving efficiency and securing electronic medical data sharing. Numerous blockchain-based systems and applications have been developed to tackle various aspects of healthcare data management and security. Factors driving this growth include the implementation of regulations concerning patient data security, the need to combat healthcare fraud, rising healthcare costs, and the increasing demand to protect medical data from tampering.Scope of the Blockchain in Healthcare Market Report
The Blockchain in Healthcare Market Analysis was conducted based on network type, application, end user, and geography. In terms of network type, the market is categorized into public and private. By application, the market is divided into claims and billing management, regulatory audit, drug supply chain management, and clinical data exchange & interoperability. By end users, the market is segmented into healthcare providers, healthcare service consumers, and pharmaceutical companies. Geographically, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.Recent Developments and News in the Blockchain in Healthcare Market
Companies are employing both inorganic and organic strategies, such as mergers and acquisitions, in the market. The forecast for the blockchain in healthcare market is based on various secondary and primary research findings, including key company publications, association data, and databases. Some recent significant market developments are listed below:- In February 2024, XRP Healthcare, a pioneering entity at the intersection of healthcare, blockchain, and cryptocurrency, announced its recent achievement of becoming one of the select global Validator nodes on the XRPL (XRP Ledger) network. This strategic move highlights XRP Healthcare's commitment to transparency and solidifies its role as a leader in the evolving field of blockchain technology.
Coverage and Deliverables of the Blockchain in Healthcare Market Report
The market report on Blockchain in Healthcare Market Size and Forecast (2021-2031) provides a comprehensive analysis of the market covering the following areas:- Market size & forecast at global, regional, and country levels for all key market segments included in the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis.
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
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Table of Contents
1 INTRODUCTION
4 BLOCKCHAIN IN HEALTHCARE MARKET LANDSCAPE
5 BLOCKCHAIN IN HEALTHCARE MARKET - KEY MARKET DYNAMICS
6 BLOCKCHAIN IN HEALTHCARE MARKET - GLOBAL MARKET ANALYSIS
7 BLOCKCHAIN IN HEALTHCARE MARKET - REVENUE AND FORECASTS TO 2028 â APPLICATION
8 BLOCKCHAIN IN HEALTHCARE MARKET - REVENUE AND FORECASTS TO 2028 â END-USER
9 BLOCKCHAIN IN HEALTHCARE MARKET REVENUE AND FORECASTS TO 2028 â GEOGRAPHICAL ANALYSIS
10 INDUSTRY LANDSCAPE
11 BLOCKCHAIN IN HEALTHCARE MARKET, KEY COMPANY PROFILES
12 APPENDIX
Companies Mentioned
- IBM Corporation
- iSolve LLC
- Microsoft Corporation
- Change Healthcare
- Proof.Work
- Farmatrust
- BurstIQ
- Crystalchain
- Oracle Corporation
- Medical Chain
