Global Blockchain in Healthcare Market Analysis By Application (Drug Supply Chain Management, Clinical Trials, Data Exchange and Interoperability, Medical Record Management, Billing and Claims Management), By End-User (Healthcare Providers, Pharmaceutical Companies, Healthcare Payers, Patients), By Deployment (On-Premise, Cloud-Based) & Forecast
- PUBLISHED ON
- 2024-05-10
- NO OF PAGES
- 246
- CATEGORY
- Healthcare & Life Sciences
The global Blockchain in Healthcare market was worth USD 129.4 million in 2022 and is projected to reach USD 5,634.0 million by 2033, growing at a CAGR of 63.0% from 2023 to 2033.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 129.4 million |
Market Forecast in 2033 | USD 5,634.0 million |
CAGR % 2023-2033 | 63.0% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Guardtime; Gem; Factom; PokitDok; SimplyVital Health; MedicalChain; Hashed Health; FarmaTrust; Blockpharma; Proof.Work; doc.ai; BurstIQ; Nanovision; Embleema; BlockMedx; Shivom; Coral Health; Patientory; HealthCombix; Nebula Genomics; Bowhead Health; Lympo; Healthereum; PharmAccess Foundation; HealthSapiens; TrustedHealth; MedRec; Medical DAO |
Global Blockchain in Healthcare Market- Description
Blockchain technology is a decentralized, distributed ledger that maintains a continuously growing list of records or transactions, which are secured using cryptography. The technology is known for its ability to enable secure and transparent transactions, without the need for intermediaries, making it an ideal fit for industries like finance, supply chain management, and healthcare. In the healthcare industry, Blockchain technology can be used to improve data sharing and access, protect patient privacy, and enhance the overall efficiency of healthcare delivery. Blockchain in healthcare can help to address some of the key challenges faced by the industry, such as data fragmentation, interoperability, and patient data privacy and security.
The global Blockchain in healthcare market is expected to experience significant growth in the coming years, driven by the increasing adoption of Blockchain technology in healthcare applications, such as medical record management, clinical trials, drug supply chain management, and healthcare payment systems. The benefits of Blockchain technology, such as enhanced data security and interoperability, improved transparency, and reduced costs, are driving the adoption of Blockchain in healthcare. However, challenges such as regulatory uncertainty, lack of technical standards, and limited scalability may hinder the growth of the market.
Global Blockchain in Healthcare market: Key Trends
• Emergence of patient-centric healthcare models:
One of the key trends in the Blockchain in healthcare market is the growing shift towards patient-centric healthcare models. With Blockchain technology, patients can have complete control over their medical records and data, including who can access it, how it is shared, and how it is used. This shift towards patient-centric healthcare models is expected to drive demand for Blockchain solutions that provide secure, transparent, and decentralized storage and management of patient data.
• Integration of Blockchain with artificial intelligence (AI) and machine learning (ML):
Another emerging trend in the Blockchain in healthcare market is the integration of Blockchain with AI and ML technologies. The combination of Blockchain with AI/ML can help healthcare providers and organizations to analyze and process large amounts of medical data in real-time, which can lead to more accurate diagnoses, personalized treatments, and improved patient outcomes. The integration of these technologies is expected to drive demand for Blockchain solutions that can support the secure and efficient exchange and sharing of medical data.
Global Blockchain in Healthcare market: Segmental Analysis
By Application:
• Drug Supply Chain Management
• Clinical Trials
• Data Exchange and Interoperability
• Medical Record Management
• Billing and Claims Management
By End-User:
• Healthcare Providers
• Pharmaceutical Companies
• Healthcare Payers
• Patients
By Deployment:
• On-Premise
• Cloud-Based
On-premise deployment involves installing and managing the Blockchain infrastructure within an organization's own data center, while cloud-based deployment involves using a third-party service provider to manage the Blockchain infrastructure.
Global Blockchain in Healthcare market: Geographical landscape
The major regions defining the geographical terrain of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. The adoption of Blockchain technology in the healthcare industry is expected to grow significantly in North America, driven by factors such as increasing concerns about data privacy and security, rising adoption of electronic health records (EHRs), and the need for interoperability and data sharing across healthcare systems.
Global Blockchain in Healthcare Market- Recent Developments
• In April 2021, BurstIQ, a provider of Blockchain-based secure data solutions for the healthcare industry, announced a partnership with Elsevier, a global provider of medical information solutions. The partnership aims to create a secure, patient-centered platform that will enable individuals to own and control their health data.
• In March 2021, IBM announced the launch of its new Blockchain-based network, the Digital Health Pass, which is designed to help organizations verify an individual's health status in real-time. The platform uses Blockchain technology to securely store and share health data, and is aimed at facilitating safe return to public spaces amid the COVID-19 pandemic.
• In February 2021, Guardtime, a provider of Blockchain-based solutions for the healthcare industry, announced a partnership with Express Scripts, a pharmacy benefits management company. The partnership aims to leverage Blockchain technology to improve the security and integrity of prescription drug data.
Global Blockchain in Healthcare Market: Key Companies
• Guardtime
• Gem
• Factom
• PokitDok
• SimplyVital Health
• MedicalChain
• Hashed Health
• FarmaTrust
• Blockpharma
• Proof.Work
• doc.ai
• BurstIQ
• Nanovision
• Embleema
• BlockMedx
• Shivom
• Coral Health
• Patientory
• HealthCombix
• Nebula Genomics
• Bowhead Health
• Lympo
• Healthereum
• PharmAccess Foundation
• HealthSapiens
• TrustedHealth
• MedRec
• Medical DAO
• Others
Global Blockchain in Healthcare Market: Regional Scope
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
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