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Blockchain Technology in Healthcare Market Size By Network (Private, Public, Others), By Application (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Supply Chain Management, Clinical Trials & eConsent, Others), By End User and Region Forecast to 2023-2032

Format: PDF | Pages: 288 | Report ID: MRS1264


Report Description

The global Blockchain Technology in the Healthcare market size was valued at USD 2,108.9 million in 2022, expanding at a CAGR of 60.8% from 2023-2032 to reach 120,008.9 Million USD in 2032.

A growing collection of records, referred to as blocks that are linked together cryptographically is referred to as a blockchain. A cryptographic hash of the preceding block, the time and date, and transaction records are all included in each block. By confirming that the transaction data existed when the block was released, the timestamp enables hashing. They form a chain, with each new block supporting the ones before it because each block includes information about the one before it.

Market Dynamics

Throughout the forecast period, the market's revenue growth is anticipated to be driven by an increase in the number of instances of data breaches, data theft, and breaches of confidential medical information from digital healthcare platforms. The transition from paper-based medical records to electronic records on individualized healthcare databases is the result of the healthcare industry's rapid growth. Due to centralized control, normal databases like the SQL database are vulnerable to data manipulation. Blockchain technology effectively prevents data breaches due to its decentralized nature, which gives users control. To ensure robustness and prevent data tampering, errors on the blockchain must also be fixed with another block before both blocks are accessible to all users. These properties have led to increasing adoption of the technology.

It is anticipated that increasing disease prevalence will generate a vast quantity of data, driving up demand for data management. Furthermore, applying blockchain technology to medical documents will guarantee that the data is accurate and cannot be changed. The market is growing even more as a result of increased investment in this technology by key industry players. For instance, IBM introduced a low-cost platform to create blockchain projects in March 2018 that was designed specifically for startups. Such initiatives are likely to support technological advancements and the adoption of new healthcare organizations, which will promote market expansion.

Segmentation Analysis

The Global Blockchain Technology in Healthcare Market is segmented into Network, Application, End-user and Region.

Based on the network, the Private segment dominated the global industry in 2022. One version of the private network is Hyperledger Fabric from the Linux Foundation. They provide high protection, quick transactions, and privacy. They are therefore created and utilized for specific business requirements. Data management and recording aspects, along with the rise in demand for highly secure supply chain networks, are the main factors driving the development of the private sector. Furthermore, the adoption of blockchain in healthcare is anticipated to be fueled by future aspects of technological advancements.

Based on application, the supply chain management application segment accounted for the largest revenue share in 2022. Applications for blockchain help maintain data security. Pharmaceutical firms can enable interoperability with Internet of Things (IoT) devices owing to the technology. Additionally, it assists them in regulating the drug supply chain and recruiting participants for clinical studies. By reducing operational expenses, and data corruption, and streamlining healthcare processes, blockchain can revolutionize the healthcare industry.

Geographical Insights

Regionally, the North American market accounted for the largest market share in 2022 and is expected to dominate during the forecast period. It is anticipated that the region's dense concentration of major technology developers will greatly boost market development in terms of revenue. Furthermore, throughout the forecast period, the professional services network in this region is anticipated to considerably contribute to the market revenue growth by creating blockchain frameworks that can be used by businesses interested in the technology.

Recent Development:

In February 2022, the launch of the HTrax currency is a significant step toward the healthcare industry's digitization and integration with blockchain technology, according to the Estonia-based healthcare firm MAH Healthcare (Htax coin). The HTrax coin will provide incentives to various stakeholders and be used to fuel the digital economy of the healthcare system. Users will be able to access the highly secure HTrax currency, which is also a BEP20 standard coin, on several exchanges.

Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products etc.):

  • IBM Corporation
  • PATIENTORY INC.
  • Guardtime
  • iSolve, LLC
  • Solve.Care
  • Oracle
  • Change Healthcare
  • BurstIQ
  • Medicalchain SA
  • Blockpharma
  • DeepMind Health
  • Gem Health
  • MedRec
  • Microsoft Corporation

Network Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Private
  • Public
  • Others

Application Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

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

End User Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Providers
  • Payers
  • Biopharmaceutical & Medical Device Companies
  • Others

Region Coverage (Regional Consumption, Demand & Forecast by Countries etc.):

  • North America (U.S., and Canada)
  • Europe (Germany, U.K., France, Italy, Spain etc.)
  • Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
  • South America (Brazil, Mexico, Argentina etc.)
  • Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)

Frequently Asked Questions

The global Blockchain Technology in Healthcare market size was valued at USD 2,108.9 million in 2023, expanding at a CAGR 60.8% from 2023-2032 to reach 120,008.9 Million USD in 2032.
North America captured the highest revenue in 2021 and is projected to continue its dominance during the study period.
The global Blockchain Technology in Healthcare market is expanding at a CAGR 60.8% from 2023-2032 to reach 120,008.9 Million USD in 2032.
Asia Pacific (especially China, and India) region is projected to grow at the fastest growth rate during the study period.
The global market is competitive. In February 2022, the launch of the HTrax currency is a significant step toward the healthcare industry's digitization and integration with blockchain technology, according to the Estonia-based healthcare firm MAH Healthcare (Htax coin). The HTrax coin will provide incentives to various stakeholders and be used to fuel the digital economy of the healthcare system. Users will be able to access the highly secure HTrax currency, which is also a BEP20 standard coin, on several exchanges.

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