WASHINGTON, Jan. 25, 2022 (GLOBE NEWSWIRE) -- The Global Blockchain in Healthcare market size is expected to reach USD 1189.8 Million by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 61.3% during the forecast period. The rising cases of healthcare data breaches, threat of counterfeit drugs and increasing acceptance of blockchain as a service coupled with transparency and immutability of the distributed ledger technology are major factors fuelling market growth, states Vantage Market Research, in a report, titled “Blockchain in Healthcare Market by Application (Clinical Data Exchange, Billing Management and Claims, Supply Chain Management, Adjudication), by Region (North America, Latin America, Europe, Asia Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”. The market size was valued at USD 287.9 Million in 2021.
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List of Prominent Players in the Blockchain in Healthcare Market:
- IBM Corporation
- Microsoft Corporation
- Gem
- Patientory Inc.
- Guardtime Federal
- Hashed Health
Market Dynamics:
Increasing cases of healthcare data breaches
It has been observed that the incidence of data breaches has significantly increased in healthcare industry. The healthcare data breaches often expose very sensitive information, from personally identifiable information like social security names, numbers, and addresses to sensitive health data like Medicaid ID numbers, health insurance information, as well as patient medical history. Today, government in different countries is focusing on digitalization of healthcare system and related industries, as it enhances the patient engagement and enable better predictions. Additionally, the U.S. and UK government has made huge investment to ensure that all the health records are being digitized. These are factors boosting demand for Blockchain in Healthcare Market.
Growing Adoption of Block Chain to Fuel the Market Growth
The growing preference for public blockchain systems that offers various advantages such as greater transparency, offer decentralized structure. This blockchain system is used for managing healthcare data efficiently. The digital ledger technology and Ethereum are broadly used blockchain systems in healthcare. The digital ledger technology is secure, delivers a high amount of transparency with this it eliminates the need for a third-party caretaker. In addition, cost-effectiveness in implementation of public blockchain technology in healthcare is a major factor projected to gain higher market growth. With this, high standard of security protocols with anonymous nature are factors expected to complement market growth.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Blockchain in Healthcare Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Europe Dominates the Global Blockchain in Healthcare Market
Europe held largest market share in 2021. This is due to various recent advancements in the block chain technology coupled with several government initiatives that are supporting the acceptance of innovative platforms in healthcare sector. Companies that are operating in North America are mainly focusing on the development of blockchain technology solutions to ensure the security of healthcare data as well as complete & up-to-date information about patient’s health and healthcare activity.
Recent Developments:
January, 2022: Blockchain technology has the potential to revolutionize healthcare, the same technology powering Bitcoin and other cryptocurrencies -- is finding revolutionary new applications in the healthcare sector. Recently, Aetna, Anthem, and the Cleveland Clinic partnered to announce a new blockchain-based healthcare initiative, marking the latest indication of the potential impact blockchain could have on the healthcare sector as a whole.
December, 2021: IBM Digital Health Pass Integrating with Healthcare IT Leaders Healthy Returns Practice to Provide COVID-19 Digital Credentials. The IBM Digital Health Pass is designed to enable organizations to verify COVID-19 test results or vaccination status for employees, customers and visitors entering their site, such as a sports stadium, airplane, university, government building or workplace. Relying on a combination of encryption, QR codes and blockchain technology, the IBM Digital Health Pass is a secured, voluntary digital alternative to paper test results or vaccination cards and provides another option, if needed, for individuals to share that they have tested negative or been vaccinated for COVID-19.
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Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Blockchain in Healthcare Market?
- How will the Blockchain in Healthcare Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Blockchain in Healthcare Market?
- What is the Blockchain in Healthcare market drivers and restrictions?
- What will be the CAGR and size of the Blockchain in Healthcare Market throughout the forecast period?
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This market titled “Blockchain in Healthcare Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 287.9 Million |
| Projected Market Size in 2028 | USD 1,189.8 Million |
| CAGR Growth Rate | CAGR of 61.3% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Application: - Clinical Data Exchange, Billing Management and Claims, Supply Chain Management, Adjudication |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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