New York , Feb. 15, 2024 (GLOBE NEWSWIRE) -- The global blockchain technology in healthcare market size is projected to grow at a CAGR of over 35% from 2024 to 2036. The market is expected to garner a revenue of USD 215 billion by the end of 2036, up from a revenue of USD 2.37 billion in the year 2023. The growth of the market is fostered by the percentage rise in wearables across the world. The ratio of diagnostic tests linked to wearable devices is proliferating the market size. About 3 in 10 working population have any kind of wearable such as a smartwatch or fitness tracker as per the 2023 statistics.
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Moreover, the incidence of various diseases raises the availability of huge data-generating needs for data management in the healthcare industry. The rate of hospital visits and insurance claims, accident cases, and other medical emergencies is extending the market trends in blockchain technology systems in healthcare. As per the Ministry of Health and Family Welfare, the number of leprosy cases identified in the year 2021 to 2022 was 75, 394 in India.
Blockchain Technology in Healthcare Market: Key Takeaways
- Market in Europe region to propel the highest growth.
- The Public segment to garner the highest growth
- Market in North America region to grow at the highest rate
Growing Expenditure on Digital Transformation is Driving the Growth of Blockchain Technology in Healthcare Market
The digitalization of the systems is changing day by day with the adoption of advanced technologies is propagating the market growth. The application of blockchain systems reduces the cost and expenses of firms by supporting data transfer, security, and sharing through cloud services. The nurturing preference of companies towards digital business operations with less equipment and high-end technology is reckoned to fuel the market growth. Over 70% of the organizations have digitalized the companies as of 2021.
Blockchain Technology in Healthcare Industry: Regional Overview
The global blockchain technology in the healthcare market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Government Role in Preventing Data Breaches in Healthcare is Strengthening the Market Growth in the European Region
The Europe region market is anticipated to secure a market share of 32% during the forecast period owing to the amplifying businesses. The incidence of data breaches in the healthcare sector and other industries is shooting up the market size in the region. The expanding data breaches in hospitals with cyber-attacks are soaring the market growth in the coming years. Approximately 1 billion emails are revealed in a year concerning about 1 in 5 internet users.
Need for a Secure Storage System for the Preservation of Sensitive Information of Patients is Surging the Market Expansion in the North American region
The North American region market is determined to register a sustainable market share of 26% during the forecast period on account of accumulating data in the medical centers and clinics. The healthcare sector data is going up with the occurrence of chronic diseases and other health-related admissions in the health industry. The research and development activities in the medical sector of the region are augmenting the market growth. People aged 50 years and older are suffering from at least one chronic disease is projected to rise by over 99% from 72 million in 2020 to over 140 million by the end of 2050.
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Blockchain Technology in Healthcare Market Segmentation by Type
- Public
- Private
The public segment from blockchain technology in healthcare is assessed to secure a market share of 60% with the extending popularity of technology in the health industry. The demand for advanced data managing systems with less cost, high security, and easy access is propelled to boost the market segment size. The rise of the public sector segment is credited to the enlarging number of government institutions conducting clinical trials and other research activities. As per the Clinical Trial Registry India (CTRI) in India, an amount of 54,547 clinical trials were registered and are being conducted.
Blockchain Technology in Healthcare Market Segmentation by Application
- Claims Adjudication & Billing
- Clinical Data Exchange & Interoperability
- Clinical trials & e-Consenting
- Supply Chain Management
The supply chain management segment of blockchain technology in the healthcare market is predicted to garner a market share of 42% in the coming years. The market segment growth is attributed to the growing ratio of counterfeit drugs distributed across the world following strict and standard rules such as quality, security legislation, patents, and safety is likely to have a positive impact on the market segment growth. Nearly 11% of the drugs sold across the world are counterfeit, fake, or substandard as per the World Health Organization in 2023.
Blockchain Technology in Healthcare Market Segmentation by End-User
- Hospital
- Insurance Providers
- Drug & Medical Device Manufacturers
A few of the well-known market leaders in the global blockchain technology in the healthcare market that are profiled by Research Nester are IBM Corporation, Microsoft Corporation, Guardtime Federal, PokitDok, Avaneer Health, Inc., Hashed Health, Nokia, iSolve, LLC, Oracle, Batam, and others.
Recent Development in the Market
- Avaneer Health procured extra support from various renowned healthcare institutions and raised a startup investment of USD 50 billion. The healthcare network was based on blockchain technology and the main focus was on payer-to-payer data transfer, eligibility, and authorization while using HL7’s FHIR features to improve data access among healthcare firms.
- Nokia announced that it was chosen by Equideum Health to assist in delivering and developing healthcare applications. Equideum Health is going to employ Nokia’s Data Marketplace (NDM) solution, which is accessible with the Software-as-a-Service (SaaS) architecture of Nokia.
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