Westford, USA, May 08, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Blockchain in Healthcare Market will attain a value of USD 214.56 billion by 2031, with a CAGR of 68.40% during the forecast period (2024-2031). Blockchain's data storage capabilities provide a secure and tamper-proof environment for storing health records, ensuring data integrity and privacy. By using blockchain technology, healthcare organizations can create sensitive patient information to protect against unauthorized access, data breaches, and cyber-attacks. One of the key market trends driving the use of blockchain in healthcare is the increased focus on data privacy and security. With the increasing digitization of health records and increasing threats of breaches and cyberattacks, healthcare organizations are turning to blockchain technology to ensure patient data security and privacy.
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Browse in-depth TOC on "Global Blockchain in Healthcare Market"
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Global Blockchain in Healthcare Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 3.32 billion |
| Estimated Value by 2031 | USD 214.56 billion |
| Growth Rate | Poised to grow at a CAGR of 68.40% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Network Type, Application, End-User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising Government Services |
| Key Market Drivers | Increasing Threats of Breaches and Cyberattacks |
Supply Chain Management Segment to Dominate Due to Reducing Operational Costs
The supply chain management application segment accounted for more than 25% of blockchain technology's market share in 2022. Blockchain applications help maintain data integrity. This technology also helps facilitate integration with Internet of Things (IoT) device types for pharmaceutical companies. It helps them recruit candidates for clinical trials and monitor drug supply. Blockchain can transform the healthcare industry by reducing operational costs, data waste and improving the quality of healthcare.
Clinical Trials & eConsent Segment to Drive Market Due to the Integration of Blockchain Technology
The clinical trials & eConsent segment is expected to grow exponentially during the forecast period. The advantages of technology in clinical trials make it easier to manage and protect data. The integration of blockchain technology also enables doctors to have secure internal transactions. No tampering or manipulation is allowed on the blockchain, which is expected to drive the growth of the market in the coming years. The adoption of blockchain technology in medical records ensures data integrity.
North America is Dominating Due to Increased Fraudulent Activities in Healthcare Sector
North America had the largest share in the global blockchain in healthcare market. Growing healthcare sector with local enforcement laws related to patient data security, improved quality of care, increased fraudulent activities in healthcare sector and need to reduce healthcare costs.
However, Asia Pacific is expected to record the highest CAGR from 2024 to 2031. Factors such as improving healthcare, increasing adoption of EHRs and other healthcare IT solutions, for healthcare increasing demand for information among various stakeholders in 2022. Healthcare industry due to growing medical tourism, supply counterfeit drugs introduced into the chain. The growing need to prevent this is also driving the regional sector to improve.
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Global Blockchain in Healthcare Market Insights:
Drivers
- Increasing Digitization of Health Records
- Increasing Threats of Breaches and Cyberattacks
Restraints
- Reluctance to Disclose Data
- Lack of Awareness & Understanding
Prominent Players in Global Blockchain in Healthcare Market
- IBM
- PATIENTORY INC.
- Guardtime
- iSolve, LLC
- Solve.Care
- Oracle
- Change Healthcare
- BurstIQ
- Medicalchain SA
- Blockpharma
- Gem
- Hashed Health
- Factom Inc.
- PokitDok Inc.
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Key Questions Answered in Global Blockchain in Healthcare Market Report
- What is the current market size of Global Blockchain in Healthcare Market size?
- Who are the key players in Global Blockchain in Healthcare Market?
- Which is the fastest growing region in Global Blockchain in Healthcare Market?
- Which region has the biggest share in Global Blockchain in Healthcare Market?
This report provides the following insights:
- Analysis of key drivers (increasing digitization of health records, increasing threats of breaches and cyberattacks), restraints (reluctance to disclose data, lack of awareness & understanding), opportunities (rising government services), influencing the growth of Global Blockchain in Healthcare Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Global Blockchain in Healthcare Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Global Blockchain in Healthcare Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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