New York, United States , Sept. 03, 2024 (GLOBE NEWSWIRE) -- The Global Blockchain Technology in Healthcare Market Size is to Grow from USD 2.84 Billion in 2023 to USD 90.52 Billion By 2033, at a Compound Annual Growth Rate (CAGR) of 41.37% during projected period.
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A blockchain network is used by the healthcare sector to store and exchange patient data across labs, pharmacies, hospitals, and medical personnel. The world was fascinated by the revolutionary uses of blockchain technology in data transfers, especially in the financial sector. The tremendous success of this technology in several industries has raised the demand for it to bring about significant advances in the healthcare sector. Many stakeholders in the healthcare sector have shown interest in blockchain technology. Blockchain is appealing to healthcare organizations due to there is an increasing need for safe and transparent data management solutions. Data breaches are becoming more common in the healthcare industry. There have been more and larger breaches involving healthcare information, with some of the most significant ones potentially impacting up to 80 million people. Information breaches in the healthcare industry frequently release extremely sensitive information. However, the primary limitation to blockchain technology's growth is the lack of knowledge about distributed ledger technology and its possible applications in the healthcare industry.
Browse key industry insights spread across 256 pages with 123 Market data tables and figures & charts from the report on the Global Blockchain Technology in Healthcare Market Size, Share, and COVID-19 Impact Analysis By Network Type (Private and Public), By Application (Supply Chain Management, Clinical Data Exchange & Interoperability, Claims Adjudication and Billing), By End User (Pharmaceutical Companies, Healthcare Payers and Healthcare Providers), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
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The public segment is anticipated to hold the greatest share of the global blockchain technology in healthcare market during the projected timeframe.
Based on network type, the global blockchain technology in healthcare market is divided into private and public. Among these, the public segment is anticipated to hold the greatest share of the global blockchain technology in healthcare market during the projected timeframe. The decentralized structure of public blockchains lessens the risks associated with centralized data storage, such as single points of failure and data breaches.
The supply chain management segment is anticipated to hold the greatest share of the global blockchain technology in healthcare market during the projected timeframe.
On the basis of application, the global blockchain technology in healthcare market is divided into supply chain management, clinical data exchange & interoperability, claims adjudication, and billing. Among these, the supply chain management segment is anticipated to hold the largest share of the global blockchain technology in healthcare market during the projected timeframe. Blockchain technology provides end-to-end supply chain visibility, enabling healthcare firms to instantly confirm the provenance, manufacturing procedures, and distribution routes of medical supplies.
The healthcare payers segment is predicted to hold the greatest share of the global blockchain technology in healthcare market during the estimated period.
On the basis of end-user, the global blockchain technology in healthcare market is divided into pharmaceutical companies, healthcare payers, and healthcare providers. Among these, the healthcare payers segment is predicted to hold the greatest share of the global blockchain technology in healthcare market during the estimated period. Growing medical tourism, an increase in insurance fraud, and the need for healthcare organizations to improve their operational efficiency are all predicted to drive growth in the healthcare payer market.
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North America is expected to hold the largest share of the global blockchain technology in healthcare market over the forecast period.
North America is expected to hold the largest share of the global blockchain technology in healthcare market over the forecast period. Blockchain technology, which offers a decentralized, safe, and transparent digital ledger system, is completely changing the healthcare sector in the region. The necessity to secure patient data, the ongoing increase in healthcare expenses, and regulatory compliance requirements are some of the drivers driving the adoption of blockchain technology in North America.
Asia Pacific is predicted to grow at the fastest pace in the global blockchain technology in healthcare market during the projected timeframe. The increasing need to prevent fake drugs from entering the supply chain is driving growth in this regional market. The promise of blockchain technology is attracting the attention of governments throughout the region, which are actively promoting its growth through strategic initiatives and policy changes.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global blockchain technology in healthcare market include PharmaLedger, Solve Care, Briya, IBM, PATIENTORY INC., Guardtime, iSolve, LLC, Oracle, Change Healthcare, BurstIQ, Medicalchain SA, Blockpharma, Epillo Health Systems, and Others key Players.
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Recent Developments
- In April 2023, PharmaLedger launched the first electronic product information (EPI) for blockchain products. This product will allow the patient to get product information by scanning a barcode on the medication box, in place of the current leaflets included in the package.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global blockchain technology in healthcare market based on the below-mentioned segments:
Global Blockchain Technology in Healthcare Market, By Network Type
- Private
- Public
Global Blockchain Technology in Healthcare Market, By Application
- Supply Chain Management
- Clinical Data Exchange & Interoperability
- Claims Adjudication and Billing
Global Blockchain Technology in Healthcare Market, By End User
- Pharmaceutical Companies
- Healthcare Payers
- Healthcare Providers
Global Blockchain Technology in Healthcare Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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