Pune, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Blockchain Technology in Healthcare Market Size & Growth Analysis:
The Blockchain Technology in Healthcare Market size was valued at USD 7.13 billion in 2023 and is projected to reach USD 595.31 billion by 2032, expanding at a compound annual growth rate (CAGR) of 63.5%, according to a new market report published by SNS Insider.
Market Overview
The blockchain technology market in healthcare is experiencing explosive growth due to its transformative potential in data security, patient privacy, and operational efficiency. The rising demand for secure and transparent data-sharing solutions has led to the widespread adoption of blockchain for managing electronic health records (EHRs), enhancing supply chain visibility, and ensuring the integrity of clinical trials. This technology facilitates real-time, tamper-proof data access and sharing, which is crucial for improving patient care and operational workflows.
Additionally, the growing adoption of blockchain for regulatory compliance and fraud prevention further fuels market demand. The blockchain technology market is well-positioned to address the industry's pressing needs for data protection and operational efficiency, making it a pivotal area of growth in healthcare.
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Key Blockchain Technology in Healthcare Market Players:
- Change Healthcare (acquired by UnitedHealth Group's Optum)
- Guardtime
- IBM
- Medicalchain SA
- PATIENTORY INC.
- iSolve LLC
- Solve. Care
- Oracle
- BurstIQ
- Blockpharma
- Chronicled
- Hashed Health
- Microsoft
- Factom
- PokitDok
- SimplyVital Health
- FarmaTrust
- Proof.Work
- Others
Blockchain Technology in Healthcare Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 7.13 Billion |
| Market Size by 2032 | US$ 595.31 Billion |
| CAGR | CAGR of 63.5 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Blockchain Technology in Healthcare Market Key Segmentation:
By Network Type
- Private
- Public
- Others
By Application
- Clinical Data Exchange & Interoperability
- Claims Adjudication & Billing
- Supply Chain Management
- Clinical Trials & eConsent
- Others
By End-Use
- Providers
- Payers
- Biopharmaceutical & Medical Device Companies
- Others
Segment Analysis
By Network Type: In 2023, the public blockchain segment led the market with a 43.1% share. Public blockchains are valued for their transparency, security, and immutability, essential for applications such as patient records and supply chain management. Their open nature allows broad data access and verification, fostering trust and reducing risks associated with centralized data storage. However, the private blockchain segment is projected to grow at the fastest CAGR of 64.6% during the forecast period. Private blockchains, operating within a closed network, offer enhanced privacy and compliance, making them particularly suitable for healthcare's stringent regulatory requirements, such as HIPAA and GDPR.
By Application: The supply chain management segment dominated in 2023, holding a 35.6% share, and is expected to maintain the highest growth rate. Blockchain technology provides comprehensive visibility across the supply chain, enabling real-time verification of medical product origins and distribution routes. This transparency helps prevent fraud, reduce counterfeit risks, and improve inventory management. The Clinical Trials & eConsent segment is also poised for substantial growth, as blockchain enhances data management and oversight in pharmaceutical research. For example, in September 2022, the Mayo Clinic adopted a blockchain-powered platform for a multicenter pulmonary arterial hypertension trial, ensuring data integrity.
By End-Use: The biopharmaceutical and medical device companies segment held the largest share of 44.5% in 2023. Blockchain addresses complex supply chain challenges by securing drug and device tracking, ensuring data privacy, and enhancing quality control. The payer segment, including insurance companies and government agencies, is expected to grow at the fastest CAGR. Blockchain helps streamline operations, improve transparency, and reduce fraud, which is crucial for accurate billing and claims processing.
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Regional Analysis
North America:
In 2023, North America dominated the Blockchain Technology in Healthcare Market, driven by its advanced healthcare infrastructure and substantial investments in blockchain technology. The U.S. is a leading player in adopting and integrating blockchain for healthcare solutions, with companies like IBM and Change Healthcare leveraging blockchain to enhance data security and operational efficiency. The region's growth is further supported by favorable regulations and a high rate of technology adoption.
Asia-Pacific:
The Asia-Pacific region is experiencing rapid growth in blockchain technology adoption, driven by increasing investments in healthcare innovation and digital transformation. Countries like China and India are making significant strides in implementing blockchain solutions to improve healthcare data management and supply chain transparency. For instance, China's blockchain-based healthcare initiatives focus on enhancing patient data security and reducing fraud. India is also exploring blockchain for its healthcare supply chain to ensure better traceability and compliance.
Recent Developments
- In October 2023, Solve. Care partnered with Binance to incorporate cryptocurrency into the healthcare sector, enhancing its use as a payment method for healthcare services.
- In August 2023, Solve. Care launched the Care. Trials Network, leveraging blockchain and Zero-Knowledge (ZK) technology to provide advanced solutions for managing clinical trials.
Key Takeaways
- The Blockchain Technology in Healthcare Market is poised for exponential growth, driven by increasing demands for data security and transparency.
- Public blockchains lead the market in terms of market share, while private blockchains are the fastest-growing segment.
- Supply chain management and clinical trials are the dominant application segments, with substantial growth expected.
- North America remains the largest market, with significant advancements and investments in blockchain technology.
- The Asia-Pacific region is rapidly expanding, with notable initiatives in China and India driving adoption.
- Recent developments highlight the ongoing innovation and deployment of blockchain solutions across various healthcare sectors.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Adoption Rates, 2023
- User Demographics, By User Type and Roles, 2023
- Feature Analysis, by Feature Type
- Cost Analysis, by Software
- Integration Capabilities
- Regulatory Compliance, by Region
6. Competitive Landscape
7. Blockchain Technology in Healthcare Market Segmentation, by Network Type
8. Blockchain Technology in Healthcare Market Segmentation, by Application
9. Blockchain Technology in Healthcare Market Segmentation, by End-User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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