According to the latest report by IMARC Group, titled “Blockchain in Healthcare Market by Network Type (Private, Public, and Others), Application (Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management, and Others), End Use (Healthcare Providers, Healthcare Payers, Biopharmaceutical & Medical Device Companies, and Others), and Region 2023-2028,” the global blockchain in healthcare market size reached US$ 1.4 Billion in 2022. Blockchain refers to a digitally distributed ledger technology (DLT) that can store information in a secure and decentralized manner. Since the data is stored on a decentralized network, it is more difficult for hackers to access and manipulate the information. It is employed in the healthcare sector to track the trail of pharmaceutical supplies with optimal transparency, provide easy data access, streamline the sharing of patient health information between different healthcare providers, and reduce the need for duplicative tests and procedures. Blockchain further helps identify data errors, ensure scalability, improve workflow and patient outcomes, and lower costs by increasing the efficiency and security of healthcare data management. Blockchain is widely used across private and public clinics, research centers, pharmaceutical companies, and hospitals to manage longitudinal patient data.
Global Blockchain in Healthcare Market Trends:
The significant growth of the healthcare industry, the adoption of Blockchain-as-a-Service (BaaS), and the increasing demand for secure and interoperable data management platforms are primarily driving the market growth. Besides this, the expanding popularity of telehealth and remote patient monitoring, widespread implementation of electronic health records (EHRs), and the surging occurrences of data breaches and drug counterfeiting are impelling the market growth. Moreover, the escalating need for better supply chain management solutions is propelling the demand for blockchain technology to provide transparency and traceability of pharmaceuticals and medical devices, which, in turn, is contributing to the market growth. In addition to this, ongoing research and development (R&D) activities to engineer advanced solutions that eliminate the involvement of third parties and the rising user awareness regarding multiple product usage are strengthening the market growth. Concurrent with this, the proliferation of various wearable medical devices, cryptography, and medical examination solutions and the large-scale integration of the internet of things (IoT) are creating a positive outlook for the market. Furthermore, the increasing focus on patient-centric care, rising healthcare costs, rapid advancements in precision medicine and healthcare data analytics, and the expanding product utilization across clinical trials to improve trial efficiency, reduce costs, and improve data security are aiding in market expansion. Looking forward, the market value is projected to reach US$ 16.5 Billion by 2028, expanding at a CAGR of 49.3% during 2023-2028.
- On the basis of the network type, the market has been segregated into private, public, and others.
- Based on application, the market is categorized into supply chain management, data exchange and interoperability, claims adjudication and billing management, and others.
- On the basis of the end use, the market has been classified into healthcare providers, healthcare payers, biopharmaceutical & medical device companies, and others.
- Based on the region, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Akiri Inc., Blockchain Ai Solutions Ltd., Blockpharma, BurstIQ Inc., Chronicled Inc., Guardtime, Hashed Health, International Business Machines Corporation, iSolve LLC, Oracle Corporation, Patientory Inc., Proof.Works and Sirma Group Holding.
|Base Year of the Analysis
||Network Type, Application, End Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Akiri Inc., Blockchain Ai Solutions Ltd., Blockpharma, BurstIQ Inc., Chronicled Inc., Guardtime, Hashed Health, International Business Machines Corporation, iSolve LLC, Oracle Corporation, Patientory Inc., Proof.Works and Sirma Group Holding.
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