Market Summary
The global
blockchain technology in healthcare market was valued at USD 1.78 billion in 2021 and it is
predicted to rise at a compound annual growth rate (CAGR) of 64.04% from
2022 to 2030. The market's growth can be ascribed to the rising occurrence of
data leaks and breaches, as well as the growing need to address these concerns.
The implementation of the technology is being driven by strategic actions by
key players (IBM, Blockpharma, Oracle, BurstIQ, and Guardtime), there is a high
demand to prevent medicine counterfeiting, and the necessity for effective
health data management systems.
The blockchain is a distributed
system that uses a peer-to-peer network of personal computers called nodes to
record, store, and preserve transactional and historical documents. Blockchain
is seen as a competitive and powerful technology capable of causing a seismic shift
in any industry. The benefits of blockchain in healthcare include internet
infrastructure security at all levels, a common pattern of authorization for
retrieving health records, and identity verification.
“Security and Authorization of Information fuels the Blockchain Market”
The proliferation of unproductive
healthcare database systems, the implementation of the block as a service
(BaaS), and the growing requirement for a clear and irreversible distributed
ledger are fueling the development of the blockchain in healthcare market. Implementing
blockchain addresses several of concerns, including facilitating data exchange
among healthcare providers, which has an impact on the likelihood of an
official diagnosis, appropriate treatment, and health providers' overall
capacity to provide cost-effective care. Overall expansion is hampered by a
lack of understanding of the value of blockchain in the healthcare sector, as
well as a scarcity of qualified personnel. The majority of blockchain
applications are deployed in the BFSI sector, and people just do not have the
knowledge and comprehension of these applications, resulting in unfavorable
market repercussions. Greater government initiatives, increased investments in
the creation of more effective healthcare record systems, and increased concern
about client privacy are all driving market growth throughout the anticipated
period.
SEGMENT OUTLOOK:
The global blockchain technology in
healthcare market is segmented based on network type, application, and end-user.
By Network:
Based on Network Type, the
blockchain technology in healthcare market is segmented into public, private,
and others In 2021, the public segment dominated the global market by network
type, accounting for a significant percentage of total revenue. In the
healthcare business, blockchain technology encompasses public, private, and
other network kinds. The rising use of public networks for data management is
the main reason for the high percentage of the public segment. Ethereum, a
public network, is currently one of the most widely used technologies in
healthcare. The "permission-less" blockchain system is another name
for it. The rise of these public networks is being fueled by low costs and
access to a larger database.
In the coming years, the private
sector is expected to increase dramatically. The Linux Foundation's Hyperledger
Fabric, for example, is a private blockchain implementation.
By Application Outlook:
Based on its various applications
in healthcare, the healthcare blockchain market is segmented into clinical
data exchange and interoperability, claims adjudication and billing, supply
chain management, clinical trials, and eConsent. The supply chain management
segment of the global healthcare blockchain market held the greatest market
share in 2021. The adoption of blockchain in supply chain management is being
driven by factors such as the rising number of counterfeit drugs in circulation
and the implementation of stringent regulations such as the Drug Quality and
Security Act (DQSA) in the United States and the Falsified Medicines Directive
(FMD) in Europe.
Pharmaceutical businesses can also
use the technology to make interoperability with the Internet of Things (IoT)
devices easier. It also aids in the recruitment of clinical trial participants
and the regulation of the drug supply chain. By reducing operating expenses,
data corruption, and healthcare process optimization, blockchain has the
potential to revolutionize the healthcare industry.
During the projection period, the
clinical trials and eConsent segment is predicted to increase at a significant rate.
In clinical trials, utilizing technology allows for more effective data
administration and security. The use of blockchain technology allows clinicians
to safely communicate with one another. Information updates or revisions are
not permitted on the blockchain, which is expected to drive industry growth in
the next years. Data integrity is ensured by the use of blockchain technology
in medical records. Similar concepts can be used.
By End User Outlook:
Based on the various end-users of
blockchain technology in the healthcare market it is segmented into private,
public, and others. The biopharmaceutical and medical device firms category in
the end-users segment has captured the greatest market share of almost 40% in
2021, according to end-user. Vast R&D investments, the necessity for safe
data transmission and interoperability, and a large quantity of data management
done by major organizations in areas like medication research and development
are all contributing to this. The growing use of technology for critical
functions such as verifying the authenticity of returned drugs, counterfeit
prevention, pharmaceutical supply chain compliance, clinical trial transparency, and traceability, and improving the reliability and quality of clinical trial
data is expected to contribute to the segment's large share.
Due to the increased adoption of
technology in hospitals such as the Massachusetts General Hospital, the
hospital segment is predicted to develop at a significant rate (MGH). To ensure
the system's proper operation, healthcare institutions and hospitals are now
focusing on keeping patient data. This not only aids in the classification of
new and old patients but also allows existing records to be used in
conjunction with the doctor's appointment. Furthermore, the system will protect
crucial information from data breaches and cyberattacks, such as payment
information, addresses, and phone numbers.
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By Regional Outlook:
Based on geography, blockchain
technology in the healthcare market is segmented into North America, Europe,
Asia Pacific, Latin America, and Middle East &Africa. Due to different
steps done by regional governments to minimize a data leak, Europe held the
highest market share of in 2021. The EU government, for example, established
the General Data Protection Regulation in 2018. (GDPR). GDPR implementation,
together with the massive expansion of blockchain technology, is projected to
give businesses in the region with new chances. During the projected period,
North America is expected to hold the second-largest market share. The main
driver of regional expansion is the rising demand for medical record security.
Though the United States
healthcare sector is investing more in creating technologies, problems with
electronic medical records are also on the rise. As a result, big players and
other healthcare organizations are investing in the blockchain sector to meet
the growing demand for safe, secure, and managed data sharing between
enterprises.
For example, in April 2018,
UnitedHealth Group announced a collaboration with MultiPlan, Quest Diagnostics,
and Humana to use blockchain to securely share financial and other healthcare
data. As a result, over the forecast period, it is expected to have a favorable
impact on market growth.
By Key Competitors and
Market Share Analysis:
In nature, the global market is
very competitive. Market growth is likely to be fueled by technological
collaborations, important company activities, government initiatives, and new
startups. Currently, the industry is in its infancy, and healthcare and
technology companies are collaborating on various levels to develop techniques
to harness blockchain. To boost their own platforms or portfolios, some of the
big players have formed partnerships.
o Microsoft, Viant, and GSK
launched the Viant Blockchain Programme in 2018, accelerating the adoption of a
blockchain-based supply chain across multiple verticals, including healthcare.
o UnitedHealth Group's Optum
announced its decision to purchase Change Healthcare in January 2021 to
streamline core administrative, clinical, and payment processes.
The
following are some of the major market players operating across the globe:
o
IBM
o
PATIENTORY INC.
o
Guardtime
o
iSolve, LLC
o
Solve.Care
o
Oracle
o
Change Healthcare
o
BurstIQ
o
Medicalchain SA
o
Blockpharma
o
Microsoft
o
Hashed Health
o
PokitDok
o
Gem
Report Covering |
Details |
Market size value in
2021 |
USD 1.78 billion |
Revenue forecast in
2030 |
USD 152.64 billion |
Growth rate |
CAGR of from 2022 to 2030 |
Base year for estimation |
2021 |
Historical data |
2017 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Revenue in USD
million/billion and CAGR from 2022 to 2030 |
Report coverage |
Market dynamics such
as Drivers, Restraints, Market
Trends and Opportunities, Revenue
size, market share, company ranking, competitive landscape, geographical
presence, recent developments, strategic initiatives, and overall
contribution to the market. |
Segments covered |
Network type, Application,
End-user |
Regional scope |
North America, Europe, Asia Pacific, Latin America, MEA |
Country Scope |
U.S.; Canada; Germany; France; U.K.; Italy; Spain;
China; Japan; India; South Korea; Mexico; Brazil; Argentina; Colombia; Saudi
Arabia; UAE; South Africa |
Key companies
profiled |
IBM, PATIENTORY INC.,
Guardtime, iSolve, LLC ,Solve.Care, Oracle, Change Healthcare, BurstIQ
,Medicalchain SA, Blockpharma , Microsoft, Hashed Health, PokitDok, Gem and Others. |
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