The Healthcare Blockchain Market report includes a global opportunity analysis and industry forecasts for the period 2023-2032. The global market was estimated at USD 2.56 Billion in 2022, registering a CAGR of 67.98% from 2023 to 2032. The base year considered for the study is 2021, and the forecast has been provided for the period 2023 to 2032.
Healthcare Blockchain Market is projected to register high demand during the forecast period with increasing demand from major end-use industries such as pharmaceutical companies, healthcare payers, healthcare providers, research &academia, and others during the forecast period. Effective healthcare facilities nowadays are dependent on the progress of information technology. It helps to store information securely and economically. It also helps to share data among disparate systems and applications securely. Through the blockchain technology, remarkable challenges such as security breaches, interoperability, universal access, and traceability can be overcome. This technology acknowledges the current problems for synchronizing patient data with multiple disparate histories while safeguarding data privacy by practicing a distributed framework for handling patient identity.
One of the ideal uses of blockchain in healthcare is in the Electronic Health Record (EHR). EHR is used to store patient data securely across various organizations throughout the patient’s lifespan. With the implementation of blockchain, a patient will able to hold the complete ownership of medical records. Moreover, concerned doctors will be given access to medical records on a need basis via “smart contracts”. It is expected that the market for healthcare blockchain will proliferate, owing to the introduction of counterfeit drugs in the pharmaceutical supply chain, sufficient funding provided to healthcare blockchain start-ups, cases of medical data breaches, and preferred adoption of blockchain-as-a-service (BaaS).
Segment Analysis
Based on application, the healthcare blockchain market has been segmented into clinical data exchange, supply chain management claims adjudication &billing management and others. Healthcare billing majorly faces problems such as billing duplication, errors, and incorrect billing. The use of blockchain enables correct billing and secures data transfer across several verticals of the healthcare system.
The healthcare blockchain market has been segmented on the basis of the ofend user into pharmaceutical companies, healthcare payers, healthcare providers, research & academia, and others. Strict regulations to secure the supply chain of pharmaceutical companies and growing cases of counterfeit drugs entering the supply chain are factors responsible for the implementation of blockchain in the healthcare industry.
The market has been studied for North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the world. The market is highly fragmented with the presence of many large and small market players. Key players in the market include Chronicled, Hashed Health, Factor, Microsoft, IBM, Guardtime, PokitDok, Patiently, iSolve, and Medical chain.
Key Factors Impacting Market Growth:
- Blockchain technology safeguards patient data
- Simplifies complicated medical billing procedures
- Enables patient to upload and store data securely
- Reduces cost and provide enhanced efficiency
Regional Outlook:
North America, Western Europe, and Asia Pacific by region are estimated to dominate the healthcare blockchain market during the forecast period. These regions have been market leaders for the overall healthcare sector in terms of technological developments and advanced medical treatments. Moreover, the government policies have been favorable for the growth of the healthcare infrastructure in these regions. North America and Western Europe have an established healthcare infrastructure for product innovations and early adaptations. This is expected to drive the demand for healthcare blockchain market during the forecast period.
The US, Germany, France, UK, Canada, and Spain have been some the major markets in the region. Asia Pacific is estimated to register one of highest CAGR for healthcare blockchain market during the forecast period. This region has witnessed strategic investments by global companies to cater the growing demand in the recent years. China, Japan, India, South Korea, and Australia are amongst some of the key countries for healthcare blockchain market in the region. Other regions including Middle East, Eastern Europe, and Rest of the World (South America and Africa) are estimated to be emerging markets for healthcare blockchain during the forecast period.
Companies Covered:Chronicled, Hashed Health, Factom, Microsoft, IBM, Guardtime, PokitDok, Patientory, iSolve, and Medicalchain…
Market Segmentation:
By Application:
- Clinical Data Exchange
- Supply Chain Management
- Claims Adjudication &Billing Management
- Others
By End User:
- Pharmaceutical Companies
- Healthcare Payers
- Healthcare Providers
- Research &Academia
- Others
Regional Coverage:
- North America
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- US
- Canada
- Mexico
- Europe
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- Germany
- Russia
- UK
- France
- Italy
- Spain
- The Netherlands
- Rest of Europe
- Asia Pacific
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- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Rest of Asia Pacific
- Middle East & Africa
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- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
- South America
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- Brazil
- Argentina
- Colombia
- Rest of South America
Reasons To Buy This Report:
- Market size estimation of the healthcare blockchain market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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