Published: Nov-2022|  Format: PDF | MBI Research |  Number of pages: 140 | Code: MBI-3929736

Blockchain in Healthcare Market Size, Share, Growth & Demand Analysis Report By Application (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing Management, and Supply chain management and Others) By End-User (Healthcare Players, Pharmaceutical Companies and Others) Forecast Period 2022-2030

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Market Overview:

The Global Blockchain in Healthcare Market size was valued at USD 1.17 billion in 2021 and is projected to register a valuation of USD 119 billion by 2030, at a Compound Annual Growth Rate CAGR of 59% over the forecast period 2022-2030.

The exchange of health information is essential to control rising healthcare costs. However, the amount of information shared between physicians, hospitals, institutions, and other providers remain minimal, even the world's most advanced healthcare system is highly fragmented. In addition, there are widespread security and privacy concerns related to the storage and exchange of data as healthcare organizations have been subjected to an increasing number of malicious attacks and data breaches.

One of the technology's biggest beneficiaries will be pharmaceutical companies, which lose an estimated $200 billion annually to counterfeit drugs. By enabling complete visibility and transparency throughout the drug supply chain, blockchain will enable the tracking of drugs to their origin and thus help eliminate counterfeit drugs. The use of blockchain for healthcare data exchange will account for the largest market share during the forecast period.

However, the transition to blockchain-based solutions will require significant effort and investment, including seamless integration with existing infrastructure, and blockchain providers may experience resistance from healthcare players to transition from legacy systems and processes to the blockchain.

Covid-19 Impact Analysis:

The outbreak of COVID-19 and the subsequent extent of the lockdown have impacted the blockchain in the healthcare market across the globe. As the Covid-19 crisis continues, many global industrial manufacturing companies are facing challenging times including production shutdowns, transportation, supply chain disruptions, cost increases, and workforce disruptions, which have several negative impacts on the global blockchain in the healthcare industry in terms of revenue.

During the COVID-19 pandemic, due to the rapid increase in COVID-19 cases, blockchain in the healthcare market has grown significantly, making patients as well as physicians dependent on fast and private sharing of personal data for quick diagnosis and treatment. have to be.

Driving Factors:

Revenue is expected to increase with the rise in data breaches, data theft, and leakage of sensitive medical information, the adoption of blockchain technology to ease patient data sharing between physicians in different institutions, and the growing menace of counterfeit drugs. Rapid development in the healthcare sector has led to the transition from paper-based medical records to electronic records based on personal healthcare databases. Furthermore, the growing demand for Distributed Ledger Technology for the transparent and immutable functioning of decentralized digital databases is another factor supporting the blockchain in the healthcare market's revenue growth during the period 2022 to 2030.

The growing use of DLTs for end-to-end tracking of supply chains from manufacturers to consumers and research laboratories in the pharmaceutical industry. It helps in keeping a record of the number of products supplied during a particular period. The adoption of technology by industries is expected to increase market revenue to maintain the demand-supply gap.

Restraining Factor:

Blockchain has been used by digital currencies for over a decade, making it increasingly visible in other domains such as the pharmaceutical industries and healthcare organizations, and automotive. However, since this technology is still emerging, the advantages and disadvantages have not been fully explored, which makes patients afraid to adopt it, thereby reducing the demand for the technology in healthcare to some extent.

Key Market Players:

  • IBM (US)
  • Guardtime (Estonia)
  • Microsoft (US)
  • Gem (US)
  • PokitDok (US)
  • Hashed Health (US)
  • Chronicled (US)
  • iSolve (US)
  • SimplyVital Health (US)
  • Patientory (US)
  • Factom (US)
  • Blockpharma (France)
  • Proof.Work (UK)
  • FarmaTrust (UK)
  • Medicalchain (UK)

Market Segmentation:

The global blockchain in the healthcare market is segmented by end-use, by application, and region.

By Application

On the basis of application, the market is segmented into Clinical Data Exchange & Interoperability, Claims Adjudication & Billing Management, and Supply chain management, and Others.

The Supply chain management segment is expected to dominate the market over the forecast period. The rising number of counterfeit drugs in circulation and the implementation of stringent regulations are factors driving the Market.

By End-User

On the basis of end-use, the market is segmented into, Healthcare Players, Pharmaceutical Companies, and others.

The healthcare players segment is expected to dominate the market over the forecast period. The growth in the healthcare provider segment is attributed to the growing need for secure health information exchange between payers and providers rise in insurance fraud, and rising medical tourism.

Regional Analysis:

The global blockchain in the healthcare market is categorized into regions such as Latin America, North America, Europe, Asia-pacific, the Middle East, and Africa.

North America is expected to hold the largest market share during the forecast period. Due to the growth of the implementation of regulations in the region regarding the security of patient data and improving the quality of care. The major market share is due to recent advances in blockchain technology as well as a number of government initiatives supporting the acceptance of these innovative platforms in healthcare.

Report Coverage: 

Market Segmentation:

By Application

  • Clinical Data Exchange & Interoperability
  • Claims Adjudication & Billing Management
  • Supply chain management
  • Others

?By End-User

  • Healthcare Players
  • Pharmaceutical Companies
  • Others

By Region

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa



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