DUBLIN, March 15, 2024 /PRNewswire/ — The “Global Blockchain Technology In Healthcare Market Analysis & Forecast to 2024-2034: Market By Network Type; By Application; By End-user; and By Region” report has been added to ResearchAndMarkets.com’s offering.
The global blockchain technology in healthcare market size was estimated to be USD 3.33 billion in 2023 and is expected to reach at USD 1,029.18 billion by 2034 with a CAGR of 68.41% during the forecast period 2024-2034.
The uptick in information leaks & data breaches, a heightened necessity to address these concerns, a substantial demand for combatting drug counterfeiting, enhancing health data management systems’ efficiency, fostering awareness about blockchain for improved health outcomes, rising trend of investments in the development of advanced healthcare record systems, cryptography for wearable devices, & medical examination systems, and increased collaborations to introduce innovative blockchain solutions in the healthcare sector are some of the key factors boosting the market growth.
Increased collaborations to introduce innovative blockchain solutions in the healthcare sector is predicted to boost the market growth during the forecast period. In the healthcare sector, a blockchain network is employed to gather and retrieve patient information from hospitals, diagnostic labs, pharmaceutical firms, and doctors. This application can enhance the efficiency, security, and transparency of sharing medical data across the entire healthcare system. Leveraging this technology enables medical institutions to acquire insights and improve the analysis of patient data.
By network type, public was the highest revenue-grossing segment in the global blockchain technology in healthcare market in 2023 owing to the rising trend involves a growing reliance on public networks for managing data. Presently, Ethereum, a widely adopted technology in healthcare, functions as a prominent example of a “permission-less” blockchain system within the public network domain. The significant factors propelling the expansion of these public networks include their cost-effectiveness and the ability to access expansive databases. Additionally, private is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for data management and recording, a rising need for highly secure supply chain networks, advancements in technology, and the introduction of innovative solutions.
By application, supply chain management was the highest revenue-grossing segment in the global blockchain technology in healthcare market in 2023 owing to the increase in the prevalence of counterfeit drugs, prompting pharmaceutical companies to increasingly embrace interoperability with Internet of Things (IoT) devices. This adoption aids in recruiting participants for clinical trials and overseeing the regulation of the drug supply chain. The implementation of blockchain has the potential to revolutionize the healthcare industry by reducing operational expenses, addressing data integrity issues, and optimizing healthcare processes. Additionally, clinical trials & eConsent is predicted to grow at the fastest CAGR during the forecast period owing to the increasing uptake of blockchain technology in medical records ensures the integrity of data, a rising trend in technology adoption in clinical trials promotes effective data management & security, and increase in collaborative efforts among market players.
By end-user, biopharmaceutical & medical device companies was the highest revenue-grossing segment in the global blockchain technology in healthcare market in 2023 owing to a substantial research & development budgets, an increasing demand for securing data exchange & interoperability, a growing utilization of technology for critical functions such as validating returned drugs, preventing counterfeits, adhering to pharmaceutical supply chain regulations, enhancing transparency & traceability in clinical trials, & improving the reliability & quality of clinical trial data, are all accompanied by a rise in partnerships among key market players.
The North America region is anticipated for the highest revenue share during the forecast period owing to the numerous measures undertaken by local governments to prevent data breaches, a substantial increase in the adoption of the General Data Protection Regulation (GDPR), significant expansion of blockchain technology, and an uptick in partnerships among industry frontrunners.
Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing need for the security of medical records, an increase in investments for technology development, a rise in challenges related to Electronic Medical Records (EMRs), an escalating demand for secure and well-managed data sharing among companies, and a rising trend of introducing advanced platforms.
Report Segmentation:
By Network Type
- Public
- Private
- Others
By Application
- Clinical Trials & eConsent
- Supply Chain Management
- Claims Adjudication & Billing
- Clinical Data Exchange & Interoperability
- Others
By End-user
- Hospitals
- Biopharmaceutical & Medical Device Companies
- Payers
- Providers
- Others
Companies Profiled
- Solve.Care
- iSolve
- IBM
- Guardtime
- Medicalchain
- Oracle
- Blockpharma
- Change Healthcare
- BurstIQ
- PATIENTORY
For more information about this report visit https://www.researchandmarkets.com/r/p3rowr
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