The Blockchain in Healthcare Market reached $531.19 million in 2021 and is anticipated to reach $16.30 billion by 2031. This represents a remarkable Compound Annual Growth Rate (CAGR) of 40.8% from 2022 to 2031.
Allied Market Research has recently published a research study titled “Blockchain in Healthcare Market: Global Outlook and Forecast 2023-2032.” This comprehensive study offers a thorough analysis of market risks, identifies lucrative opportunities, and provides strategic and tactical decision-making support for the period spanning 2023 to 2032. The market analysis is segmented by key regions that are propelling the marketization process.
The report offers valuable insights into the research and development landscape, growth catalysts, and the evolving investment framework of the Global Blockchain in Healthcare Market. Furthermore, the study profiles a range of key market players, including Akiri, Avaneer Health, BurstIQ, Crystalchain, Change Healthcare, Chronicled, Equideum Health, Embleema, Farma Trust, Guardtime, Hashed Health, International Business Machines (IBM), iSolve, Medical Chain, Oracle, Patientory, and Proof.Works.
Blockchain in Healthcare Market Statistics: The blockchain technology in healthcare market was valued at $531.19 million in 2021, and is estimated to reach $16.30 billion by 2031, growing at a CAGR of 40.8% from 2022 to 2031.
Blockchain in Healthcare Market Growth Drivers:
Data Security and Privacy: Blockchain technology offers robust data security and privacy features, making it highly attractive for healthcare organizations. The decentralized and immutable nature of blockchain ensures that sensitive patient data remains secure and tamper-proof, reducing the risk of data breaches and unauthorized access.
Interoperability and Data Exchange: Blockchain facilitates seamless and secure exchange of healthcare data between different stakeholders, including healthcare providers, patients, insurers, and researchers. By establishing a standardized and interoperable platform, blockchain eliminates the need for intermediaries and enables efficient data sharing, leading to improved collaboration and patient care.
Medical Records Management: Blockchain can revolutionize the management of electronic health records (EHRs). By storing EHRs on a blockchain, patients can have greater control over their medical data, granting permission to healthcare providers as needed.
This not only enhances data accessibility but also eliminates redundant record-keeping systems, reducing costs and administrative burdens.
Clinical Trials and Research: Blockchain technology can streamline and enhance the integrity of clinical trials and research studies. By utilizing smart contracts on a blockchain, researchers can ensure transparency, traceability, and accuracy of trial data, reducing fraud and improving the reliability of research outcomes.
Blockchain can also facilitate the sharing of research findings and enable data-driven insights.
Supply Chain Management: The pharmaceutical supply chain faces challenges related to counterfeit drugs, product recalls, and inefficient tracking. Blockchain can provide end-to-end visibility and traceability in the supply chain, enabling secure tracking of drugs from manufacturers to patients.
This enhances drug safety, reduces counterfeit products, and improves overall supply chain efficiency.
Revenue Cycle Management: Blockchain-based solutions can streamline revenue cycle management processes by automating claim adjudication, reducing billing errors, and accelerating payment cycles. Smart contracts can be utilized to automate and enforce contract terms between providers and payers, improving billing accuracy and reducing administrative overhead.
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The segments and sub-section of Blockchain in Healthcare market is shown below:
By Type: Public, Private
By Application: Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing, Others
By End User: Pharmaceutical and Medical Device Companies, Healthcare Payers, Healthcare Providers
Some of the key players involved in the Market are: Akiri, Avaneer Health, BurstIQ, Crystalchain, Change Healthcare, Chronicled, Equideum Health, Embleema, Farma Trust, Guardtime, Hashed Health, International Business Machines (IBM), iSolve, Medical Chain, Oracle, Patientory, and Proof.Works.
Important years considered in the Blockchain in Healthcare study:
Historical year – 2017-2022; Base year – 2023; Forecast period** – 2022 to 2032 [** unless otherwise stated]
If opting for the Global version of Blockchain in Healthcare Market; then below country analysis would be included:
– North America (USA, Canada and Mexico)
– Europe (Germany, France, the United Kingdom, Netherlands, Italy, Nordic Nations, Spain, Switzerland and Rest of Europe)
– Asia-Pacific (China, Japan, Australia, New Zealand, South Korea, India, Southeast Asia and Rest of APAC)
– South America (Brazil, Argentina, Chile, Colombia, Rest of countries etc.)
– Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, Egypt, Turkey, Nigeria, South Africa, Rest of MEA)
Key Questions Answered with this Study:
1) What makes Blockchain in Healthcare Market feasible for long term investment?
2) How influencing factors driving the demand of Blockchain in Healthcare in next few years?
3) Territory that may see steep rise in CAGR & Y-O-Y growth?
4) What geographic region would have better demand for product/services?
5) What opportunity emerging territory would offer to established and new entrants in Blockchain in Healthcare market?
6) What strategies of big players help them acquire share in mature market?
7) Know value chain areas where players can create value?
8) What is the impact analysis of various factors in the Global Blockchain in Healthcare market growth?
9) Risk side analysis connected with service providers?