Global Blockchain Technology in Healthcare Market report from Global Insight Services is the single authoritative source of intelligence on Blockchain Technology in Healthcare Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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The global Blockchain Technology in Healthcare Market was valued at USD 1.5 Billion in 2021 and it is anticipated to grow up to USD 16.2 Billion by 2031, at a CAGR of 27.3% during the forecast period.
Blockchain technology is a distributed database that allows for secure, transparent and tamper-proof sharing of data. In healthcare, blockchain can be used to create a secure and interoperable system for storing and sharing medical data. By creating a decentralized network of health data, blockchain can help to reduce errors, improve data quality and increase trust between patients and providers. Additionally, blockchain can help to enable new applications such as clinical trial management, drug supply chain tracking and patient-centered data sharing.
Market Trends and Drivers
Growing need to store & secure medical data coupled with the rising incidence of medical data breaches to spur the blockchain technology in healthcare market expansion
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There has been a surge in the requirement to store and secure medical data that can have significant advantages for healthcare facilities, medical staff, and patients. Blockchain technology is cross-checked, encrypted, and decentralized that enables medical data to remain strongly backed, thereby providing stimulus to the market progression. The government of several countries is emphasizing on the digitalization of the healthcare system and related industry sectors that potentially improve health outcomes, enhance patient engagement, enable better predictions, etc. Owing to increased attack volume for various healthcare service providers, the U.S. and UK government has made a significant investment to ensure that all health records are digitized. Further, medical data has been subjected to risks of privacy breaches attributed to unauthorised access to electronic health records (EHR) or loss of physical patient files.
Global Blockchain Technology in Healthcare Market by Application
On the basis of application, the Blockchain Technology in Healthcare Market is categorized into Clinical Trials, Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management, and Others. The clinical trials segment held significant share of the blockchain technology in healthcare market in 2021 impelled by the wide range applications of blockchain technology for improving clinical trials quality. Implementation of this technology enhances recruitment, allows full decentralization, supports governance with real-time decision making, and optimizes the performance of repetitive tasks that enable trials to take place effectively. Blockchain technology aids in reaching a considerable level of historicity and inviolability of data for the whole document flow in a clinical trial. This further allows the secure automation of clinical trials through smart contracts, ensures traceability, and prevents a posteriori reconstruction.
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Global Blockchain Technology in Healthcare Market by End-user
With regards to end-user, the Blockchain Technology in Healthcare Market is divided into Pharmaceutical Companies, Healthcare Payers, Healthcare Providers, and Others. The healthcare providers segment captured significant revenue in 2021 driven by the broad range of uses and applications of blockchain technology in healthcare. The digital ledger technology supports healthcare providers through managing the medicine supply chain efficiently and facilitating the secure transfer of patient medical records. This technology has increased the productivity of healthcare providers by offering a novel model for health information exchanges by making electronic medical records more resourceful. The blockchain system is providing opportunities to healthcare providers by reducing or eliminating the friction and costs of current intermediaries. Additionally, it reduces complexity and creates secure & immutable information.
Major Players in the Global Blockchain Technology in Healthcare Market
The key players in the Blockchain Technology in Healthcare Market Akiri, Inc., Avaneer Health, Inc., BurstIQ, Crystalchain, Change Healthcare, Inc., Chronicled, Equideum Health, Embleema, Farma Trust, and Guardtime, among others.
COVID-19 Impact
The COVID-19 pandemic arose as an unparalleled health concern, infecting a significant number of people across the world. The pandemic inflicted economic damages and financial adversities on global economy and several industrial sectors. Several countries imposed national emergencies and lockdowns to curb the spread & infection due to the SARS-CoV-2. Clinical studies and surveys have reported a drop in the outpatient and emergency medical services in the U.S. Many medical practices were hampered, distracted, postponed and halted, especially the elective medical practices, thereby impacting the industry growth.
However, the coronavirus outbreak propelled the acceptance of innovative technologies comprising blockchain technology in healthcare. Several countries implemented blockchain technology in healthcare facilities that aided in effective planning operations and resource deployments. This technology has enhanced clinical trial data management by reducing delays in regulatory approvals, streamlined the communication between diverse stakeholders of the supply chain, etc. Furthermore, numerous market players are focused to develop a blockchain-based tracking system to halt the spread of misinformation.
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