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.
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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.
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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
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.
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Global Blockchain Technology in Healthcare Market Segmentation
By Type
- Public
- Private
By Application
- Clinical Trials
- Supply Chain Management
- Data Exchange and Interoperability
- Claims Adjudication and Billing Management
- Others
By End-user
- Pharmaceutical Companies
- Healthcare Payers
- Healthcare Providers
- Others
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.
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