Blockchain technology in the healthcare market is poised to witness exponential growth, driven by the increasing demand for secure data management, streamlined operations, and increased supply chain transparency, with an anticipated CAGR of 63.5% during the forecast period 2024-2032.
Pune, September 24, 2024 (GLOBE NEWSWIRE) — Analysis of Blockchain Technology in Healthcare Market Size and Growth:
THE Blockchain Technology in the Healthcare Market The market size was valued at USD 7.13 billion in 2023 and is projected to reach USD 595.31 billion by 2032, with a compound annual growth rate (CAGR) of 63.5%, according to a new market report published by SNS Insider.
Market Overview
The blockchain technology market in healthcare is experiencing explosive growth due to its transformative potential in data security, patient privacy, and operational efficiency. The growing demand for secure and transparent data sharing solutions has led to the widespread adoption of blockchain for management electronic medical records (EHR), improving supply chain visibility and ensuring the integrity of clinical trials. This technology facilitates access and sharing of real-time, tamper-proof data, which is essential for improving patient care and operational workflows.
Additionally, the growing adoption of blockchain for regulatory compliance and fraud prevention is further fueling the market demand. The blockchain technology market is well-positioned to address the industry’s pressing needs for data protection and operational efficiency, making it a critical growth area in the healthcare sector.
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Key players in Blockchain technology in the healthcare market:
Scope of Blockchain Technology in Healthcare Market Report:
|
Report Attributes |
Details |
|
Market size in 2023 |
7.13 billion US dollars |
|
Market size by 2032 |
595.31 billion US dollars |
|
TCCA |
CAGR of 63.5% from 2024 to 2032 |
|
Base year |
2023 |
|
Forecast period |
2024-2032 |
|
Historical data |
2020-2022 |
|
Key regional coverage |
North America (United States, Canada, Mexico), Europe (Eastern Europe (Poland, Romania, Hungary, Turkey, rest of Eastern Europe) Western Europe (Germany, France, United Kingdom, Italy, Spain, Netherlands, Switzerland, Austria, rest of Western Europe)), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, rest of Asia Pacific), Middle East and Africa (Middle East (UAE, Egypt, Saudi Arabia, Qatar, rest of Middle East)), Africa (Nigeria, South Africa, rest of Africa), Latin America (Brazil, Argentina, Colombia, rest of Latin America) |
Key Segmentation of Blockchain Technology in Healthcare Market:
By network type
By application
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Exchange and interoperability of clinical data
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Claims Settlement and Billing
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Supply Chain Management
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Clinical trials and electronic consent
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Others
By end use
Segment analysis
By network type:In 2023, the public blockchain segment led the market with a share of 43.1%. Public blockchains are valued for their transparency, security, and immutability, which are essential for applications such as medical records and supply chain management. Their open nature enables large-scale data access and verification, fostering trust and reducing risks associated with centralized data storage. However, the private blockchain segment is expected to witness the fastest CAGR of 64.6% during the forecast period. Private blockchains, operating within a closed network, offer enhanced privacy and compliance, making them particularly suitable for the healthcare industry’s stringent regulatory requirements, such as HIPAA and GDPR.
By application:The supply chain management segment dominated in 2023, with a share of 35.6%, and is expected to maintain the highest growth rate. Blockchain technology provides complete visibility across the entire supply chain, enabling real-time verification of the origin of medical products and distribution routes. This transparency helps prevent fraud, reduce counterfeiting risks, and improve inventory management. The clinical trials and e-consent segment is also poised to witness substantial growth as blockchain improves data management and monitoring in pharmaceutical research. For example, in September 2022, Mayo Clinic adopted a blockchain-based platform for a multicenter trial on pulmonary arterial hypertension, ensuring data integrity.
By end use:The biopharmaceutical and medical device companies segment held the largest share of 44.5% in 2023. Blockchain addresses complex supply chain challenges by securing drug and device tracking, ensuring data privacy, and improving quality control. The payer segment, including insurance companies and government agencies, is expected to witness the fastest growth at CAGR. Blockchain helps streamline operations, improve transparency, and reduce fraud, which is essential for accurate billing and claims processing.
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Regional analysis
North America:
In 2023, North America dominated the blockchain technology market in the healthcare sector, thanks to its advanced healthcare infrastructure and substantial investments in blockchain technology. The United States is a leading player in the adoption and integration of blockchain for healthcare solutions, with companies like IBM and Change Healthcare leveraging blockchain to improve data security and operational efficiency. The region’s growth is also supported by favorable regulations and a high rate of technology adoption.
Asia Pacific:
The Asia Pacific region is witnessing rapid growth in blockchain technology adoption, driven by increasing investments in healthcare innovation and digital transformation. Countries like China and India are making significant strides in implementing blockchain solutions to improve healthcare data management and supply chain transparency. For example, China’s blockchain-based healthcare initiatives aim to enhance patient data security and reduce fraud. India is also exploring blockchain for its healthcare supply chain to ensure better traceability and compliance.
Recent developments
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In October 2023, Solve.Care has partnered with Binance to bring cryptocurrency to the healthcare industry, improving its use as a means of payment for healthcare services.
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In August 2023, Solve.Care launched the Care.Trials Network, leveraging blockchain and Zero-Knowledge (ZK) technology to provide advanced solutions for clinical trial management.
Key takeaways
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The blockchain technology market in healthcare is poised for exponential growth, driven by increasing demands for data security and transparency.
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Public blockchains dominate the market in terms of market share, while private blockchains are the fastest growing segment.
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Supply chain management and clinical trials are the dominant application segments, with substantial growth expected.
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North America remains the largest market, with significant advancements and investments in blockchain technology.
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The Asia-Pacific region is experiencing rapid expansion, with notable initiatives in China and India driving adoption.
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Recent developments highlight the continued innovation and deployment of blockchain solutions across various healthcare sectors.
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Table of Contents – Key Points
1. Introduction
2. Summary
3. Research methodology
4. Market dynamics impact analysis
5. Statistical information and trend reports
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Adoption rate, 2023
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User demographics, by user type and role, 2023
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Feature Analysis, by Feature Type
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Cost analysis, by software
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Integration capabilities
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Regulatory compliance, by region
6. Competitive landscape
7. Segmentation of the blockchain technology market in healthcare, by network type
8. Blockchain Technology in Healthcare Market Segmentation, By Application
9. Blockchain Technology Market Segmentation in Healthcare, by End User
10. Regional analysis
11. Company Profiles
12. Use cases and best practices
13. Conclusion
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