New York, USA – According to a Comprehensive Research Report by Market Research Future (MRFR), “Blockchain Technology in Healthcare Market Information by Application, Type, End-User, and Region – Forecast till 2030”, the market is expected to attain a valuation of USD 121 Billion, at a promising CAGR of 68.3% between 2022 and 2030.
Market Scope
Blockchain technology has brought along a slew of advances in the medical field, along with modern businesses, and the everyday practices within the healthcare sector. This advanced technology now assists healthcare providers in a variety of areas of patient care procedures and administrative management.
It has numerous applications in bringing down the risk of counterfeit drugs, reducing therapeutic errors, enhancing patient safety, as well as decision support, and more, which contribute to its demand in the healthcare industry.
Market Competitive Landscape:
The eminent vendors in the blockchain technology in healthcare market include
- IBM
- Microsoft
- Guardtime
- Pokitdok
- Gem
- Patientory
- Hashed Health
- Chronicled
- Isolve
- Factom
- Blockpharma
- Medicalchain
- Simplyvital Health
- Farmatrust
Market USP Covered:
Market Drivers:
The surging cases of data breaches as well as information leaks, in addition to the mounting need to deal with these issues, attribute to the market growth. Strategic measures taken up by the major companies, pressing need to bring down the cases of drug counterfeiting, and the soaring need for effective health data management systems are a few other factors that propelling the adoption of the technology in the healthare industry.
Rapidly increasing cases of different diseases have led to the development of massive amounts of data, which augments the need for effective data management. Using blockchain technology in healthcare records ensures there is no alteration to the data, which in turn helps guarantee data integrity. Increasing spending by the top vendors on this technology could further result in considerable market growth.
Blockchain technology has emerged as an ideal solution for the healthcare sector. Several startups are starting to address significant pain points within the healthcare industry (including data security, preventing counterfeited drugs from making their way into the pharmaceutical supply chain, and medical record interoperability,) with the use of blockchain technology. In the past couple of years, blockchain technology has sparked the interest of a number of stakeholders within the healthcare industry. Owing to the escalating interest in the technology, multiple government bodies worldwide are investing in extensive research activities, which will undoubtedly enhance the market size.
Market Restraints:
Shortage of skilled medical professionals with technical expertise to work with blockchain technology in the healthcare sector can be a huge challenge for the worldwide market in the future. Blockchain technology is quite complex in nature and therefore, requires highly skilled workers that can manage and operate the task.
COVID 19 Analysis
The COVID-19 outbreak has brought on a number of health concerns, as the cases continue to surge worldwide. The pandemic caused significant economic damages as well as financial issues for numerous sectors. Various countries had to impose emergencies as well as lockdowns to restrict the spread of SARS-CoV-2. Several medical practices were postponed, halted, and hampered, particularly the elective medical treatment, which impacted the industry growth.
However, the outbreak elevated the adoption of advanced technologies such as blockchain technology in the healthcare industry. Several nations adopted blockchain technology in their medical facilities for better planning operations as well as resource deployments. The players are focusing on developing blockchain-based tracking systems that could help curb the spread of misinformation.
Market Segmentation
By application
With respect to application, Patient Data Management, Supply Chain Management, Clinical Trials & Data Security, Drug Traceability, Billing, and Claims Adjudication are the top segments covered in the report.
By type
The types of blockchain technology in healthcare are permissioned blockchains as well as permissionless blockchains. The permissioned type of blockchain technology should see better growth in the years ahead.
By End-User
The blockchain technology in healthcare market, depending on end-users, can be divided into Pharmaceutical Companies, healthcare consumers, healthcare service providers, and more.
Regional Insights
The worldwide market is headed by America, while the U.S. is in the lead in the region, thanks to the ongoing innovations in blockchain technology and the mounting number of government initiatives that encourage the use of such platforms in healthcare. Major investors are realizing the huge potential of blockchain technology, which helps improve patient care, expand the reach of medical services, and reduce medical care expenses. Renowned companies in the US like Akiri, Factom, and BurstIQ, etc. are focused on developing advanced blockchain technology solutions that ensure the security of healthcare data, provide up-to-date and complete information regarding the patient’ health as well as healthcare activity. Also, strong economic growth in the United States will ensure significant market growth in the years to come.
As the second leading market, Europe benefits from the rising number of government initiatives that focus on ways to avoid data breaches. To cite a reference, the EU government, in 2018, came up with the General Data Protection Regulation (GDPR). Escalating demand for the safety of medical records will further elevate the market position.
China currently is the most lucrative market in Asia Pacific and the robust growth can be credited to the expanding aging population, rising health spending, and the presence of established healthcare infrastructure in the country. The 2020 census data indicates that nearly 2875 million people were above the age of 60 in China. China houses some of the highest numbers of blockchain technology hubs and is witnessing digitalization across medica facilities.
Source: Market Research Future
