The global blockchain technology in healthcare market is segmented by type, Application, application, and region. The public segment is widely used. In contrast, pharmaceutical and medical device companies anddata exchange and interoperability is a widely utilized segment. North America is leading the market growth.
The demand for secure and effective data exchange and interoperability solutions, which enable seamless sharing of patient information among healthcare providers, as well as the potential to increase transparency and trust in supply chain management, which ensures the authenticity and traceability of pharmaceuticals and medical devices, are two factors driving the market for blockchain technology in healthcare. The regulatory and legal obstacles when using blockchain technology in healthcare, including privacy concerns, compliance issues, and the need for standardization across various healthcare systems, constitute a market restraint.
Nonetheless, the global blockchain technology in healthcare market is the potential for improved patient outcomes through secure and decentralized electronic health records (EHRs), enabling comprehensive and real-time access to patient data across healthcare providers and the potential for lower healthcare costs by streamlining administrative processes, automating claims adjudication and billing, and eliminating intermediaries through smart contract implementation are two opportunities for the blockchain technology market in healthcare.
Market Overview
The global blockchain technology in healthcare has grown steadily in recent years. It is expected to grow at a CAGR of 5.7% between 2023 and 2030. The market was valued at USD 0.5 Billion in 2022 and is expected to reach USD 5.2 Billion in 2030.
What Are The Main Drivers Of The Global Blockchain Technology In Healthcare Market?
Healthcare businesses are becoming more aware of how crucial it is for patients, providers, insurers, and researchers to exchange data securely and effectively. To maintain data quality, privacy, and interoperability, blockchain technology provides a decentralized and immutable platform for storing and distributing health data.
What Are The Major Challenges Faced By The Global Blockchain Technology In Healthcare Market?
Implementing blockchain in the healthcare industry necessitates navigating complicated legal frameworks and ensuring that data privacy and security laws like GDPR and HIPAA are followed. A substantial issue lies in adhering to these rules while preserving blockchain’s decentralized and transparent character.
What Are The Growth Opportunities In The Global Blockchain Technology In Healthcare Market?
Blockchain technology provides a decentralized, impenetrable platform for storing and exchanging healthcare data, enhancing data security and privacy. As a result, patients, healthcare professionals, and other stakeholders may have more trust and confidence in one another, which may encourage the adoption of blockchain solutions.
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Overview of the Global Blockchain Technology In Healthcare Market
The demand for secure and interoperable health data exchange is rising, and this demand is being fueled by the potential for blockchain technology in healthcare to expedite processes and improve patient outcomes. For health data storage and exchange, blockchain provides a decentralized and unchangeable platform that upholds data privacy, interoperability, and integrity. The market must overcome obstacles like complex regulatory requirements and the need for standardization. However, it also offers room for improved, streamlined processes, increased interoperability, and data security. The market is anticipated to continue growing in the coming years as more businesses in the healthcare sector become aware of the potential advantages of blockchain technology.
Market Definition
Blockchain, a decentralized and distributed digital ledger, is blockchain technology in the healthcare sector. It entails transforming different parts of healthcare operations by employing blockchain attributes, such as immutability, transparency, and security. Electronic health records (EHRs) may be securely stored and distributed using blockchain technology, safeguarding the confidentiality and integrity of the data in the process. By facilitating safe access to and sharing of medical information by patients, healthcare workers, insurers, and other stakeholders, it improves interoperability and cooperation. Blockchain in healthcare offers the ability to speed up administrative operations like claim adjudication and invoicing by automating processes and removing the need for intermediaries. Additionally, it can improve supply chain management by giving pharmaceuticals and medical equipment end-to-end visibility and traceability, lowering counterfeiting, and enhancing patient safety.
Market Insights
The global demand for blockchain technology in healthcare was valued at USD 0.5 Billion in 2022 and is expected to reach USD 5.2 Billion in 2030, growing at a CAGR of 5.7% between 2023 and 2030.
The public is the market leader in material and will hold over 70% of the market’s value in 2022. Meanwhile, private is anticipated to show the quickest CAGR over the forecast period.
The data exchange and interoperability segment governs the global demand for blockchain technology in healthcare, holding a massive share of over 30% in 2022, and is expected to grow at a rapid CAGR.
Pharmaceutical and medical device companies are the most widely used material market leader, holding over 35% of the market’s value in 2022, while healthcare payers are anticipated to show the quickest CAGR over the forecast period.
North America fuelled the growth of blockchain technology in the healthcare industry with over one-third share in 2022. Asia Pacific and Europe collectively account for just under 40% share in 2022, with Asia Pacific holding over 22% share in the same year.
Due to its advanced healthcare infrastructure, strong adoption of digital solutions, and presence of important industry players and technological developers, North America is leading the market for blockchain technology in healthcare.
The demand for safe and interoperable health data interchange, driven by the requirement for seamless patient information sharing among healthcare providers and improved care coordination, is one of the factors driving the development of blockchain technology in healthcare. One barrier to integrating blockchain in healthcare is the complexity of regulatory and legal compliance, which necessitates navigating strict data protection standards, obtaining patient consent, and addressing data ownership and liability issues.
Segmentation by Type
The public is the leading segment by material and held over 70% share in value in 2022.
The private segment will likely exhibit the fastest CAGR during the forecast period.
Segmentation by Application
The data exchange and interoperability segment governs the global demand for blockchain technology in healthcare, holding a massive share of over 30% in 2022, and is also expected to grow at a rapid CAGR.
The supply chain management segment contributes to the rest of the demand for blockchain technology in healthcare.
Segmentation by End User
Pharmaceutical and medical device companies govern the demand for blockchain technology in healthcare globally, holding a massive share of over 30% in 2022, and are also expected to grow at a rapid CAGR.
The healthcare payers Application segment contributes to the rest of the demand for blockchain technology in healthcare.
Segmentation by Region
North America fueled the growth of blockchain technology in the healthcare industry with over one-third share in 2022.
Europe and Asia Pacific collectively account for just under 40% share in 2022, with Asia Pacific holding over 22% share in the same year.
The rest of the World, including Latin America, The Middle East, and Africa, contributes the remainder to the demand for blockchain technology in healthcare.
The demand for more robust and secure solutions, which has increased concern over data breaches and security vulnerabilities in the healthcare sector, is one factor driving the use of blockchain technology. The additional security features provided by blockchain’s decentralized and unchangeable nature ensure the integrity and privacy of critical health data, sparking interest in its use within the healthcare industry.
The use of blockchain technology in healthcare is expanding in the United States. Blockchain is being used to improve data security and interoperability across healthcare providers. Blockchain is being used, for instance, by businesses like Hashed Health to create decentralized networks for sharing patient data and facilitating seamless care coordination. Blockchain is being used in supply chain management to guarantee the reliability of drugs and medical equipment. Blockchain technology is being used by businesses like Chronicled to track the provenance of medications, lowering the possibility of fake items entering the market and enhancing patient safety.
Blockchain technology is being used in the UK to increase the effectiveness of healthcare operations. The National Health Service (NHS) is looking at blockchain applications for secure patient health record storage and sharing, giving authorized healthcare providers access to accurate and current data. Blockchain is also being utilized to speed up clinical studies by guaranteeing the immutability and transparency of trial data, improving confidence and data integrity. Healthcare providers and businesses like Medicalchain are working together to develop blockchain solutions for secure patient data management, giving patients more control over their health data.
Increasing Need for Secure and Interoperable Health Data Exchange
The growing demand for safe and reliable health data interchange is one of the main factors driving the implementation of blockchain technology in healthcare. Healthcare businesses struggle to ensure data security and privacy while securely exchanging patient data with many parties. Traditional data communication techniques are frequently fragmented, laborious, and vulnerable to security breaches. Blockchain technology offers a decentralized, unhackable platform for storing and exchanging health data.
Data recorded on the blockchain is protected and can be securely transferred among authorized parties thanks to cryptographic protocols. By utilizing smart contracts, data interchange may be automated and consent-driven, guaranteeing that data is accessed and shared following established guidelines. This motive pushes healthcare stakeholders to investigate blockchain technologies to achieve seamless and secure interoperability, improve care coordination, improve patient outcomes, and minimize administrative burdens.
Potential for Enhanced Transparency and Trust in Supply Chain Management
The promise of improved transparency and trust in supply chain management is key in adopting blockchain technology in healthcare. The healthcare sector deals with fake medications, ineffective supply chains, and low visibility. A distributed ledger system made possible by blockchain technology allows for end-to-end product visibility and traceability throughout the supply chain.
The blockchain maintains a permanent audit trail of every transaction and movement of commodities, ensuring the provenance and legitimacy of medicines, medical equipment, and other healthcare products. Healthcare businesses can lower the risk of patients receiving faulty or outdated pharmaceuticals by deploying blockchain-based solutions that can be used to confirm the integrity of the supply chain, find and prevent counterfeit goods, and detect and stop them.
Additionally, the transparency offered by blockchain can improve demand forecasting, expedite inventory management, and boost overall supply chain effectiveness. This driving force encourages healthcare professionals to investigate blockchain solutions for supply chain issues, ensure patient safety, and increase confidence between all parties.
Complicated Regulatory And Legal Environment
The complicated regulatory and legal environment is one barrier to blockchain technology adoption in the healthcare industry. Getting around laws like the GDPR (General Data Protection Regulation) and HIPAA (Health Insurance Portability and Accountability Act) that address data privacy, security, and permission is necessary for implementing blockchain in the healthcare industry.
To protect patient privacy and comply with regulatory standards, healthcare institutions must ensure blockchain’s decentralized and transparent nature does not jeopardize it. Additionally, it is difficult to assure compliance and interoperability across various systems because there aren’t any established standards and criteria for using blockchain in healthcare. The widespread deployment of blockchain technology in the healthcare sector needs to get beyond these legislative and regulatory obstacles.
Improved Patient Outcomes through Secure and Decentralized Electronic Health Records
Using secure, decentralized electronic health records (EHRs) to improve patient outcomes is a huge opportunity for blockchain technology in the healthcare industry. Data breaches, interoperability problems, and data silos are common problems with traditional EHR systems. To ensure real-time access to accurate and comprehensive medical information, patient records can be securely maintained and accessible across various healthcare providers using blockchain technology.
This makes it possible for medical workers to make quicker and more informed decisions, which improves care coordination, lowers medical errors, and improves patient safety. Additionally, patients can exercise more control over their health information by granting authorization to medical professionals and researchers while protecting their privacy and data ownership.
Streamlined Administrative Processes and Smart Contracts
Another option is the application of blockchain-based smart contracts to streamline administrative procedures in the healthcare industry. Claims adjudication, billing, and payment processes are examples of administrative procedures that are frequently difficult, time-consuming, and prone to mistakes.
By incorporating preset rules and conditions, blockchain-based smart contracts can automate and streamline these procedures. For instance, a smart contract can automatically start billing after a healthcare service is rendered, check insurance coverage, and carry out payment once it is finished.
Blockchain technology can lower administrative expenses, minimize errors, and quicken the payment cycle by eliminating middlemen and automating procedures. In addition to helping healthcare providers optimize their revenue cycles, this possibility also benefits patients and insurers by ensuring quicker claims processing and easing administrative burdens for all parties.
Competitive Landscape
Key Players
The global blockchain technology in healthcare is highly competitive, with several key players. Some of the major players in the market and their market share are as follows:
Medical Chain
Oracle Corporation
Farmatrust
iSolve, LLC
Change Healthcare, Inc
Avaneer Health, Inc
Patientory, Inc
Equideum Health
Hashed Health
GuardTime
International Business Machines Corporation
Embleema
Chronicled
Proof Works
BurstIQ
Akiri, Inc
Crystalchain
Innovative startups, well-established technology companies, and partnerships between healthcare providers and technology providers make up the competitive landscape of blockchain technology in the healthcare sector. Key competitors are concentrating on creating secure and interoperable solutions, boosting patient data privacy and security, and supply chain management to obtain a competitive edge in the market.
Beginning in January 2022, Avaneer Health will have access to USD 50 million in startup funding thanks to new assistance from several renowned healthcare organizations. The network, built on blockchain technology, emphasizes payer-to-payer data sharing, eligibility, and prior authorization while employing HL7’s FHIR specification to broaden data access among healthcare organizations.
Nokia announced in March 2022 that Equideum Health had selected it to support the creation and delivery of healthcare use cases. Nokia’s Data Marketplace (NDM) solution, which is accessible through its Software-as-a-Service (SaaS) architecture, will be used by Equideum Health. New use cases will be able to be introduced by Equideum Health, a pioneer in the healthcare and life sciences blockchain.
Summary of Key Findings
The public will control over 70% of the market’s value in 2022 and is the market leader in material. Private is predicted to have the fastest CAGR during the forecast period.
The data exchange and interoperability segment predicted to develop at a high CAGR, is expected to dominate the global market for blockchain technology in healthcare, accounting for a large share of over 30% in 2022.
Healthcare payers are expected to exhibit the fastest CAGR throughout the forecast period. In contrast, pharmaceutical and medical device firms are expected to hold more than 35% of the market’s value in 2022.
With a greater than one-third market share in 2022, North America propelled the development of blockchain technology in the healthcare sector. In 2022, Asia Pacific and Europe will account for slightly less than 40% of the market, with Asia Pacific controlling more than 22%.
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The industry for healthcare holds considerable promise for blockchain technology in the future.
Blockchain technology offers interesting solutions as the sector continues to prioritize data security, interoperability, and openness. Healthcare operations could be revolutionized by the possibility for secure and frictionless sharing of health data, reduced administrative procedures, and enhanced supply chain management.
The full potential of this technology is anticipated to be unlocked by improvements in interoperability standards, regulatory frameworks, and increased adoption of blockchain-based solutions, resulting in improved patient outcomes, lower costs, and a more effective and patient-centered healthcare system.
Segmentation
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
By Region
North America
Canada
Mexico
Europe
Germany
France
K.
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
South-east Asia
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of Middle East and Africa
Chapter 1. Preface
1.1. Report Description
1.1.1. Study Purpose
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Assumptions
1.4. Market Segmentation
Chapter 2. Executive Summary
2.1. Global BTH Market Portraiture
2.2. Global BTH Market, by Application, 2017 (US$ Mn)
2.3. Global BTH Market, by End-user, 2017 (US$ Mn)
2.4. Global BTH Market, by Geography, 2017 (US$ Mn)
Chapter 3. Global Blockchain Technology in Healthcare (BTH) Market: Dynamics and Future Outlook
3.1. Overview
3.2. Drivers
3.3. Challenges
3.4. Opportunities
3.5. Attractive Investment Proposition, by Geography, 2017
3.6. Competitive Analysis: Global BTH Market, by Key Players, 2017
Chapter 4. Global Blockchain Technology in Healthcare (BTH) Market, by Application, 2016 – 2026 (US$ Mn)
4.1. Overview
4.2. Data Exchange and Interoperability
4.3. Supply Chain Management
4.4. Claims Adjudication and Billing Management
4.5. Others
Chapter 5. Global Blockchain Technology in Healthcare (BTH) Market, by End-user, 2016 – 2026 (US$ Mn)
5.1. Overview
5.2. Pharmaceutical Companies
5.3. Healthcare Payers
5.4. Healthcare Providers
5.5. Research and Academia
5.6. Others
Chapter 6. Global Blockchain Technology in Healthcare (BTH) Market, by Geography, 2016 – 2026 (US$ Mn)
6.1. Overview
6.2. North America BTH Market, 2016 – 2026 (US$ Mn)
6.2.1. North America BTH Market, by Application, 2016 – 2026 (US$ Mn)
6.2.2. North America BTH Market, by End-user, 2016 – 2026 (US$ Mn)
6.2.3. North America BTH Market, by Country, 2016 – 2026 (US$ Mn)
6.2.3.1. U.S.
6.2.3.2. Canada
6.3. Europe BTH Market, 2016 – 2026 (US$ Mn)
6.3.1. Europe BTH Market, by Application, 2016 – 2026 (US$ Mn)
6.3.2. Europe BTH Market, by End-user, 2016 – 2026 (US$ Mn)
6.3.3. Europe BTH Market, by Country/Region, 2016 – 2026 (US$ Mn)
6.3.3.1. U.K.
6.3.3.2. Germany
6.3.3.3. Rest of Europe
6.4. Asia Pacific BTH Market, 2016 – 2026 (US$ Mn)
6.4.1. Asia Pacific BTH Market, by Application, 2016 – 2026 (US$ Mn)
6.4.2. Asia Pacific BTH Market, by End-user, 2016 – 2026 (US$ Mn)
6.4.3. Asia Pacific BTH Market, by Country/Region, 2016 – 2026 (US$ Mn)
6.4.3.1. China
6.4.3.2. Japan
6.4.3.3. Rest of Asia Pacific
6.5. Latin America BTH Market, 2016 – 2026 (US$ Mn)
6.5.1. Latin America BTH Market, by Application, 2016 – 2026 (US$ Mn)
6.5.2. Latin America BTH Market, by End-user, 2016 – 2026 (US$ Mn)
6.5.3. Latin America BTH Market, by Country/Region, 2016 – 2026 (US$ Mn)
6.5.3.1. Brazil
6.5.3.2. Mexico
6.5.3.3. Rest of Latin America
6.6. Middle East & Africa BTH Market, 2016 – 2026 (US$ Mn)
6.6.1. Middle East & Africa BTH Market, by Application, 2016 – 2026 (US$ Mn)
6.6.2. Middle East & Africa BTH Market, by End-user, 2016 – 2026 (US$ Mn)
6.6.3. Middle East & Africa BTH Market, by Region, 2016 – 2026 (US$ Mn)
6.6.3.1. GCC
6.6.3.2. Rest of Middle East & Africa
Chapter 7. Company Profiles
7.1. IBM Corporation
7.1.1. Business Description
7.1.2. Financial Information (Subject to Data Availability)
7.1.3. Product Portfolio
7.1.4. Key Developments
7.2. Guardtime
7.3. Microsoft Corporation
7.4. Proof.Works
7.5. PokitDok, Inc.
7.6. SimplyVital Health Inc.
7.7. Gem OS
7.8. iSolve, LLC
7.9. Patientory, Inc.
7.10. FarmaTrust
7.11. EncrypGen
7.12. Medicalchain
7.13. Nebula Genomics
7.14. Hashed Health
7.15. Chronicled (MediLedger)
List of Figures
FIG 1. Blockchain Technology in Healthcare (BTH) Market: Research Methodology
FIG 2. Market Size Estimation – Top Down & Bottom up Approach
FIG 3. BTH Market Segmentation
FIG 4. Global BTH Market, by Application, 2017 (US$ Mn)
FIG 5. Global BTH Market, by End-user, 2017 (US$ Mn)
FIG 6. Global BTH Market, by Geography, 2017 (US$ Mn)
FIG 7. Attractive Investment Proposition, by Geography, 2017
FIG 8. Competitive Analysis: Global BTH Market, by Key Players, 2017
FIG 9. Global BTH Market in Data Exchange and Interoperability, 2016 – 2026 (US$ Mn)
FIG 10. Global BTH Market in Supply Chain Management, 2016 – 2026 (US$ Mn)
FIG 11. Global BTH Market in Claims Adjudication and Billing Management, 2016 – 2026 (US$ Mn)
FIG 12. Global BTH Market in Other Applications, 2016 – 2026 (US$ Mn)
FIG 13. Global BTH Market for Pharmaceutical Companies, 2016 – 2026 (US$ Mn)
FIG 14. Global BTH Market for Healthcare Payers, 2016 – 2026 (US$ Mn)
FIG 15. Global BTH Market for Healthcare Providers, 2016 – 2026 (US$ Mn)
FIG 16. Global BTH Market for Research and Academia, 2016 – 2026 (US$ Mn)
FIG 17. Global BTH Market for Other Users, 2016 – 2026 (US$ Mn)
FIG 18. U.S. BTH Market, 2016 – 2026 (US$ Mn)
FIG 19. Canada BTH Market, 2016 – 2026 (US$ Mn)
FIG 20. U.K. BTH Market, 2016 – 2026 (US$ Mn)
FIG 21. Germany BTH Market, 2016 – 2026 (US$ Mn)
FIG 22. Rest of Europe BTH Market, 2016 – 2026 (US$ Mn)
FIG 23. China BTH Market, 2016 – 2026 (US$ Mn)
FIG 24. Japan BTH Market, 2016 – 2026 (US$ Mn)
FIG 25. India BTH Market, 2016 – 2026 (US$ Mn)
FIG 26. Rest of Asia Pacific BTH Market, 2016 – 2026 (US$ Mn)
FIG 27. Brazil BTH Market, 2016 – 2026 (US$ Mn)
FIG 28. Mexico BTH Market, 2016 – 2026 (US$ Mn)
FIG 29. Rest of Latin America BTH Market, 2016 – 2026 (US$ Mn)
FIG 30. GCC BTH Market, 2016 – 2026 (US$ Mn)
FIG 31. Rest of Middle East and Africa BTH Market, 2016 – 2026 (US$ Mn)
List of Tables
TABLE 1 Global Blockchain Technology in Healthcare (BTH) Market Portraiture
TABLE 2 Global BTH Market, by Application, 2016 – 2026 (US$ Mn)
TABLE 3 Global BTH Market, by End-user, 2016 – 2026 (US$ Mn)
TABLE 4 Global BTH Market, by Geography, 2016 – 2026 (US$ Mn)
TABLE 5 North America BTH Market, by Application, 2016 – 2026 (US$ Mn)
TABLE 6 North America BTH Market, by End-user, 2016 – 2026 (US$ Mn)
TABLE 7 North America BTH Market, by Country, 2016 – 2026 (US$ Mn)
TABLE 8 Europe BTH Market, by Application, 2016 – 2026 (US$ Mn)
TABLE 9 Europe BTH Market, by End-user, 2016 – 2026 (US$ Mn)
TABLE 10 Europe BTH Market, by Country/Region, 2016 – 2026 (US$ Mn)
TABLE 11 Asia Pacific BTH Market, by Application, 2016 – 2026 (US$ Mn)
TABLE 12 Asia Pacific BTH Market, by End-user, 2016 – 2026 (US$ Mn)
TABLE 13 Asia Pacific BTH Market, by Country/Region, 2016 – 2026 (US$ Mn)
TABLE 14 Latin America BTH Market, by Application, 2016 – 2026 (US$ Mn)
TABLE 15 Latin America BTH Market, by End-user, 2016 – 2026 (US$ Mn)
TABLE 16 Latin America BTH Market, by Country/Region, 2016 – 2026 (US$ Mn)
TABLE 17 Middle East and Africa BTH Market, by Application, 2016 – 2026 (US$ Mn)
TABLE 18 Middle East and Africa BTH Market, by End-user, 2016 – 2026 (US$ Mn)
TABLE 19 Middle East and Africa BTH Market, by Region, 2016 – 2026 (US$ Mn)
TABLE 20 IBM Corporation: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 21 Guardtime: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 22 Microsoft Corporation: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 23 Proof.Works: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 24 PokitDok, Inc.: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 25 SimplyVital Health Inc.: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 26 Gem OS: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 27 iSolve, LLC: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 28 Patientory, Inc.: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 29 FarmaTrust: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 30 EncrypGen: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 31 Medicalchain: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 32 Nebula Genomics: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 33 Hashed Health: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 34 Chronicled (MediLedger): Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
Frequently Asked Questions
What is the current size of the global blockchain technology in healthcare market?
The global blockchain technology in healthcare market was valued at USD 0.5 Billion in 2022.
What is the expected growth rate of the blockchain technology in healthcare market between 2023 and 2030?
The blockchain technology in healthcare market is expected to grow at a CAGR of 5.7% between 2023 and 2030, reaching USD 5.2 Billion in 2030.
Which segment is leading the market share in terms of Type?
Public is the leading segment by type, holding over 70% share in value in 2022.
Which Application segment governs the demand for blockchain technology in healthcare worldwide?
The data exchange and interoperability segment govern the global demand for blockchain technology in healthcare, holding a massive share of over 30% in 2022
Which segment is expected to post the highest CAGR during the forecast period?
The pharmaceutical and medical device companies segment is expected to post the highest CAGR during the forecast period.
Which region is fueling the growth of blockchain technology in healthcare industry?
North America is fueling the growth of the blockchain technology in healthcare industry, with an over one-third share in 2022.
Who are the major players in the global blockchain technology in healthcare market?
Medical Chain, Oracle Corporation, Farmatrust, iSolve, LLC, and Change Healthcare, Inc are top players.
What are the major market drivers of the blockchain technology in healthcare industry?
The major market drivers are the increasing need for secure and interoperable health data exchange, the potential for enhanced transparency and trust in supply chain management, and the growing demand for efficient administrative processes and smart contracts.
What are the major market restraints of blockchain technology in healthcare industry?
The major market restraints are the complex regulatory and legal landscape and lack of standardized frameworks and guidelines for implementing blockchain in healthcare.
What are the major market opportunities in the blockchain technology in healthcare industry?
Improved patient outcomes through secure and decentralized electronic health records (EHRs), streamlined administrative processes and smart contracts, and enhanced transparency and trust in supply chain management.
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