Global Blockchain Technology in Healthcare Market Report and Forecast 2024-2032

Global Blockchain Technology in Healthcare Market Outlook:

The global blockchain technology in healthcare market is anticipated to grow at a CAGR of 41.1% during the forecast period of 2024-2032, driven by the increasing investments by key players in blockchain technology companies.

Blockchain Technology: Introduction

Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain.

A blockchain network is used in the healthcare system to preserve and exchange patient data through hospitals, diagnostic laboratories, pharmacy firms, and physicians. Blockchain applications can accurately identify severe mistakes and even dangerous ones in the medical field. Thus, it can improve the performance, security, and transparency of sharing medical data in the health care system. This technology is helpful to medical institutions to gain insight and enhance the analysis of medical records.

Global Blockchain Technology in Healthcare Market Analysis

Blockchain is a network that can provide security in the healthcare sector and keep track of all the data for future reference as well. Such helpful features of blockchain technology can boost the market growth in the coming years. With the installation of blockchain technology in healthcare systems, supply chain management can get better and help track the authenticity of pharmaceuticals and medical devices, which will further increase the demand for block technology in the market.

The implementation of blockchain technology provides a valuable opportunity to curb the dependability and security of clinical trial data. By reducing the potential for data tampering and manipulation, this technology offers a highly effective solution for risks associated with data authenticity, further expected to intensify the global blockchain technology in healthcare market growth.

The ability of blockchain technology to protect and provide secure access to important data without the need for costly intermediaries is also a major factor responsible for the increased adoption in healthcare settings in the coming years, further propelling market growth. The deployment of blockchain technology will potentially enable patient data to be easily accessed by individual patients, rather than being held captive at each location of care, expected to further increase the demand for blockchain technologies in healthcare settings.

Global Blockchain Technology in Healthcare Market Segmentations

Market Breakup by Type

• Public

• Private

Market Breakup by Application

• Supply Chain Management

• Data Exchange and Interoperability

• Claims Adjudication and Billing

• Others

Market Breakup by End User

• Pharmaceutical and Medical Device Companies

• Healthcare Payers

• Healthcare Providers

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Blockchain Technology in Healthcare Market Overview

The increasing investments by key players in blockchain technology companies are a major factor driving the market growth. The increased awareness about cryptocurrency and the legalization of cryptocurrency in countries is expected to boost market growth in the coming years. The increasing requirement for a decentralized platform for storing and managing electronic health records (EHRs) in a digital ledger is a major reason for the potential adoption of blockchain technology in healthcare settings, which will further propel the blockchain technology in healthcare market growth. The potential of blockchain in securing healthcare data has gained significant traction due to the increasing prevalence of security breaches in the healthcare sector, further propelling the market growth.

Geographically, North America is leading the blockchain technology in healthcare market share due to the increased adoption of blockchain technology by organizations in the region. Industries, such as government, retail, and BFSI, are implementing payment and wallet solutions, smart contracts, and digital identity detection solutions, which is creating the need for blockchain technologies. Furthermore, the increased popularity of cryptocurrency among regional people is also one of the major factors influencing the regional market growth.

Global Blockchain Technology in Healthcare Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• iSolve, LLC

• Avaneer Health, Inc

• Akiri, Inc

• Change Healthcare, Inc

• Hashed Health

• GuardTime

• SMITH & NEPHEW

• Oracle Corporation

• Proof Works

• Embleema

• International Business Machines Corporation (IBM)

Key Highlights of the Report