Blockchain Technology in Healthcare Industry Overview
The global blockchain technology in the healthcare market size was valued at USD 1.19 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 68.1% from 2022 to 2030. The increasing incidence of information leaks and data breaches, coupled with the rising requirement to curb these issues, are attributed to the market growth. Strategic initiatives by the key players, high demand to reduce drug counterfeiting, and the need for efficient health data management systems are the major factors leading to the adoption of the technology.
In October 2021, MDS Mexico, for instance, launched a blockchain technology based COVID-19 testing service to ensure the authenticity of vaccination certificates. The COVID-19 pandemic boosted the adoption and demand for blockchain solutions in healthcare. Although blockchain continues to be considered an emerging technology, market stakeholders have presented several use cases and proposals to increase awareness and adoption of blockchain to improve health outcomes.
Gather more insights about the market drivers, restrains and growth of the Global Blockchain Technology in Healthcare market
In April 2020, IBM launched the IBM Rapid Supplier Connect, a blockchain-based network, to connect healthcare organizations and governments with non-traditional suppliers of devices, equipment, and supplies to combat COVID-19. In China, hospitals implemented blockchain to ensure timely delivery and accurate tracking of medications to COVID-19 patients’ homes.
As per OECD, a new blockchain application has emerged called Research Foundry to facilitate the management of permissions and consent for the sharing of and access to health data, software code, metadata, and other products connected with healthcare R&D. Furthermore, rising investment in the development of efficient healthcare record systems, wearable devices cryptography, and medical examination systems is anticipated to provide this market with lucrative opportunities in the near future.
Growing disease prevalence is expected to create a huge amount of data, boosting demand for data management. Moreover, leveraging blockchain technology in healthcare records will ensure that the data cannot be altered to ensure data integrity. Rising investment by major market players in this technology is further leading to market growth. For instance, in March 2018, IBM launched a low-cost platform especially for startups, to build any blockchain projects. Such initiatives are likely to encourage innovations and new healthcare organizations to adopt the technology, fostering market growth.
Synaptic Health Alliance is a partnership of leading healthcare companies focused on advancing data sharing between providers. The alliance consists of established healthcare companies such as Humana, Quest Diagnostics, and Optum. Synaptic believes blockchain has the potential to increase efficiency and lower costs in many areas within healthcare.
HMS Holdings has also stated that there is a place for blockchain in its business. The company has spoken with providers of supporting technology from many large technology companies to achieve this goal. Cerner, Allscripts, and athenahealth have also demonstrated interest in the area. Blockchain has the potential to reshape how healthcare organizations address longstanding issues and this is estimated to fuel the market growth.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
- Healthcare Analytics Market - The global healthcare analytics market is currently valued at USD 29.1 billion as of 2021 and is expected to expand at a CAGR of 21.5% for the forecast period 2022-2030.
- eHealth Market - The global eHealth market size was valued at USD 204.32 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.4% from 2022 to 2030. The eHealth offers cost-effective healthcare delivery in both high and low-income countries.
Blockchain Technology In Healthcare Market Segmentation
Grand View Research has segmented the global blockchain technology in healthcare market on the basis of network type, application, end user, and region:
Blockchain Technology In Healthcare Network Type Outlook (Revenue, USD Million, 2017 - 2030)
- Private
- Public
- Others
Blockchain Technology In Healthcare Application Outlook (Revenue, USD Million, 2017 - 2030)
- Clinical Data Exchange & Interoperability
- Claims Adjudication & Billing
- Supply Chain Management
- Clinical Trials & eConsent
- Others
Blockchain Technology In Healthcare End-user Outlook (Revenue, USD Million, 2017 - 2030)
- Providers
- Payers
- Biopharmaceutical & Medical Device Companies
- Others
Blockchain Technology In Healthcare Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some of the key players in the blockchain technology in the healthcare market include:
- IBM
- PATIENTORY INC.
- Guardtime
- iSolve, LLC
- Care
- Oracle
- Change Healthcare
- BurstIQ
- Medicalchain SA
- Blockpharma
Order a free sample PDF of the Blockchain Technology In Healthcare Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
