Global Blockchain for Healthcare Market, By Type (Public, Private), Application (Clinical Data Exchange and Interoperability, Claims Adjudication and Billing Management, Drug Supply Chain Management, Drug Discovery and Clinical Trials, Prescription Drug Abuse, Others), End User (Pharmaceutical Companies, Healthcare Providers, Healthcare Payers, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
In the past few years, the blockchain for the healthcare market’s growth was slowing down due to regulatory and behavioral barriers for the adoption of telehealth. However, the importance of remote diagnosis, care, and consultation was emphasized again after the COVID-19 as many healthcare providers are currently experimenting with video conferencing and phone calls, this segment's growth will skyrocket in the next few years. Moreover, the market is expected to grow with the same pace post COVID owing to the growing importance of such technology.
Data Bridge Market Research analyses that the blockchain for healthcare market is expected to grow at a CAGR of 72.0% during the forecast period. The “drug supply chain management” accounts for the largest application segment in the blockchain for healthcare market within the forecasted period.
The blockchain for the healthcare is basically a decentralized system that records, stores, and maintains transactional or historical records across a peer-to-peer network of personal computers known as nodes. In other words, it's a public, immutable digital ledger that works similarly to a database. As a powerful and disruptive technology that can cause a seismic shift in any industry, blockchain is required.
- Blockchain in healthcare has a number of advantages, including network infrastructure security at all levels, a standardized pattern of authorization to access electronic health records, and identity verification.
Blockchain for Healthcare Market Dynamics
Increasing Incidence Of Healthcare Data Breaches
The increasing incidence of healthcare data breaches along with the increasing concern about the confidential information of patients are the most significant factor driving the growth for this market. Healthcare data breaches frequently expose highly sensitive information, ranging from personally identifiable information like social security numbers, names, and addresses to sensitive health information like Medicaid ID numbers, insurance information and patients' medical histories.
Moreover, the increasing threat of counterfeit drugs, increasing adoption of blockchain as a service (BaaS), and transparency and immutability of the distributed ledger technology are also expected to fuel market growth. The use of blockchain to reduce IT and operational costs in insurance process and increasing government initiatives and growing investments in the development of efficient healthcare record systems also cushions the market’s growth within the forecasted period.
Furthermore, the emergence of blockchain as a valid solution in the healthcare industry players extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Moreover, the various investments by government bodies across the globe in blockchain to research will further expand the blockchain for healthcare market's growth rate in the future.
On the other hand, the reluctance to disclose data and lack of a central entity and common set of standards along with lack of skilled and trained personal is expected to obstruct market growth. Also, the dearth of knowledge about the distributed ledger technology and its application in the healthcare industry are projected to challenge the blockchain for healthcare market in the forecast period of 2022-2029.
This blockchain for healthcare market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the blockchain for healthcare market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Blockchain for Healthcare Market
The healthcare industry across the globe has been heavily impacted by the COVID-19. The pandemic however offered blockchain for healthcare market some crucial growth opportunities for the as the need for blockchain for healthcare has increased twofold during the COIVD-19 pandemic. The coronavirus outbreak has accelerated the adoption of emerging digital technologies in healthcare, such as blockchain technology which worked as a root cause in bolstering the growth of the market. Additionally, there was a surge in various investments in healthcare infrastructure to improve facilities have prompted the use of advanced medical devices in hospitals which further worked in favor of the market. In conclusion, the increased adoption of the technology had a positive impact on the blockchain for healthcare market.
- In December 2021, IBM's Digital Health Healthy Returns Practice collaborates with healthcare IT leaders to provide COVID-19 digital credentials. The IBM Digital Health Pass is a tool that allows businesses to check COVID-19 test results and vaccination status for employees, customers, and visitors entering their facility, such as a sports stadium, aeroplane, government building, or workplace. The IBM Digital Health Pass is a secure, voluntary digital alternative to paper test results or vaccination cards that uses a combination of encryption, QR codes, and blockchain technology to provide another option, if needed, for individuals to share that they have tested negative or been vaccinated for COVID-19.
- In January 2022, Aetna, Anthem, and the Cleveland Clinic have teamed up to announce a new blockchain-based healthcare initiative, the latest sign of blockchain's potential impact on the healthcare sector.
Global Blockchain for Healthcare Market Scope
The blockchain for healthcare market is segmented on the basis of type, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
On the basis of type, the blockchain for healthcare market is segmented into public and private.
- Clinical Data Exchange and Interoperability
- Claims Adjudication and Billing Management
- Drug Supply Chain Management
- Drug Discovery and Clinical Trials
- Prescription Drug Abuse
On the basis of level of application, the blockchain for healthcare market is segmented into clinical data exchange and interoperability, claims adjudication and billing management, drug supply chain management, drug discovery and clinical trials, prescription drug abuse and others. The drug supply chain management is expected to show a significant growth within the application segment within the forecast period.
- Pharmaceutical Companies
- Healthcare Providers
- Healthcare Payers
On the basis of level of end user, the blockchain for healthcare market is segmented into pharmaceutical companies, healthcare providers, healthcare payers and others.
Blockchain for Healthcare Market Regional Analysis/Insights
The blockchain for healthcare market is analyzed and market size insights and trends are provided by country, type, application and end user as referenced above.
The countries covered in the blockchain for healthcare market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the blockchain for healthcare market because of the growing occurrences of healthcare data breaches, strict regulations to improve pharmaceutical supply chain and increasing fraudulent billings will uplift the growth of the market in this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 owing to the improving healthcare infrastructure, increasing adoption of EHR systems and other healthcare IT solutions, growing demand for health information exchange between different stakeholders in the healthcare industry in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The blockchain for healthcare market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for blockchain for healthcare market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the blockchain for healthcare market. The data is available for historic period 2010-2020.
Competitive Landscape and Blockchain for Healthcare Market Share Analysis
The blockchain for healthcare market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to blockchain for healthcare market.
Some of the major players operating in the blockchain for healthcare market are IBM, Microsoft, Guardtime., Gem, Hashed Health, Chronicled, iSolve, LLC, Patientory Inc., accumulatenetwork, factomprotocol., Medicalchain SA., Proof.Works, Blockchain AI Solutions Ltd, Change Healthcare, and Doc.ai, Inc, among others.