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Blockchain technology in healthcare market is estimated to grow at a CAGR of 32.79% between 2022 and 2027. The market size is forecasted to increase by USD 1,939.31 million. The growth of the market depends on several factors, including the growing inclination toward data security, the improved interoperability of blockchain technology in healthcare, and the enhanced data integrity of blockchain technology in healthcare.
This blockchain technology in healthcare market report extensively covers market segmentation by type (private, public, and hybrid), end-user (pharmaceutical and medical device companies, healthcare payers, and healthcare providers), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing inclination toward data security is notably driving market growth, although factors such as patients' data privacy and consent management may impede market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing inclination toward data security is notably driving the market growth. The use of blockchain technology improves security and encryption methods. Healthcare organizations have to protect sensitive data, such as patient records and information about clinical studies, from unauthorized access and manipulation by utilizing blockchain technology.
Blockchain-based MedRec system gives patients control over their medical records while maintaining the security and privacy of their personal information. Similarly, Guardtime uses its KSI blockchain technology to safeguard the integrity and validity of clinical trial data and avoid fraudulent tampering. With the help of these technologies, stakeholders can understand the use of blockchain security in fulfilling the critical requirement for data protection in healthcare. These factors will drive the growth of the market during the forecast period.
The growing adoption of blockchain-based health information exchange is a key trend in the market. It is important to comply with regulations such as General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), and medical device regulations. Healthcare organizations are realizing the importance of ensuring data security and privacy by implementing blockchain technology. They are investing in technologies that support regulatory compliance, safeguard patient data, and safeguard sensitive health information.
Blockchain platforms enable compliance data sharing and storage while ensuring patient anonymity. These platforms combine privacy-enhancing methods such as zero-knowledge proofs or safe multiparty computing. This pattern highlights the need to match blockchain systems with current regulatory frameworks to ensure legal compliance. Such factors are expected to support the growth of the market during the forecast period.
Patients' data privacy and consent management are challenging market growth. The equilibrium between data transparency and patient privacy is a challenge in the global blockchain technology in healthcare market. While blockchain offers improved security, maintaining patient privacy and consent management in a transparent system can be challenging. It is difficult to gain patients' trust and adhere to privacy laws such as HIPAA and GDPR.
Many patients prefer to control their medical information. They can take advantage of the accessibility and data integrity offered by blockchain. However, careful planning and execution of privacy measures inside blockchain applications are necessary. These factors will hinder the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Blockchain Technology in Healthcare Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BurstIQ LLC - The company offers blockchain technology such as the BurstIQ platform. It also offers a blockchain platform for the healthcare industry.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the private segment will be significant during the forecast period. Blockchain networks offer a controlled environment. Hence, organizations can securely share sensitive healthcare data among authorized users. These networks provide improved data traceability, transparency, and integrity. In addition, private blockchains enable businesses to leverage blockchain technology while adhering to data protection laws.
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The private segment was valued at USD 70.77 million in 2017 and continued to grow until 2021. Private blockchain solutions are being used widely in the healthcare industry owing to the demand for improved patient outcomes, simpler operations, and secure data sharing. These solutions are being actively developed for the healthcare sector. These factors are expected to drive the growth of the private segment during the forecast period.
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North America is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The demand for blockchain solutions in North America is fueled by the enhanced healthcare infrastructure, growing use of electronic health records (EHRs), and strict data privacy laws. The demand for safe and interoperable health information sharing, the prevalence of counterfeit medications, and the focus on data security and privacy are also driving the growth of blockchain technology in healthcare market in the region. Blockchain technology offers various advantages, such as interoperability, data integrity, and privacy. These factors will drive the growth of the market in the region during the forecast period.
In North America, the COVID-19 pandemic in 2020 had a substantial effect on the blockchain technology in healthcare market. Blockchain technology offers a secure and transparent platform for handling medical records, supply chains, and clinical trials. Thus, the pandemic fueled the adoption of technology in healthcare. In 2021, vaccination drives expanded the demand for blockchain technology in healthcare. Therefore, the increasing demand for blockchain technology in the healthcare sector will fuel the growth of the market in the region during the forecast period.
The blockchain technology in healthcare market report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the blockchain technology in the healthcare market as a part of the global data processing and outsourced services market within the global IT services market. The global IT services market covers companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. The global data processing and outsourced services market covers the providers of commercial electronic data processing and/or business process outsourcing services. It also includes companies that provide services for back-office automation. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Blockchain Technology In Healthcare Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 32.79% |
Market growth 2023-2027 |
USD 1,939.31 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
30.63 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 46% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amgen Inc., Blockchain AI Solutions Ltd., BurstIQ LLC, Chronicled, Embleema Inc., Equideum Health, GuardTime OU, Hashed Industries LLC, Health Utility Network Inc., International Business Machines Corp., iSolve LLC, Microsoft Corp., Novartis AG, Oracle Corp., Patientory Inc., Proof.Works, Qure.ai Technologies Pvt. Ltd., Sanofi SA, UnitedHealth Group Inc., and Medicalchain SA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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