by The Blockchain Technology In Healthcare Market has seen considerable growth in recent years owing to the need for securing patient data and streamlining various healthcare processes. Blockchain provides an immutable and distributed digital ledger that can facilitate the exchange of sensitive medical information between stakeholders securely without any centralized monitoring. It assists in improving clinical trial management, preventing counterfeit drugs, and enhances supply chain visibility.
The Blockchain Technology In Healthcare Market is estimated to be valued at US$ 159 Mn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period of 2024-2031.
Key Takeaways
Key players operating in the blockchain technology in healthcare are ConsenSys, Embleema, Equideum Health, IBM Lifescience, and MELLODDY. Blockchain presents opportunities for healthcare providers to monetize health records with patient consent and simplifies the process of securely sharing medical data with insurers and researchers. The growing application of blockchain across diverse regions worldwide will propel the growth of the Blockchain Technology In Healthcare Market during the forecast period.
Market Drivers
The major driver for the Blockchain Technology In Healthcare Market is the growing need for secure data exchange due to rising healthcare costs and data breaches. Blockchain eliminates the need for a centralized authority by distributing information across a network. It improves transparency, prevents data tampering, and enables easy access to authorized users only. This significantly boosts the trust and security of health data sharing.
PEST Analysis
Political: Government regulations can affect the adoption of blockchain technology in healthcare sector as it deals with sensitive patient data. Favorable laws can help drive its adoption.
Economic: Growing healthcare costs are putting pressure on governments worldwide to reduce costs. Blockchain technology has the potential to reduce operational costs for healthcare providers and payers by streamlining processes.
Social: People are more aware now about health data privacy and security. Blockchain provides patients more control over how their personal data is stored and shared. This can help increase patient acceptance of emerging technologies.
Technological: Blockchain leverages distributed ledger technology to securely and transparently share clinical, financial and administrative healthcare information across providers, payers and other stakeholders. Its strength lies in distributed networks versus centralized systems.
Regions With High Market Concentration
North America accounted for the largest share of the Blockchain Technology In Healthcare Market in terms of value in 2024. This is attributed to rapid technology adoption and big healthcare IT budgets in the US. Increasing investments by blockchain firms and healthcare providers exploring its applications have propelled growth.
Fastest Growing Region
Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. Governments are investing in digital healthcare initiatives to meet rising medical needs of their burgeoning population. Flexible regulations around blockchain drives more trials in countries like India and China. Increased adoption of online medical services also supports growth.
What Are The Key Data Covered In This Blockchain Technology in Healthcare Market Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Blockchain Technology in Healthcare Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Blockchain Technology in Healthcare Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Blockchain Technology in Healthcare Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Blockchain Technology in Healthcare Market vendors
FAQ’s
Q.1 What are the main factors influencing the Blockchain Technology in Healthcare Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Blockchain Technology in Healthcare Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Blockchain Technology in Healthcare Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
