WASHINGTON, April 04, 2023 (GLOBE NEWSWIRE) -- Global Blockchain in Healthcare Market is valued at USD 287.9 Million in 2021 and is projected to reach a value of USD 1,189.8 Million by 2028 at a CAGR (Compound Annual Growth Rate) of 61.3% over the forecast period 2022-2028.
Market Overview
The Blockchain in Healthcare Market is segmented on the basis of network type, application, end-user, and region. Based on network type, the market is segmented into public, private, and consortium. The public segment is expected to dominate the market during the forecast period. This can be attributed to the fact that public blockchains are open to anyone to join and participate in the network. This makes them ideal for applications that require a high level of transparency and decentralization.
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Market Dynamics
The growth of the Blockchain in Healthcare Market is being driven by a number of factors, including the increasing need for secure data storage and management, the rising incidence of data breaches in the healthcare sector, the need for improved efficiency and transparency in the healthcare system, and the growing demand for personalized medicine.
The increasing need for secure data storage and management is one of the key factors driving the growth of the Blockchain in Healthcare Market. Blockchain is a distributed ledger technology that can be used to store and manage data in a secure and transparent manner. This makes it ideal for applications that require the secure storage and management of sensitive data, such as healthcare data.
The rising incidence of data breaches in the healthcare sector is another key factor driving the growth of the Blockchain in Healthcare Market. In recent years, there have been a number of high-profile data breaches in the healthcare sector. These breaches have resulted in the loss of sensitive data, such as patient medical records. Blockchain can help to mitigate the risk of data breaches by providing a secure and tamper-proof way to store and manage data.
The need for improved efficiency and transparency in the healthcare system is another key factor driving the growth of the Blockchain in Healthcare Market. Blockchain can help to improve the efficiency of the healthcare system by providing a secure and transparent way to share data between different stakeholders in the healthcare system. This can help to reduce the time and cost associated with providing healthcare services.
The growing demand for personalized medicine is another key factor driving the growth of the Blockchain in Healthcare Market. Personalized medicine is a type of healthcare that takes into account the individual patient's genetic makeup and other factors to provide the most effective treatment. Blockchain can help to facilitate personalized medicine by providing a secure and efficient way to store and manage patient data.
The Blockchain in Healthcare Market is also being driven by a number of government initiatives. For example, the US government has launched the "Healthcare Blockchain Challenge" to promote the development of blockchain-based solutions for the healthcare sector. The European Commission has also launched the "Blockchain for Health" initiative to promote the use of blockchain in the healthcare sector.
The Blockchain in Healthcare Market is expected to face a number of challenges, including the lack of standardization, the high cost of implementation, and the lack of skilled professionals. However, the market is expected to grow at a significant rate during the forecast period.
Top Players in the Global Blockchain in Healthcare Market
- IBM Corporation
- Microsoft Corporation
- Gem
- Patientory Inc.
- Guardtime Federal
- Hashed Health
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Top Report Findings
- The Global Blockchain in Healthcare Market is expected to reach USD 1,189.8 Million by 2028, registering a CAGR of 61.3 % during the forecast period 2023-2028.
- The increasing need for secure data storage and management is one of the key factors driving the growth of the Blockchain in Healthcare Market.
- The rising incidence of data breaches in the healthcare sector is another key factor driving the growth of the Blockchain in Healthcare Market.
- The need for improved efficiency and transparency in the healthcare system is another key factor driving the growth of the Blockchain in Healthcare Market.
- The growing demand for personalized medicine is another key factor driving the growth of the Blockchain in Healthcare Market.
- The Blockchain in Healthcare Market is also being driven by a number of government initiatives.
- The Blockchain in Healthcare Market is expected to face a number of challenges, including the lack of standardization, the high cost of implementation, and the lack of skilled professionals.
Top Trends in Global Blockchain in Healthcare Market
- Increased adoption of blockchain by healthcare providers: Healthcare providers are increasingly adopting blockchain technology to improve the efficiency and transparency of their operations. For example, in 2021, the Mayo Clinic announced that it would be using blockchain to store and manage patient data.
- Growing demand for personalized medicine: Personalized medicine is a type of healthcare that takes into account the individual patient's genetic makeup and other factors to provide the most effective treatment. Blockchain can help to facilitate personalized medicine by providing a secure and efficient way to store and manage patient data.
- Government initiatives: Governments around the world are supporting the development and use of blockchain in healthcare. For example, the US government has launched the "Healthcare Blockchain Challenge" to promote the development of blockchain-based solutions for the healthcare sector.
- Rising incidence of data breaches: The healthcare sector is one of the most vulnerable to data breaches. Blockchain can help to mitigate the risk of data breaches by providing a secure and tamper-proof way to store and manage data.
- Need for improved efficiency and transparency: The healthcare system is often inefficient and opaque. Blockchain can help to improve the efficiency and transparency of the healthcare system by providing a secure and transparent way to share data between different stakeholders in the healthcare system.
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Regional Analysis
The Global Blockchain in Healthcare Market is segmented on the basis of region into North America, Europe, Asia Pacific, and the Rest of the World.
North America is expected to dominate the market during the forecast period. This can be attributed to the early adoption of blockchain technology in the healthcare sector in the region. The US is the leading country in the North American market. The country is home to a number of leading healthcare providers and payers, who are actively investing in blockchain technology.
Europe is expected to be the second-largest market during the forecast period. The region is home to a number of leading healthcare providers and payers, who are actively investing in blockchain technology. The UK is the leading country in the European market. The country is home to a number of leading healthcare providers and payers, who are actively investing in blockchain technology.
Asia Pacific is expected to be the fastest-growing market during the forecast period. The growth of the market in the region can be attributed to the rising demand for healthcare services, the increasing adoption of digital technologies in the healthcare sector, and the growing government initiatives to promote the use of blockchain technology in the healthcare sector. China is the leading country in the Asia Pacific market. The country is home to a number of leading healthcare providers and payers, who are actively investing in blockchain technology.
The Rest of the World is expected to be a significant market during the forecast period. The growth of the market in the region can be attributed to the rising demand for healthcare services, the increasing adoption of digital technologies in the healthcare sector, and the growing government initiatives to promote the use of blockchain technology in the healthcare sector.
Browse market data Tables and Figures spread through 163 Pages and in-depth TOC on Blockchain in Healthcare Market Forecast Report (2022-2028).
Global Blockchain in Healthcare Market Segmentation
- Application (Clinical Data Exchange, Billing Management and Claims, Supply Chain Management, Adjudication)
- Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 287.9 Million |
| Revenue Forecast by 2028 | USD 1,189.8 Million |
| CAGR | 61.3 % from 2021 to 2028 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2028 |
| Key Players | IBM Corporation, Microsoft Corporation, Gem, Patientory Inc., Guardtime Federal, Hashed Health |
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The key questions answered in the Blockchain in Healthcare Market Report are:
- What is blockchain technology?
- How does blockchain technology work?
- What are the benefits of using blockchain technology in healthcare?
- What are the challenges of using blockchain technology in healthcare?
- What are the key players in the Blockchain in Healthcare Market?
- What are the key trends in the Blockchain in Healthcare Market?
- What is the future of blockchain technology in healthcare?
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