Dublin, June 15, 2022 (GLOBE NEWSWIRE) -- The "Blockchain Technology In Healthcare Market Size, Share & Trends Analysis Report by Network Type, by Application (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing), by End User, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global blockchain technology in healthcare market size is anticipated to reach USD 126 billion by 2030. The market is expected to expand at a lucrative CAGR of 68.1% from 2022 to 2030. Increasing need to prevent drug counterfeiting, coupled with the demand for efficient clinical data management, is anticipated to drive the market growth. Furthermore, technological advancements and untapped opportunities in the healthcare sector are some of the major factors leading to the adoption of the technology.
In January 2022, Avaneer Health, Inc., which specializes in blockchain, cloud, and containerization technology, received USD 50 million in seed funding that enabling it to invest in talent and technology to strengthen its market position. The company was founded in 2020 by a consortium of industry leaders, including IBM, The PNC Financial Services Group, Inc., Aetna, Anthem, Sentara Healthcare, and others.
The COVID-19 pandemic accelerated the awareness and adoption of blockchain technology for a variety of healthcare applications. In fact, as per key findings published by OECD in December 2020, blockchain-enabled tools were increasingly used to combat the pandemic. Some use cases included an identity management system developed in South Korea in support of contact tracing and a system to support sharing of software code and data for research purposes.
Blockchain has also been used or proposed to facilitate supply chain management for medical supplies, medications, and future vaccines. It can be used to assure the credibility of suppliers as a possible technology solution and to track shipments. These factors are estimated to propel market growth in the future. Blockchain technology has grown at a rapid pace in the past few years. The technology has been utilized by big corporations for profit maximization and cost cutting.
In May 2019, many leading healthcare and life science companies including Pfizer Inc., Amerisource Bergen Corporation, McKesson Corporation, and Premier Inc. joined the blockchain-powered project MediLedger to tackle the inadequacies of the supply chain. Reduction or elimination in frauds and errors, reduction in delays from paperwork, rapid identification of issues, minimization of courier costs, improvement in inventory management, and increase in consumer and partner trust are some of the purported benefits of blockchain technology facilitating the supply chain management.
Furthermore, the pharmaceutical industry is only one part of the overall healthcare ecosystem which is vigorously exploring blockchain use cases, and many ideas already have the proof-of-concept implementation. The technology holds the ability to effectively improve patient care, while maintaining reasonable costs. The hindrances and challenges that arise in multiple level authentication can also be eliminated through blockchain adoption. Furthermore, with the growing adoption, the technology has made its way to the healthcare sector. Even at its infancy stage, the technology is being accepted by people and companies in the healthcare ecosystem
Blockchain Technology In Healthcare Market Report Highlights
- The blockchain technology in healthcare market was valued at USD 1.19 billion in 2021 and is expected to grow at a CAGR of 68.1% during the forecast period.
- Biopharmaceutical & medical device companies accounted for the largest market share in the end-use segment in 2021.
- The supply chain management segment held over 25% market share, with regard to application, in 2021.
- Clinical data exchange and interoperability segment of the blockchain technology in the healthcare market is expected to expand at a considerable CAGR during the forecast period.
- Clinical data exchange and interoperability are some of the most vulnerable processes affected by huge data breaches and drug counterfeiting. For instance, as per the Health Research Funding Organization (HRFO), in 2017, nearly 10-30% of drugs in emerging countries were not original, representing a huge market for drug counterfeit. The U.S. healthcare industry, in 2017, bore a loss of about $200 billion annually, due to counterfeit issues.
- The public segment dominated the market in terms of network type, in 2021.
- Europe held the leading market share by region in 2021, which is attributed to an increase in the incidence of data breaches, supportive government policies, favorable reimbursement schemes, rise in awareness, and increase in number of training programs.
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Blockchain Technology in Healthcare Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related/Ancillary Market Outlook
3.2. Penetration & Growth Prospect Mapping, 2021
3.3 Blockchain Technology in Healthcare Market Dynamics
3.3.1 Market driver analysis
3.3.2 Market restraint analysis
3.3.3. Market opportunity analysis
3.3.4. Market challenge analysis
3.4 Blockchain Technology in Healthcare Market Analysis Tools: Porter's
3.4.1 Supplier Power
3.4.2. Buyer Power
3.4.3. Substitution Threat
3.4.4. Threat of New Entrants
3.4.5. Competitive Rivalry
3.5 Blockchain Technology in Healthcare Industry Analysis-PEST (Political & Legal, Economic, Social, and Technological)
3.5.1 Political/Legal Landscape
3.5.2 Economic Landscape
3.5.3 Social Landscape
3.5.4 Technology Landscape
3.6. Regulatory Landscape
Chapter 4 COVID-19 Impact Analysis
4.1 COVID-19 Prevalence Analysis
4.2. Current Impact & Future Scenario
4.3. Impact on companies
Chapter 5 Blockchain Technology in Healthcare Market: Segment Analysis, by Network Type, 2017-2030 (USD Million)
5.1 Network Type Market Share Analysis, 2021 & 2030
5.2 Blockchain Technology in Healthcare market, by Network Type, 2017 to 2030
5.3 Private
5.3.1 Private market, 2017-2030 (USD Million)
5.4 Public
5.4.1 Public market, 2017-2030 (USD Million)
5.5 Others
5.5.1 Others market, 2017-2030 (USD Million)
Chapter 6 Blockchain Technology in Healthcare Market: Segment Analysis, by Application, 2017-2030 (USD Million)
6.1 Application Market Share Analysis, 2021 & 2030
6.2 Blockchain Technology in Healthcare market, by Application, 2017 to 2030
6.3 Clinical Data Exchange & Interoperability
6.3.1 Clinical Data Exchange & Interoperability market, 2017-2030 (USD Million)
6.4 Claims Adjudication & Billing
6.4.1 Claims Adjudication & Billing market, 2017-2030 (USD Million)
6.5 Supply Chain Management
6.5.1 Supply Chain Management market, 2017-2030 (USD Million)
6.6 Clinical Trials & eConsent
6.6.1 Clinical Trials & eConsent market, 2017-2030 (USD Million)
6.7 Others
6.7.1 Others market, 2017-2030 (USD Million)
Chapter 7 Blockchain Technology in Healthcare Market: Segment Analysis, by End User, 2017-2030 (USD Million)
7.1 End User Market Share Analysis, 2021 & 2030
7.2 Blockchain Technology in Healthcare Market, by End User, 2017 to 2030
7.3 Providers
7.3.1 Providers market, 2017-2030 (USD Million)
7.4 Payers
7.4.1 Payers market, 2017-2030 (USD million)
7.5 Biopharmaceutical & Medical Device Companies
7.5.1 Biopharmaceutical & Medical Device Companies market, 2017-2030 (USD Million)
7.6 Others
7.6.1 Others market, 2017-2030 (USD Million)
Chapter 8 Blockchain Technology in Healthcare Market: Regional Market Analysis 2017-2030 (USD Million)
Chapter 9 Blockchain Technology in Healthcare Market-Competitive Analysis
9.1 Market Participant Categorization
9.1.1. Company Market Position Analysis
9.1.2. Synergy Analysis: Major Deals & Strategic Alliances
9.1.3. Market Leaders & Innovators
9.2. List of Key Companies
Chapter 10 Blockchain Technology in Healthcare Market-Company Profiles
10.1 IBM
10.1.1 Company overview
10.1.2 Financial Performance
10.1.3 Product benchmarking
10.1.4 Strategic initiatives
10.2 PATIENTORY INC.
10.2.1 Company overview
10.2.2 Financial performance
10.2.3 Product benchmarking
10.2.4 Strategic initiatives
10.3 Guardtime
10.3.1 Company overview
10.3.2 Financial performance
10.3.3 Product benchmarking
10.3.4 Strategic initiatives
10.4 iSolve, LLC
10.4.1 Company overview
10.4.2 Financial performance
10.4.3 Product benchmarking
10.4.4 Strategic initiatives
10.5 Solve.Care
10.5.1 Company overview
10.5.2 Financial performance
10.5.3 Product benchmarking
10.5.4 Strategic initiatives
10.6 Oracle
10.6.1 Company overview
10.6.2 Financial performance
10.6.3 Product benchmarking
10.6.4 Strategic initiatives
10.7 Change Healthcare
10.7.1 Company overview
10.7.2 Financial performance
10.7.3 Product benchmarking
10.7.4 Strategic initiatives
10.8 BurstIQ
10.8.1 Company overview
10.8.2 Financial performance
10.8.3 Product benchmarking
10.8.4 Strategic initiatives
10.9 Medicalchain SA
10.9.1 Company overview
10.9.2 Financial performance
10.9.3 Product benchmarking
10.9.4 Strategic initiatives
10.10 Blockpharma
10.10.1 Company overview
10.10.2 Financial performance
10.10.3 Product benchmarking
10.10.4 Strategic initiatives
For more information about this report visit https://www.researchandmarkets.com/r/vym6so
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