Richmond, Nov. 30, 2023 (GLOBE NEWSWIRE) -- According to a research report "Blockchain Technology in Healthcare Market”, by Type (Public, Private), Application (Clinical Trials, Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management, Others), End-use (Biopharmaceutical & Medical Device Companies, Healthcare Payers, Healthcare Providers, Others), and Region.
Global Blockchain Technology in Healthcare Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.1 Billion |
| Market size value in 2030 | USD 14.1 Billion |
| CAGR (2023-2030) | 37.5% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Application, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
| |
| |
| Sample of Companies Covered |
|
| |
|
Download the Sample - https://www.marketdigits.com/request/sample/532
TOC Covers in Depth & Breath on Blockchain Technology in Healthcare Market
175 - Market Data Tables
68 - List of Figures
230 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Blockchain technology in the healthcare market is experiencing substantial growth as it transforms the industry by addressing critical challenges related to data security, interoperability, and transparency. The adoption of blockchain in healthcare is driven by its ability to create a decentralized and immutable ledger, ensuring secure and tamper-proof storage of sensitive patient data. This technology facilitates seamless sharing of medical records among stakeholders, such as healthcare providers, insurers, and patients, leading to improved collaboration and streamlined processes. Additionally, the increasing focus on data integrity, privacy, and compliance with regulations further propels the market's expansion. With the potential to enhance trust, reduce fraud, and optimize administrative workflows, blockchain technology in healthcare is poised to revolutionize the way information is managed and exchanged across the sector. As a result, the market is witnessing heightened interest from healthcare organizations, technology vendors, and investors seeking to capitalize on the transformative impact of blockchain in the healthcare domain.
Major Vendors in the Global Blockchain Technology in The Healthcare Market:
- IBM
- Microsoft
- Guardtime
- PokitDok
- Gem
- Chronicled
- iSolve
- Hashed Health
- Patientory
- Factom
- Proof.Work
- SimplyVital Health
- FarmaTrust
- Blockpharma
- Medicalchain
Request for Discount @ https://www.marketdigits.com/request/discount/532
Enhanced data security and privacy
Enhanced data security and privacy stand out as pivotal drivers for the adoption of blockchain technology in the healthcare market. The decentralized and cryptographic nature of blockchain ensures that sensitive patient information is securely stored and shared across the healthcare ecosystem. By employing advanced encryption techniques and consensus mechanisms, blockchain mitigates the risk of data breaches and unauthorized access, addressing longstanding concerns regarding the vulnerability of healthcare data. This heightened security not only aligns with stringent regulatory requirements, such as those outlined in HIPAA, but also fosters a greater sense of trust among patients, healthcare providers, and other stakeholders. Patients gain more control over their personal health information, as they can selectively grant access to their data, bolstering privacy. The assurance of data integrity and confidentiality not only safeguards patient trust but also attracts healthcare organizations looking to fortify their cybersecurity measures in an era of escalating cyber threats, positioning blockchain as a foundational element in the ongoing evolution of healthcare data management.
Market Dynamics
Drivers:
- Streamlined administrative processes and reduced costs
- Combating counterfeit drugs and ensuring supply chain integrity
- Improved data integrity and traceability
Opportunities:
- Secure and interoperable electronic health records (EHRs)
- Supply chain management and pharmaceutical anti-counterfeiting
- Increasing Securing and transparent medical device data management
Focus on interoperable and patient-centric healthcare data management
A trend in blockchain technology within the healthcare market revolves around the emphasis on interoperable and patient-centric data management. Blockchain's decentralized ledger ensures a standardized and secure exchange of healthcare information, addressing the longstanding challenge of interoperability. By providing a transparent and tamper-resistant platform for sharing medical records among different stakeholders, including healthcare providers and insurers, blockchain facilitates seamless data flow, fostering a more integrated and collaborative healthcare ecosystem. Moreover, the technology's patient-centric approach allows individuals to maintain greater control over their health data, determining who has access to their information. This shift towards patient empowerment aligns with the growing demand for personalized healthcare experiences. As the industry recognizes the potential of blockchain to improve data interoperability and prioritize patients' needs, this trend is expected to gain further momentum, driving transformative changes in how healthcare data is managed, shared, and utilized.
The market for Blockchain technology in the healthcare market is dominated by Europe.
Europe dominated the blockchain technology within the healthcare market with approximately 37% share in 2022, Europe emerged as the leading market, primarily attributed to proactive measures taken by regional governments to mitigate the risk of data breaches. Notably, the European Union (EU) implemented the General Data Protection Regulation (GDPR) in 2018, underscoring a commitment to robust data security practices. The combined implementation of GDPR and the significant proliferation of blockchain technology is anticipated to create a favorable landscape for businesses in the region, offering expanded opportunities and further catalyzing market growth.
Anticipated to secure the second-largest market share in the forecast period, North America is being driven by a heightened emphasis on ensuring the safety of medical records. The substantial growth in investment for technological advancements within the U.S. healthcare sector is notable; however, it is accompanied by a simultaneous increase in challenges related to Electronic Medical Records (EMRs). This surge in EMR-related issues is fuelling the need for secure and well-managed data sharing among companies. Consequently, major industry players and various healthcare organizations are actively channeling investments into the blockchain market to address these concerns and capitalize on the potential of blockchain technology in fostering secure and efficient healthcare data management.
Electronics Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based End User segments are categorized into Biopharmaceutical & Medical Device Companies, Healthcare Payers, Healthcare Providers, and Others. The biopharmaceutical and medical device companies segment dominated the market with a substantial share exceeding 46.76%. This significant market share can be attributed to several factors, including sizable research and development budgets within these industries, a compelling imperative to ensure secure data exchange and interoperability, and the extensive data management requirements inherent in activities like drug discovery and development. The sector's reliance on blockchain technology is driven by its capacity to address critical challenges in data security, streamline processes, and facilitate seamless interoperability, aligning with the stringent demands of these highly regulated and data-intensive domains.
Inquire Before Buying: https://www.marketdigits.com/request/enquiry-before-buying/532
Browse Similar Reports:
3D Printing in Medical Applications Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
GCC Medical Gloves Market: 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
North America Medical Carts Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
About MarketDigits:
MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that a market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.
We offer services that are most relevant and beneficial to the users, which help businesses to sustain themselves in this competitive market. Our detailed and in-depth analysis of the markets catering to strategic, tactical, and operational data analysis & reporting needs of various industries utilize advanced technology so that our clients get better insights into the markets and identify lucrative opportunities and areas of incremental revenues.
Contact Us:
MarketDigits
1248 CarMia Way Richmond,
VA 23235,
United States.
USA: +1 847 450 0808
Email: sales@marketdigits.com
Web: https://www.marketdigits.com
Follow Us on: | Twitter | LinkedIn |
