Blockchain in healthcare Market

Global Blockchain in healthcare Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2029: The increasing number of healthcare security breaches, the growing danger of counterfeit medications, the increasing acceptance of blockchain as a service (BaaS), and the visibility & immutability of the decentralized ledger technologies are the important drivers fueling the development of the market.

Global Blockchain in healthcare Market is valued at USD 388.54 Million in 2022 and expected to reach USD 10706.73 Million by 2029 with a CAGR of 60.6% over the forecast period.

Scope-

The blockchain in the healthcare industry is made up of companies (organizations, sole proprietorships, and partnerships) that sell blockchain technologies and solutions for usage in the medical sector. Blockchain innovation also referred to as distributed ledger technology (DLT), is a fast-emerging subject with the potential to revolutionize healthcare by boosting healthcare data protection, privacy, trade, and compatibility.

A blockchain infrastructure is utilized in the healthcare sector to store and distribute patient data across hospitals, diagnostics laboratories, medication firms, and clinicians. It has the potential to improve the efficiency, security, and transparency of medical data sharing within the medical system. This technology provides a new paradigm for health data transfers for blockchain in the healthcare sector by improving the efficiency, decentralization, and safety of electronic healthcare records.

Due to the significant growth in COVID-19 instances, the blockchain in the healthcare market has risen dramatically throughout the COVID-19 outbreak, rendering both patients and healthcare professionals reliant on the rapid and private exchange of confidential data for prompt identification and therapy. Through mobile software, the technique has been used in South Korea for connection tracking of tourists who have positive tests for the SARS-CoV-2 virus. Blockchain innovation is being used by individuals and businesses to privatize data via hashing and encryption. According to a 2021 study by the Authentication Solutions Providers' Association (ASPA), after the COVID-19 outbreak, the revenues of counterfeit and fraudulent pharmaceutical items grew by approximately 47% in India from 2020 to 2021. The use of electronic ledger innovations to assures the stockpile of medicines only from verified vendors and to filter out forgery supply chains, as well as to monitor the manufacturing, allocation, and supply of vaccines and essential products, is anticipated to considerably drive business earnings expansion in the coming years.

The global blockchain in healthcare market is segmented based on the network type, application, end-use, and region & country level. Based on network, the global market is segmented into public, private and others. By application, the market is segmented into clinical data exchange & interoperability, supply chain management, clinical trials & econsent, claims adjudication & billing, and others. By end-use, the global blockchain in healthcare market is segmented into providers, biopharmaceutical & medical device companies, payers, and others.

The regions covered in the global blockchain in healthcare market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global blockchain in healthcare is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Key Players-

Some major players for the global blockchain in healthcare market report cover prominent companies like -

• IBM
• Guardtime
• Medicalchain SA
• PATIENTORY INC.
• iSolve LLC
• Solve.Care
• Change Healthcare
• Oracle
• BurstIQ
• Blockpharma

Segmentation-

By Network Type:

• Public
• Private
• Others

By Application:

• Clinical data exchange & interoperability
• Supply chain management
• Clinical trials & econsent
• Claims adjudication & billing
• Others

By End-User:

• Providers
• Biopharmaceutical & medical device companies
• Payers
• Others

By Regional & Country Level:

• North America

  • U.S.
  • Canada

• Europe

  • U.K.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Increasing frequency of network breaches, rapid advancements in the healthcare industry, and the increasing implementation of blockchain as a service (BaaS) are some of the major factors driving the market growth

The increasing frequency of network breaches, data breaches, and leaks of critical medical data from electronic healthcare networks is likely to fuel industry revenue growth throughout the forecast period. Rapid advancements in the healthcare industry have resulted in the conversion of paper-based healthcare notes to digital records on individualized medical databases. Normal systems, including the SQL system, are vulnerable to data manipulation owing to centralized governance. Because of its decentralized nature that distributes ownership to its customers, blockchain technology effectively prevents data breaches. Furthermore, faults on the blockchain must be corrected with another block before both blocks are available to all users, guaranteeing resilience and avoiding data manipulation. Because of these characteristics, technology is becoming more popular.

The increasing implementation of blockchain as a service (BaaS) is likely to propel the global blockchain in healthcare market ahead. Blockchain innovation has the potential to offer groundbreaking alternatives to the healthcare industry's obstacles, such as supply chain management intelligent contracts, technical problems in data administration, the secrecy of personal health information, and the enablement of substitute transaction models, as well as virus pandemic tracking.

For example, in March 2021, Moderna, a pharmaceutical business, and IBM established a partnership to enhance and improve COVID-19 vaccine administration. To avoid supply chain interruptions, Moderna may get data on real immunization monitoring through IBM's blockchain and ai. In addition, Embleema, a healthcare blockchain networking provider, established a collaboration with Gustave Roussy Foundation in March 2019 to use blockchain innovation to connect, preserve, and share health information for cancer medical trials at Gustave Roussy Institute. As a result, the increased usage of blockchain as a platform accelerates the global blockchain in healthcare market development.

For further than a generation, blockchain has been utilized by virtual money, and it has gradually spread to other areas including the automobile and pharmaceutical businesses, as well as healthcare organizations. However, since this innovation is still in its early stages, the advantages and drawbacks have not been well investigated, making patients hesitant to accept it, and reducing demand for innovation in medicine to some degree. Online courses and digital tools that demonstrate how to utilize DLTs and guide users through the process may boost user trust. Other factors expected to limit market sales growth during the projected period include a lack of technology awareness and cyberattacks on healthcare websites.

Europe is Expected to Capture a Major Share in the Global Blockchain in Healthcare Market

Due to the steps made by regional governments to prevent a data breach, Europe is predicted to expand at a significant pace throughout the projection period. For example, the EU government enacted the General Data Protection Regulation in 2018. (GDPR). The adoption of GDPR, together with the massive expansion of blockchain innovation, is projected to give additional chances for companies in the area. During the projected period, North America is predicted to have the second-largest industry share. The primary driver of regional development is the rising need for medical record security. While investment in improving technology in the US healthcare industry is increasing, so are the problems connected with Electronic Medical Records. As a result of the increased need for safe, private, and controlled data exchange across firms, big corporations, and other healthcare organizations are engaging in the blockchain sector.

The FDA's Drug Supply Chain Security Act in the United States stipulates the necessity to create and improve drug delivery chain protection by 2023. These achievements are encouraging for the blockchain sector, which is attempting to regulate production quality and security. Humana, Multiplan, UnitedHealthcare, UnitedHealth Group's Optum, Quest Diagnostics, and Ascension have created the Synaptic Health Alliance to experiment with blockchain technologies to enhance data accuracy and cut costs.

News-

Kenyan-based AfyaRekod Launched completely automated Universal Patient Portal (UPP)

On July 13, 2022; Kenyan-based AfyaRekod, the first-ever blockchain-based medical system, has created a completely automated Universal Patient Portal (UPP). This is a block-chain powered innovation that will revolutionize the landscape of patient care throughout Africa and the globe at large.

Microsoft Revealed The Extension Of Cloud Strategy For Medical And Life Sciences

On March 15, 2022; Microsoft revealed the extension of cloud strategy for medical and life sciences upgrading the Microsoft Network for Healthcare as well as the Azure Health Data Solutions to apply Artificial Intelligence (AI) for altering prospects of the medicine industry.

Zenith Chain Confirmed Completing An Institutional Fundraising Transaction For $35 Million

On April 9, 2022; Zenith Chain, which is a Lithuania headquartered Blockchain firm, confirmed completing an institutional fundraising transaction for $35 million alongside GEM Digital Ltd. This funding is intended to strengthen positioning of the former firm to allow upgrading of their present services while enabling introduction of fresh ones to produce blockchain alternatives for growing user engagement.

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2022:	USD 388.54 Million
Base year considered	2021
Forecast Period CAGR %:	60.6%
Market Size Expected in 2029:	USD 10706.73 Million
Tables, Charts & Figures:	175
Pages	300
Companies	IBM, Guardtime, Medicalchain SA, PATIENTORY INC., iSolve, LLC, Solve.Care, Change Healthcare, Oracle, BurstIQ, and Blockpharma.
Segments Covered	By Network Type, By Application, By End-User
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa