The Blockchain in Healthcare Market size is expected to grow from US$ 2.4 billion in 2023 to US$ 65.5 billion by 2031; it is anticipated to expand at a CAGR of 51.3% from 2023 to 2031.The increasing incidence of healthcare data breaches and counterfeit drugs is expected to boost the blockchain in healthcare market growth.
Blockchain technology offers enhanced security and efficiency in healthcare operations. It provides tamper-resistant data storage, reduces transaction costs, and speeds up transactions through automated smart contracts. The demand for medical record security, particularly in regions such as North America, is driving the expansion of blockchain technology in healthcare. The implementation of GDPR and the increasing investment in emerging technology in the U.S. healthcare industry are contributing to this trend.
The scope of the Blockchain in Healthcare Market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant blockchain in healthcare market share. The use of blockchain technology in the healthcare sector in North America has been gaining significant traction, with a focus on enhancing efficiency and securing electronic medical data sharing. Several blockchain-based systems and applications have been developed to address various aspects of healthcare data management and security. Factors driving this growth include the implementation of regulations regarding patient data security, the need to combat healthcare fraud, rising healthcare costs, and the increasing demand to safeguard medical data from tampering.
The regional trends and factors influencing the Blockchain in Healthcare Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Blockchain in Healthcare Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.4 billion |
| Market Size by 2031 | US$ 65.5 billion |
| Global CAGR (2023 - 2031) | 51.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Network Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Blockchain in Healthcare Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Blockchain in Healthcare Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Blockchain in Healthcare Market Analysis" was carried out based on network type, application, end user, and geography. In terms of network type, the market is segmented into public and private. Based on application, the market is segmented into claims and billing management, regulatory audit, drug supply chain management, and clinical data exchange & interoperability. Based on end users, the market is segmented into healthcare providers, healthcare service consumers, and pharmaceutical enterprises. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the market. The blockchain in healthcare market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. A few recent key market developments are listed below:
[Source: XRP Healthcare, Company Website]
The market report on “Blockchain in Healthcare Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
The adoption of blockchain for drug discovery and clinical trials is anticipated to play a significant role in the market in the coming years.
The market was estimated to be US$ 2.4 billion in 2023 and is expected to grow at a CAGR of 51.3% during the forecast period 2023 - 2031.
The key players holding majority shares in the market are IBM Corporation; iSolve LLC; Microsoft Corporation; Change Healthcare; and Proof.Work.
The market is expected to reach US$ 65.5 billion by 2031.
The increasing incidence of healthcare data breaches and counterfeit drugs are the major factors that propel the market.