Blockchain for Healthcare Market to Grow at a CAGR of 72.0% with Recent Trends, Growth Opportunities and Key Player Analysis
Blockchain for Healthcare market report encompasses a thorough study of current situation of the global market along with several market dynamics. Competitor analysis is one of the most important aspects of market research report which helps businesses decide upon the strategies by comparing them with the competitors. The use of newest and advanced tools and techniques used for Blockchain for Healthcare Market report makes it the finest in the class. Competitor strategies highlighted in the world class Blockchain for Healthcare Market report mainly include new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others that boost their footprints in this market.
Data Bridge Market Research analyses that the blockchain for healthcare market is expected to grow at a CAGR of 72.0% during the forecast period. The “drug supply chain management” accounts for the largest application segment in the blockchain for healthcare market within the forecasted period.
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By Application (Clinical Data Exchange and Interoperability, Claims Adjudication and Billing Management, Drug Supply Chain Management, Drug Discovery and Clinical Trials, Prescription Drug Abuse, Others)
By End User (Pharmaceutical Companies, Healthcare Providers, Healthcare Payers, Others)
Leading Players Operating in the Blockchain for Healthcare Market are:
- Hashed Health
- Patientory Inc.
- Medicalchain SA.
- Blockchain AI Solutions Ltd
- Change Healthcare
- and Doc.ai
- In December 2021, IBM's Digital Health Healthy Returns Practice collaborates with healthcare IT leaders to provide COVID-19 digital credentials. The IBM Digital Health Pass is a tool that allows businesses to check COVID-19 test results and vaccination status for employees, customers, and visitors entering their facility, such as a sports stadium, aeroplane, government building, or workplace. The IBM Digital Health Pass is a secure, voluntary digital alternative to paper test results or vaccination cards that uses a combination of encryption, QR codes, and blockchain technology to provide another option, if needed, for individuals to share that they have tested negative or been vaccinated for COVID-19.
- In January 2022, Aetna, Anthem, and the Cleveland Clinic have teamed up to announce a new blockchain-based healthcare initiative, the latest sign of blockchain's potential impact on the healthcare sector.
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Brief Overview on Market:
The blockchain for the healthcare is basically a decentralized system that records, stores, and maintains transactional or historical records across a peer-to-peer network of personal computers known as nodes. In other words, it’s a public, immutable digital ledger that works similarly to a database. As a powerful and disruptive technology that can cause a seismic shift in any industry, blockchain is required.
Blockchain in healthcare has a number of advantages, including network infrastructure security at all levels, a standardized pattern of authorization to access electronic health records, and identity verification.
The increasing incidence of healthcare data breaches along with the increasing concern about the confidential information of patients are the most significant factor driving the growth for this market. Healthcare data breaches frequently expose highly sensitive information, ranging from personally identifiable information like social security numbers, names, and addresses to sensitive health information like Medicaid ID numbers, insurance information and patients’ medical histories.
Furthermore, the emergence of blockchain as a valid solution in the healthcare industry players extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Moreover, the various investments by government bodies across the globe in blockchain to research will further expand the blockchain for healthcare market’s growth rate in the future.
Blockchain for Healthcare Market Segments by Geography
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The key countries in each region are taken into consideration as well, such as United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
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Highlights of the Report
- In-depth analysis of various insights, namely, Blockchain for Healthcare Market trends, growth drivers, opportunities, and other related challenges.
- Comprehensive details of key market players, their core competencies, and market shares.
- The potency of suppliers and buyers to make better business decisions.
- Lists out the market size in terms of volume.
Also, Research Report Examines:
- Current and Future Development Possibilities and Assessment of niche Key Competitive Landscape
- By Applications, Verticals and Deployment Model
- Region-Wise Assessment for Major Applications / End Users / Usage Area
Blockchain for Healthcare Market Dynamics
- Increasing Incidence Of Healthcare Data Breaches
The increasing incidence of healthcare data breaches along with the increasing concern about the confidential information of patients are the most significant factor driving the growth for this market. Healthcare data breaches frequently expose highly sensitive information, ranging from personally identifiable information like social security numbers, names, and addresses to sensitive health information like Medicaid ID numbers, insurance information and patients' medical histories.
Moreover, the increasing threat of counterfeit drugs, increasing adoption of blockchain as a service (BaaS), and transparency and immutability of the distributed ledger technology are also expected to fuel market growth. The use of blockchain to reduce IT and operational costs in insurance process and increasing government initiatives and growing investments in the development of efficient healthcare record systems also cushions the market’s growth within the forecasted period.
Blockchain for Healthcare Market: Table of Contents
- Report Overview: It includes the objectives and scope of the study and gives highlights of key market segments and players covered. It also includes years considered for the research study with 100 data tables and 40 additional tables.
- Executive Summary: It covers industry trends with high focus on market use cases and top market trends, market size by regions, and Global Blockchain for Healthcare Market size. It also covers market share and growth rate by regions.
- Vendor Landscape: Here, the report concentrates on mergers and acquisitions, expansions, analysis of key players, establishment date of companies, and areas served, manufacturing base, and revenue of key players.
- Key Success Factors: This section provides details about market size by product and application with data corresponding to market size for 2019, estimates for 2020, and projections of compound annual growth rates (CAGRs) through 2029.
- Regional Analysis: All of the regions and countries analyzed in the report are studied on the basis of market size by product and application, key players, and market forecast.
- Profiles of International Players: Here, players are evaluated on the basis of their gross margin, price, sales, revenue, business, products, and other company details.
- Market Dynamics: It includes supply chain analysis, analysis of regional marketing, challenges, opportunities, and drivers analyzed in the report.
- Examination of the current trends and future prospects, products, evolving technologies, and new industries.
- Appendix: It includes details about research and Discussion Guide, research methodology, data sources, authors of the study, disclaimer and Available Customizations.
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