July 16, 2024

Advancing Digital Excellence

Pioneering Technological Innovation

Blockchain Technology in Healthcare Market: Security Demand Propels Growth to $9706.49M by 2031

4 min read

WESTFORD, Mass., June 26, 2024 /PRNewswire/ — According to SkyQuest, the Blockchain Technology in Healthcare Market size was valued at USD 524.40 Million in 2022 and is expected to grow from USD 725.25 Million in 2023 to reach USD 9706.49 Million by 2031, at a CAGR of 38.3% during the forecast period (2024-2031).

From artificial intelligence to blockchain all novel technologies are being deployed in the healthcare space as digitization picks up pace around the world. High use of electronic health records (EHR) and emphasis on safeguarding patient data are projected to promote Blockchain Technology in Healthcare Market development in the future. The global Blockchain Technology in Healthcare Market is segmented into network type, application, end user, and region.

Download a detailed overview:

Blockchain Technology in Healthcare Market Overview: 

Report Coverage 

Details 

Market Revenue in 2023 

$ 725.25 Million 

Estimated Value by 2031 

$ 9706.49 Million 

Growth Rate 

Poised to grow at a CAGR of 38.3% 

Forecast Period 

2024–2031 

Forecast Units 

Value (USD Million) 

Report Coverage 

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends 

Segments Covered 

Type, Application and End-user

Geographies Covered 

North America, Europe, Asia Pacific, Middle East & Africa, Latin America

Report Highlights 

Updated financial information / product portfolio of players 

Key Market Opportunities 

Increasing Demand for Enhanced Data Security and Transparency

Key Market Drivers 

Complexity of Implementation and Integration

Segments covered in Blockchain Technology in Healthcare Market are as follows:

  • Type
  • Application
    • Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing, and Others
  • End-user
    • Pharmaceutical and Medical Device Companies, Healthcare Payers, and Healthcare Providers

Request Free Customization of this report:

Low Costs of Public Blockchain Allow it to be Widely Used in Healthcare Applications

Blockchain in healthcare providers are using public blockchain networks for data management in the healthcare industry. Low costs and easy accessibility with good security are key benefits of public networks that most blockchain healthcare companies are targeting. The immutability of data transactions recorded on a public network is another key benefit that makes this sub-segment highly beneficial for healthcare companies.

However, the demand for private blockchain networks is forecasted to increase at a robust pace across the forecast period and beyond. Better speed, faster response times, robust security, and scalability are some key advantages of private blockchain networks that allow this segment to bolster market growth at a rapid CAGR. Evolving enterprise needs of healthcare blockchain platforms will also favor the demand for private networks.

View report summary and Table of Contents (TOC):

Clinical Trials to Witness Rapid Adoption of Blockchain Technologies Going Forward

Use of blockchain technology for clinical trial applications enhances the security and transparency of clinical trial data. Blockchain networks do not allow alteration of data and this makes it highly secure to share crucial clinical data with clinicians and regulatory authorities without worrying for tampering. High investments in medical R&D and an increasing number of companies applying for approvals are boosting the demand for blockchain solutions for clinical trial applications.

Supply chain management is projected to account for a notable share of the global Blockchain Technology in Healthcare Market. Blockchain technology helps optimize the healthcare supply chain by reducing costs, minimizing data losses and tampering, and optimizing resource utilization. Blockchain solutions in the healthcare space also promote the interoperability of IoT (Internet of Things) devices and other connected technologies.

Healthcare Providers to Take the Lead in Terms of Blockchain in Healthcare Adoption

Healthcare providers are projected to be the most opportune end user sub-segment for blockchain in healthcare companies over the coming years. The use of blockchain technology enables transparency between providers and patients whilst ensuring the security of the transaction as well. Adoption of electronic health records and other digital health solutions will also create new opportunities for blockchain in healthcare providers in this sub-segment. Meanwhile, the payer end user segment is also expected to offer highly lucrative opportunities for blockchain in healthcare companies in the long term as crypto payments and wallets gain popularity among users around the world.

Blockchain in healthcare companies should target healthcare providers and payers to generate maximum revenue over the coming years. Investing in supply chain management applications is the right move for established blockchain in healthcare companies but new companies should target clinical trial applications to penetrate the market successfully in the future. Blockchain in healthcare providers should focus on providing private network benefits in the cost of public networks to improve adoption of blockchain technology in the healthcare industry vertical.

Related Report:

Blockchain Market

Automotive Blockchain Market

Blockchain Devices Market

Crypto Currency Market

Blockchain In Manufacturing Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:

Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: [email protected]
Visit Our Website:

Logo: 

link

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © All rights reserved. | Newsphere by AF themes.