What Is the Potential Growth Projection for the Global Blockchain in Healthcare Market?
The blockchain in healthcare market size has observed an exceptional rise in the past few years, from $2.23 billion in 2024 to an anticipated $3.04 billion in 2025, marking an impressive compound annual growth rate (CAGR) of 36.4%. This growth in the historic period is driven by factors such as interoperability challenges, fraud prevention, patient empowerment, clinical trials and research, and immutable record keeping. The market is expected to climb further to $11.04 billion by 2029, with a CAGR of 38.0%. The forecasted rise is attributed to tokenization of healthcare assets, decentralized clinical trials, personalized medicine, cross-border healthcare transactions, consent management along with trends like advancements in personalized medicine, enhanced cybersecurity measures, rise of privacy-preserving technologies, integration with artificial intelligence, and development of blockchain consortia in healthcare.
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What Are the Drivers Impacting the Blockchain in Healthcare Market?
The increased adoption of blockchain as a service (BaaS) is anticipated to stimulate the growth of the blockchain in healthcare market. Blockchain technology is serving as a comprehensive solution to the challenges faced by the healthcare industry including supply chain management, smart contracts, safeguarding personal health information, overcoming technical issues in data management, enabling alternative payment models, and tracking virus outbreaks. For instance, according to a poll by EY in February 2023, 38% of US workers reported the common usage of blockchain technology within their companies, and 44% predicted that it would be extensively used within the next three years.
How Is the Global Blockchain in Healthcare Market Segmented?
1) By Type: Permission Blockchains, Permissionless Blockchains
2) By Deployment Type: On-Premise, Cloud-Based
3) By Application: Supply Chain Management, Clinical Data Exchange And Interoperability, Claims Adjudication And Billing Management, Other Applications
4) By End User: Healthcare Providers, Pharmaceutical Companies, Healthcare Payers, Other End-Users
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Which Major Players Are Driving the Blockchain in Healthcare Market?
Key players operating in the blockchain in healthcare market include International Business Machines Corporation (IBM), Factom Inc., Hashed Health LLC, Microsoft Corporation, iSolve Technologies Inc., Blockpharma Inc., Medicalchain.com Ltd, Guardtime Limited, Government e Marketplace, Patientory Inc., FarmaTrust, SimplyVital Health Inc., Akiri Inc., BurstIQ Inc., Professional Credentials Exchange Inc., Avaneer Health Inc., RoboMed Innovations, Embleema Inc., Coral Health Inc., PokitDok Inc., Briya Inc., Open Health Network, Labrys Inc., Tech Alchemy Limited, Cubix Corporation, SoluLab Inc., EncrypGen Inc., Clinicoin Inc., BlockPill Inc., DNAtix Ltd.
What Are the Trending Developments in the Blockchain in Healthcare Market?
Strategic partnerships for contract management in healthcare are a key trend in the blockchain in healthcare market. For example, in July 2023, Baptist Health, a US-based healthcare services company, collaborated with MediLedger, a US-based pharmaceutical manufacturing company, to enhance contract management in healthcare using blockchain technology. This partnership aims at improving transparency and efficiency in procurement processes by ensuring accurate pharmaceutical pricing across nine hospitals.
Which Region Takes the Lead in the Blockchain in Healthcare Market?
In 2024, North America emerged as the largest region in the blockchain in healthcare market. The regions examined in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Blockchain in Healthcare Market Report 2025 Offer?
In the healthcare sector, blockchain technology is used for secure storage, management, and exchange of medical records and health information. This decentralized and tamper-proof ledger enhances data integrity, protects patient privacy, streamlines processes, and fosters improved collaboration among healthcare stakeholders. It enables secure sharing of patient data across various systems while ensuring transparency and control, leading to better patient outcomes and a reduction in fraud. The Blockchain in Healthcare Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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