by Blockchain technology is revolutionizing the healthcare industry by enabling secure data sharing and streamlining payments.
The Blockchain Technology In Healthcare Market is estimated to be valued at US$ 159 Mn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024-2031.
Blockchain technology has the potential to address some of the major pain points faced by the global healthcare sector including interoperability issues, inefficient payment processes, and lack of transparency. It helps maintain an immutable record of health data transactions facilitating frictionless sharing of electronic health records among stakeholders while ensuring privacy and security. This decentralized digital ledger system is expected to play a pivotal role in telehealth by enabling remote patient monitoring, online consultations, and digital health record management.
Key Takeaways
Key players operating in the Blockchain Technology In Healthcare Market are ConsenSys, Embleema, Equideum Health, IBM Lifescience, and MELLODDY.
The growing demand for easy accessibility of health records and remote patient monitoring during emergencies like the ongoing Covid-19 pandemic is fueling the adoption of blockchain-based telehealth solutions. This is expected to drive the Market growth over the forecast period.
Many healthcare IT companies are actively collaborating with blockchain startups to develop globally scalable platforms for storage, exchange, and analysis of health data helping patients seek medical services across borders easily. This is anticipated to boost the global expansion of the blockchain technology in healthcare Market.
Market Key Trends
One of the major trends gaining traction in the Blockchain Technology In Healthcare Market is the integration of it with artificial intelligence. Market players are focusing on leveraging AI’s capabilities for predictive analysis of electronic health records stored on blockchain platforms. This aids clinical decision making and improves healthcare resource utilization. For instance, AI-powered analytics of de-identified patient data stored on a blockchain network can help detect diseases at an early stage and devise effective treatment plans.
Porter’s Analysis
Threat of new entrants: Establishing new blockchain solutions requires significant capital investment and technological expertise which limits the threat.
Bargaining power of buyers: Buyers have moderate bargaining power as they can select from a variety of blockchain solution providers.
Bargaining power of suppliers: Suppliers face less bargaining power as solutions are often customized for specific healthcare needs.
Threat of new substitutes: Substitutes like cloud-based IT solutions pose some threat but do not provide the same security and decentralization as blockchain.
Competitive rivalry: High as the Market is still emerging with no clear leader and opportunities exist to gain footholds.
Geographical Regions
North America is currently the largest Marketfor blockchain in healthcare, accounting for around 45% of the global Marketvalue. This is due to rising healthcare costs and data breaches driving organizations to adopt innovative technologies like blockchain for transparency and security.
The Asia Pacific region is poised to be the fastest growing Marketduring the forecast period. This is attributed to increased government funding towards modernizing healthcare infrastructure and growing patient volumes amplifying the need for secure, accessible medical records and payments across vast populations in countries like China and India.
What Are The Key Data Covered In This Blockchain Technology in Healthcare Market Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Blockchain Technology in Healthcare Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Blockchain Technology in Healthcare Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Blockchain Technology in Healthcare Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Blockchain Technology in Healthcare Market vendors
FAQ’s
Q.1 What are the main factors influencing the Blockchain Technology in Healthcare Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Blockchain Technology in Healthcare Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Blockchain Technology in Healthcare Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
