Blockchain in healthcare size and share to surpass $1,189.8 million by 2028

WASHINGTON, April 04, 2023 (GLOBE NEWSWIRE) — Global Blockchain in Healthcare is valued at USD 287.9 ​​million in 2021 and is projected to reach a value of USD 1,189.8 million by 2028 at a CAGR (compound annual growth rate) of 61.3% over the forecast period 2022-2028.

Market overview

Blockchain in healthcare is segmented on the basis of network type, application, end user, and region. Based on network type, the market is segmented into public, private and consortium. The public sector segment is expected to dominate the market during the forecast period. This can be attributed to the fact that public blockchains are open for anyone to join and participate in the network. This makes them ideal for applications that require a high degree of transparency and decentralization.

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Market dynamics

The growth of blockchain in the healthcare sector is driven by a number of factors, including the growing need for secure data storage and management, the increasing incidence of data breaches in the healthcare sector, the need for improved efficiency and transparency in healthcare, and the growing demand for personalized medicine.

The growing need for secure data storage and management is one of the key factors driving the growth of Blockchain in the healthcare sector. Blockchain is a distributed ledger technology that can be used to store and manage data in a secure and transparent manner. This makes it ideal for applications that require the secure storage and management of sensitive data, such as health data.

The increasing incidence of data breaches in the healthcare sector is another key factor driving the growth of Blockchain in Healthcare Market. In recent years, there have been a number of high-profile data breaches in the healthcare sector. These breaches have resulted in the loss of sensitive data, such as patient records. Blockchain can help reduce the risk of data breaches by providing a secure and tamper-proof way to store and manage data.

The need for improved efficiency and transparency in healthcare is another key factor driving the growth of Blockchain in Healthcare Market. Blockchain can help improve the efficiency of the healthcare system by providing a secure and transparent way to share data between different stakeholders in the healthcare system. This can help to reduce the time and costs associated with providing healthcare services.

The growing demand for personalized medicine is another key factor driving the growth of Blockchain in Healthcare Market. Personalized medicine is a type of healthcare that takes into account the individual patient’s genetic makeup and other factors in order to provide the most effective treatment. Blockchain can help facilitate personalized medicine by providing a secure and efficient way to store and manage patient data.

The Blockchain in Healthcare Market is also driven by a number of government initiatives. For example, the US government has launched the “Healthcare Blockchain Challenge” to promote the development of blockchain-based solutions for the healthcare sector. The European Commission has also launched the “Blockchain for Health” initiative to promote the use of blockchain in the healthcare sector.

Blockchain in the healthcare sector is expected to face a number of challenges, including lack of standardization, high costs of implementation and shortage of skilled professionals. However, the market is expected to grow at a significant rate during the forecast period.

Top players in the global healthcare blockchain

• IBM Corporation

• Microsoft Corporation

• Save

• Patientory Inc.

• Guardtime Federal

• Hashed health

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Top report findings

• The global blockchain in healthcare is expected to reach USD 1,189.8 million by 2028, registering a CAGR of 61.3% during the forecast period 2023-2028.

• The growing need for secure data storage and management is one of the key factors driving the growth of Blockchain in the healthcare sector.

• The increasing incidence of data breaches in the healthcare sector is another key factor driving the growth of Blockchain in Healthcare Market.

• The need for improved efficiency and transparency in healthcare is another key factor driving the growth of Blockchain in Healthcare Market.

• The growing demand for personalized medicine is another key factor driving the growth of Blockchain in Healthcare Market.

• The Blockchain in Healthcare Market is also driven by a number of government initiatives.

• Blockchain in the healthcare sector is expected to face a number of challenges, including lack of standardization, high costs of implementation and shortage of skilled professionals.
  

Top trends in global blockchain in the healthcare sector

• Increased use of blockchain by healthcare professionals:
  
  Healthcare providers are increasingly adopting blockchain technology to improve the efficiency and transparency of their operations. For example, in 2021 the Mayo Clinic announced that it would use blockchain to store and manage patient data.

• Increasing demand for personalized medicine:
  
  Personalized medicine is a type of healthcare that takes into account the individual patient’s genetic makeup and other factors in order to provide the most effective treatment. Blockchain can help facilitate personalized medicine by providing a secure and efficient way to store and manage patient data.

• The government’s initiative:
  
  Governments around the world are supporting the development and use of blockchain in healthcare. For example, the US government has launched the “Healthcare Blockchain Challenge” to promote the development of blockchain-based solutions for the healthcare sector.

• Increasing incidence of data breaches:
  
  The health sector is one of the most vulnerable to data breaches. Blockchain can help reduce the risk of data breaches by providing a secure and tamper-proof way to store and manage data.

• Need for improved efficiency and transparency:
  
  The healthcare system is often inefficient and opaque. Blockchain can help improve the efficiency and transparency of healthcare by providing a secure and transparent way to share data between different stakeholders in healthcare.
  

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Regional analysis

The global Blockchain in Healthcare is segmented on the basis of region into North America, Europe, Asia Pacific and Rest of the World.

North America

expected to dominate the market during the forecast period. This can be attributed to the early adoption of blockchain technology in the health sector in the region. The USA is the leading country in the North American market. The country is home to a number of leading healthcare providers and payers, who are actively investing in blockchain technology.

Europe

is expected to be the second largest market during the forecast period. The region is home to a number of leading healthcare providers and payers, who are actively investing in blockchain technology. The UK is the leading country on the European market. The country is home to a number of leading healthcare providers and payers, who are actively investing in blockchain technology.

Asia Pacific

expected to be the fastest growing market during the forecast period. The growth of the market in the region can be attributed to the increasing demand for healthcare services, the increasing use of digital technologies in the healthcare sector, and the increasing government initiatives to promote the use of blockchain technology in the healthcare sector. China is the leading country in the Asia Pacific market. The country is home to a number of leading healthcare providers and payers, who are actively investing in blockchain technology.

The rest of the world

is expected to become a significant market during the forecast period. The growth of the market in the region can be attributed to the increasing demand for healthcare services, the increasing use of digital technologies in the healthcare sector, and the increasing government initiatives to promote the use of blockchain technology in the healthcare sector.

Browse market data Tables and figures spread across 163 pages and in-depth TOC on Blockchain in Healthcare Market Forecast Report (2022-2028).

Global blockchain in healthcare segmentation

• Application (exchange of clinical data, billing management and claims, supply chain management, adjudication)

• Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa)

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Scope of the report:

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The key questions answered in the Blockchain in Healthcare Market Report are:

• What is blockchain technology?

• How does blockchain technology work?

• What are the benefits of using blockchain technology in healthcare?

• What are the challenges of using blockchain technology in healthcare?

• Who are the key players in the Blockchain in Healthcare Market?

• What are the main trends in the Blockchain in Healthcare Market?

• What is the future of blockchain technology in healthcare?
  

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