The North America Healthcare Blockchain Market is expected to witness
According to Ken Research Analysis, the North America Healthcare Blockchain Market is expected to witness strong growth of around 70% CAGR over the next five years (2022-2027). Security and privacy breaches in the medical industry in 2017 accelerated the demand for the use of blockchain in the healthcare sector to reduce the risk of cyber attacks and fraud. The ongoing Covid-19 pandemic has benefited the Healthcare Blockchain market, resulting in the growth of the overall market by reinforcing the trend towards adoption of blockchain technology in the healthcare sector. Blockchain in the healthcare sector is not only used for the exchange of patient data with hospitals, pharmaceutical companies, laboratories and doctors, but also helps improve data security and accuracy, cost reduction, increase transparency and product tracking.
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With the rise in cyber security, hacking and phishing, the healthcare sector faced many data leaks. Therefore, blockchain has been in demand as it increases trust, security, transparency and traceability of data shared across a business network. The healthcare sector has a 20% GDP contribution in the US and 45% of global cybercrime happens in the US, so to prevent this blockchain plays an important role in the healthcare sector.
Due to increasing online breaches of patient data, blockchain technology is being used in healthcare to protect patient personal information. For example, in 2015, 112 million healthcare services have been breached online according to Deloitte, so to reduce further breaches blockchain technology is being used in healthcare.
Blockchain technology is not secure, as it still has some security holes, which creates barriers to the widespread use of Blockchain technology.
Key trends by market segment
By Application: In the North America Healthcare Blockchain market, the patient-centric healthcare data type is expected to be the largest gainer with ~30% market share by 2027.
As of 2021, the supply chain management type has the highest market share, but it is expected to decrease in its share by 2027.
In May 2022, VSP Global, a group of companies that combine eye care insurance, spectacles, lenses and lens enhancements and associated experiences to strengthen the relationship between patients and ophthalmologists, is partnering with Pokitdok to explore blockchain solutions for healthcare.
On March 28, 2021, IBM launched its first blockchain-based vaccine passport in New York, which uses technology to verify a person’s current COVID-19 negative result or vaccination certificate.
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By Deployment: Private deployment type accounts for the majority of the share in the North America Healthcare Blockchain market and is expected to hold a share of around 40% in 2027. However, the consortium deployment type is expected to be the fastest growing segment during the forecast period.
On October 18, 2021, leading healthcare and blockchain investors such as UPMC Enterprises (the innovation, commercialization and venture capital arm of the UPMC Integrated Health System), First Trust Capital Partners and Martin Ventures joined Hashed Health’s efforts to fuel the startups creating innovative solutions which are needed in their integrated healthcare system.
In February 2022, Guardtime and the Estonian eHealth Authority entered into a partnership to integrate the KSI blockchain with Oracle databases to provide increased security, transparency, auditability and governance for electronic systems and lifecycle management of patient records.
By Vendor: The infrastructure and protocol vendor segment holds the largest market share in the North America Healthcare Blockchain Market as blockchain technology is based on protocols that are constantly increasing with updates.
During the forecast period 2022-2027, the application and solution provider type is expected to witness the fastest CAGR while the middleware provider type is expected to have the lowest growth.
By end-use industry: Pharmaceutical companies hold the majority share in the market and is expected to be the largest market in the end-use industry during the forecast period because North America has the largest pharmacy market globally.
Hospitals and clinics will have a share of around 20% by 2027 because the number of hospitals and clinics is expected to increase to treat patients in the coming years.
In hospitals and clinics, Blockchain is used for various services such as X-ray, MRI and other image scans, maintenance of results from laboratory tests and blood tests and more.
Pharmaceutical industry providing transparency and efficiency by preventing counterfeit drugs, verification and authentication of returned drugs, and improved quality and reliability of data from clinical trials are some benefits that pharmaceutical companies can reap from blockchain technology
In addition, Blockchain is used for various services such as data management, by connecting all medical facilities, patients, insurance companies, doctors, etc. in the healthcare sector.
By Geography: The United States accounts for the largest share of the overall North America Healthcare Blockchain market, accounting for more than three-quarters of total market revenue.
The US is expected to remain the largest geographic segment across North America in the Healthcare Blockchain market, contributing over a larger area of the market revenue as it has the highest costs in healthcare
Canada is expected to remain the second largest segment in the North America Healthcare Blockchain Market driven by digital transformation due to changes in consumer demand, the need to stay ahead of the competition, and the need to solve healthcare problems using blockchain.
Mexico is expected to be the fastest growing market in the North America Healthcare Blockchain Market driven by an increase in cloud adoption in organizations to reduce costs using blockchain technologies.
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Challenging landscape
The Healthcare Blockchain market is highly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country niche players in Healthcare Blockchain Solutions. Most of the land niche players are start-ups in Blockchain Solutions in the healthcare sector.
The large global players make up about 10% in terms of number of companies and have ~50% of the market share followed by regional players. Most of the country niche players are start-ups. Some of these that succeed in developing to create application-specific solutions are often acquired by large global players that want to grow and diversify quickly.
The leading specialist players such as Patientory, Chronicled, Hashed Health, Solve.care and PokitDok are strongly focused on providing a significant number of Blockchain solutions and advanced techniques that can be used across the healthcare sectors.
Recent developments related to major players
In 2022, Microsoft acquired Nuance Communications, Inc., a leader in conversational AI and ambient intelligence across various industries, including healthcare, financial services, retail and telecommunications. With this acquisition, the company has begun to offer ambient clinical intelligence capabilities to healthcare organizations that improve the patient experience.
In 2022, Oracle acquired Cerner, a leading provider of digital information systems used in hospitals and healthcare systems. With this acquisition, Oracle plans to have the capacity to transform healthcare delivery by providing healthcare professionals with better information that enables better treatment decisions.
On March 4, 2021, IBM teamed up with Moderna Inc, an American pharmaceutical and biotechnology company to track the COVID-19 vaccine situation using IBM’s digital health passport to check and verify the credentials of employees, travelers and customers.
In March 2022, Intel Corporation announced an agreement to acquire Granulate Cloud Solutions Ltd, an Israel-based developer of real-time continuous optimization software. The acquisition of Granulate will help cloud and data center customers maximize computing workload performance and reduce infrastructure and cloud costs.
In May 2022, VSP Global, a group of companies that combine eye care insurance, spectacles, lenses and lens enhancements and associated experiences to strengthen the relationship between patients and ophthalmologists, is partnering with Pokitdok to explore blockchain solutions for healthcare.
Conclusion
North America Healthcare Block Chain Market (https://www.kenresearch.com/business-research/north-america-healthcare-blockchain-market/) Size, Segments, Outlook and Revenue Forecast 2022-2027 is predicted to continue exponential growth witnessed since 2019, during the forecast period is also, primarily driven by increasing demand for acceleration of security and privacy breaches, increasing digitization of Medical treatment and preservation of data. Although the market is highly competitive with over 300 participants, few global players control the dominant share and regional players also have a significant share.
Market Taxonomy
Upon application
Supply Chain Management
Processing of claims and invoicing
Patient-centered health data
Others
Upon deployment
Public
Private
Consortium
Hybrid
By supplier
Infrastructure and protocol provider
Middleware provider
Application and solution provider
By end user industry
Hospitals and clinics
Health insurance companies
Diagnostic laboratories
Pharmaceutical companies
Medical device companies
By geography
USA
Canada
Mexico
The rest of North America
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This release was published on openPR.
