Blockchain Technology in Healthcare Industry Overview
The global blockchain technology in the healthcare market size was valued at USD 1.19 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 68.1% from 2022 to 2030. The increasing incidence of information leaks and data breaches, coupled with the rising requirement to curb these issues, are attributed to the market growth. Strategic initiatives by the key players, high demand to reduce drug counterfeiting, and the need for efficient health data management systems are the major factors leading to the adoption of the technology.
In October 2021, MDS Mexico, for instance, launched a blockchain technology based COVID-19 testing service to ensure the authenticity of vaccination certificates. The COVID-19 pandemic boosted the adoption and demand for blockchain solutions in healthcare. Although blockchain continues to be considered an emerging technology, market stakeholders have presented several use cases and proposals to increase awareness and adoption of blockchain to improve health outcomes.
Gather more insights about the market drivers, restraints, and growth of Global Blockchain Technology in Healthcare market
Growing disease prevalence is expected to create a huge amount of data, boosting demand for data management. Moreover, leveraging blockchain technology in healthcare records will ensure that the data cannot be altered to ensure data integrity. Rising investment by major market players in this technology is further leading to market growth. For instance, in March 2018, IBM launched a low-cost platform especially for startups, to build any blockchain projects. Such initiatives are likely to encourage innovations and new healthcare organizations to adopt the technology, fostering market growth.
Synaptic Health Alliance is a partnership of leading healthcare companies focused on advancing data sharing between providers. The alliance consists of established healthcare companies such as Humana, Quest Diagnostics, and Optum. Synaptic believes blockchain has the potential to increase efficiency and lower costs in many areas within healthcare.
HMS Holdings has also stated that there is a place for blockchain in its business. The company has spoken with providers of supporting technology from many large technology companies to achieve this goal. Cerner, Allscripts, and athenahealth have also demonstrated interest in the area. Blockchain has the potential to reshape how healthcare organizations address longstanding issues and this is estimated to fuel the market growth.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
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Blockchain Technology In Healthcare Market Segmentation
Grand View Research has segmented the global blockchain technology in healthcare market on the basis of network type, application, end user, and region:
Blockchain Technology In Healthcare Network Type Outlook (Revenue, USD Million, 2017 - 2030)
- Private
- Public
- Others
Blockchain Technology In Healthcare Application Outlook (Revenue, USD Million, 2017 - 2030)
- Clinical Data Exchange & Interoperability
- Claims Adjudication & Billing
- Supply Chain Management
- Clinical Trials & eConsent
- Others
Blockchain Technology In Healthcare End-user Outlook (Revenue, USD Million, 2017 - 2030)
- Providers
- Payers
- Biopharmaceutical & Medical Device Companies
- Others
Blockchain Technology In Healthcare Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Market Share Insights
October 2021: MDS Mexico, launched a blockchain technology based COVID-19 testing service to ensure the authenticity of vaccination certificates.
January 2021: UnitedHealth Group's Optum announced its decision to acquire Change Healthcare to simplify core administrative, clinical, and payment processes.
Key Companies profiled:
Some of the key players in the blockchain technology in the healthcare market include:
- IBM
- PATIENTORY INC.
- Guardtime
- iSolve, LLC
- Solve.Care
- Oracle
- Change Healthcare
- BurstIQ
- Medicalchain SA
- Blockpharma
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