Press release
Global Block Chain In Healthcare Market to Reach $11.04 Billion by 2029, Growing at 38% CAGR
Block Chain In Healthcare Market
The increased reliance on Blockchain as a Service (BaaS) is anticipated to fuel the blockchain in healthcare market's expansion in the coming years. Blockchain technology can bring about ground-breaking solutions to the obstacles plaguing the healthcare sector, such as supply chain supervision, smart agreements, safeguarding the privacy of individual health data, resolving technical glitches in data management, facilitating alternate modes of payment, and monitoring virus epidemics. For instance, Emarketer, a market research subsidiary based in New York, revealed in October 2023 that about 38% of U.S. workers reported frequent usage of blockchain technology in their organizations, according to a survey conducted by EY in February 2023. 18% of the participants anticipated that it would require more than three years for widespread implementation of this technology in their organizations, while an additional 44% foresaw adoption within the next three years.
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How will the growth rate of the block chain in healthcare market shape industry trends by 2034?
In recent times, the healthcare block chain market has experienced substantial expansion. The market, which is projected to escalate from $2.23 billion in 2024 to $3.04 billion in 2025, will see a compound annual growth rate (CAGR) of 36.4%. This surge over the historic period can be linked to factors such as interoperability issues, preventing fraud, promoting patient autonomy, conducting clinical trials and research, as well as maintaining unchangeable records.
The size of the healthcare blockchain market is projected to increase substantially in the upcoming years, reaching $11.04 billion in 2029, with a compound annual growth rate (CAGR) of 38.0%. The factors contributing to its growth during the forecast period include the tokenization of healthcare assets, decentralized clinical studies, individualized medicine, cross-border healthcare transactions, and consent management. Key trends that are expected to mark this forecast period include advancements in personalized medicine, improved cybersecurity efforts, the emergence of technologies that preserve privacy, incorporation of artificial intelligence, and the formation of healthcare blockchain consortiums.
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What trends are poised to drive the future success of the block chain in healthcare market?
Large corporations active in the healthcare blockchain sector are targeting strategic collaboration for contract management within healthcare. For example, Baptist Health, a home healthcare service provider from the United States, formed an alliance with MediLedger, an American pharmaceutical manufacturing firm in July 2023 to usher in a groundbreaking period of contract management in healthcare. Their partnership with MediLedger allows them to use its blockchain technology for precise pharmaceutical pricing throughout its nine hospitals. By having over 400 procurement locations and an extensive product range, the hospital system aspires to bolster communication and ensure punctual access to negotiated prices, thus boosting the transparency and efficiency of its procurement process.
Which primary segments of the block chain in healthcare market are driving growth and industry transformations?
The block chain in healthcare market covered in this report is 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
Subsegments:
1) By Permission Blockchains: Consortium Blockchains, Private Blockchains, Federated Blockchains
2) By Permissionless Blockchains: Public Blockchains, Open Source Blockchains, Decentralized Autonomous Organizations (DAOs)
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Which geographical regions are pioneering growth in the block chain in healthcare market?
North America was the largest region in the blockchain in healthcare market in 2024. The regions covered in the block chain in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the block chain in healthcare market landscape?
Major companies operating in the block chain 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.
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What Is Covered In The Block Chain In Healthcare Global Market Report?
•Market Size Forecast: Examine the block chain in healthcare market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the block chain in healthcare market for a structured understanding.
•Key Players Overview: Analyze major players in the block chain in healthcare market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the block chain in healthcare market.
•Segment Contributions: Evaluate how different segments drive overall growth in the block chain in healthcare market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the block chain in healthcare market.
•Industry Challenges: Identify potential risks and obstacles affecting the block chain in healthcare market.
•Competitive Landscape: Review strategic developments in the block chain in healthcare market, including expansions, agreements, and new product launches.
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