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Block Chain In Healthcare Market Size Forecasted To Achieve $11.04 Billion By 2029 With Steady Growth
Block Chain In Healthcare
What Is the Block Chain In Healthcare Market Size and Projected Growth Rate?
The market size for blockchain in healthcare has experienced considerable expansion in the past few years. It's projected to increase from $2.23 billion in 2024 to $3.04 billion in 2025, with a compound annual growth rate (CAGR) of 36.4%. The significant growth in the historical period is likely due to factors such as interoperability issues, fraud deterrence, patient empowerment, clinical studies and research, and unalterable record upkeep.
The market size of blockchain in healthcare is anticipated to experience tremendous expansion in the upcoming years, escalating to $11.04 billion by 2029 with a CAGR of 38.0%. The predicted surge within this timeframe is due to factors such as the tokenization of healthcare resources, decentralized clinical studies, custom-tailored medicines, international healthcare transactions, and consent management. Dominant trends projected within this period encompass advancements in personalized medicine, improved cybersecurity protocols, the emergence of privacy-maintaining technologies, fusion with artificial intelligence, and the formation of healthcare-based blockchain consortia.
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What Are the Major Segments in the Block Chain In Healthcare Market?
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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What Are The Driving Block Chain In Healthcare Market Evolution?
The increasing usage of blockchain as a service (BaaS) is anticipated to fuel the expansion of the healthcare-focused blockchain market in the future. Blockchain technology offers inventive solutions to several issues plaguing the healthcare sector such as supply chain administration, the privacy of personal health details, technical hindrances in data handling, enabling alternate remuneration models, and tracing virus outbreaks. For example, as per the figures unveiled by Emarketer, a market research subsidiary based in New York, in October 2023, around 38% of US workforce asserted that their companies regularly employ blockchain technology, as per a survey conducted by EY in February 2023. It was also gathered from the survey that 18% of those surveyed believed that widespread utilization of this technology in their firms would take more than three years, while an additional 44% expected it to happen within three years.
Which Firms Dominate The Block Chain In Healthcare Market Segments?
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.
What Trends Are Expected to Dominate the Block Chain In Healthcare Market in the Next 5 Years?
Key players in the healthcare blockchain market are looking to strategic collaborations for enhancing healthcare contract management. A notable example is the partnership between the American home healthcare services company, Baptist Health, and the American pharmaceutical manufacturer, MediLedger, in July 2023. The alliance aims to pioneer a revolutionary approach to healthcare contract management. Baptist Health aims to leverage MediLedger's blockchain technology for maintaining price accuracy for pharmaceutical products across its nine hospitals. Operating over 400 purchasing sites and a wide range of products, the hospital network aspires to boost communication and ensure punctual delivery of bargained prices, ultimately improving transparency and efficiency in its procurement operations.
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Which Is The Largest Region 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Block Chain In Healthcare Market?
2. What is the CAGR expected in the Block Chain In Healthcare Market?
3. What Are the Key Innovations Transforming the Block Chain In Healthcare Industry?
4. Which Region Is Leading the Block Chain In Healthcare Market?
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