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Steady Expansion Forecast for Block Chain In Healthcare Market, Projected to Reach $10.84 Billion by 2029
Block Chain In Healthcare Market
Block Chain In Healthcare Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In the last few years, the size of the healthcare blockchain market has soared. It is projected to rise from $2.23 billion in 2024 to $3.03 billion in 2025, boasting a Compound Annual Growth Rate (CAGR) of 35.7%. Factors contributing to the growth observed in the historical period include issues with interoperability, fraud prevention, strengthening patients' rights, clinical studies and research, and indelible medical record maintenance.
Block Chain In Healthcare Market Size Forecast: What's the Projected Valuation by 2029?
The blockchain in healthcare market is projected to witness a surge in its size over the coming years, escalating to a worth of $10.84 billion by 2029 with an anticipated compound annual growth rate (CAGR) of 37.5%. The expected growth during the forecast period can be credited to factors such as the tokenization of healthcare assets, decentralized clinical trials, individualized medicine, and cross-border healthcare transactions, as well as consent management. The forecast period is predicted to see significant trends such as advancements in personalized medicine, improved cybersecurity measures, the emergence of privacy-preserving technologies, integration with artificial intelligence, and the rise of blockchain consortiums in healthcare.
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What Are the Drivers Transforming the Block Chain In Healthcare Market?
The rise in usage of blockchain as a service (BaaS) is slated to propel the blockchain in healthcare market's expansion in the future. The blockchain technology can offer pioneering solutions to myriad challenges confronting the healthcare sector, including supply chain management, smart contracts, privacy of personal health data, technical difficulties in managing data, facilitating alternate payment models, and monitoring virus outbreaks. For example, as per Emarketer, a market research subsidiary based in New York, over one-third (38%) of US workers indicated their firms commonly utilize blockchain technology, based on a poll by EY in February 2023. An additional 18% of those surveyed mentioned that widespread usage of this technology in their companies would take more than three uncompromising years, while another 44% forecasted a timeline within three years.
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What Long-Term Trends Will Define the Future of the Block Chain In Healthcare Market?
Leading firms in the healthcare blockchain market are emphasizing on strategic collaborations for effective management of healthcare contracts. To demonstrate, in July 2023, Baptist Health, a home health care services company from the US joined forces with MediLedger, a pharmaceutical manufacturing company also based in the US, to usher in a revolution in the sector of healthcare contract management. Baptist Health is utilizing MediLedger's blockchain technology for precise pharmaceutical pricing across its nine hospitals. It operates in over 400 procurement locations with an extensive product range, aiming to enhance both communication and prompt delivery of negotiated prices, thereby boosting transparency and efficiency in its procurement process.
Which Segments in the Block Chain In Healthcare Market Offer the Most Profit Potential?
The block chain in healthcaremarket 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 Firms Dominate the Block Chain In Healthcare Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential 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
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