Blockchain Technology in Healthcare Market Research Report Analysis and Forecasts to 2027

 The blockchain technology in healthcare market is projected to grow considerably by 2027 owing to increasing penetration of IoT in the healthcare sector. Moreover, rising concerns pertaining to counterfeit drugs are likely to propel market adoption over the forecast period.

Blockchain technology refers to a distributed, public ledger that records transactions and tracks assets. Its immutability is ensured by a peer-to-peer network of computers rather than a centralized authority. It is a viable technology that has a plethora of applications in the healthcare sector. It saves cost and enhances the management of massive amounts of personal health data from healthcare monitoring devices, medical records, and transactions, which has played a vital role in business growth.

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Notably, the COVID-19 pandemic has stimulated the development of a robust digital healthcare data-sharing infrastructure, thereby fostering industry expansion in recent years. Additionally, the ongoing shift towards patient-driven interoperability, which enables patient-driven health data exchange to ensure authenticity and security of the data, has fueled extensive R&D activities by market players to cater to escalating demand in the healthcare sector.

The blockchain technology in healthcare market has been segmented based on end-use, type, application, and region. In terms of type, the market has further been categorized into private and public.

Browse key industry insights spread across 120 pages with 182 market data tables & 15 figures & charts from the report, “Blockchain Technology in Healthcare Market Size By Type (Public, Private), By Application (Clinical Trials, Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management), By End-use (Pharmaceutical Companies, Healthcare Payers, Healthcare Providers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/blockchain-technology-in-healthcare-market

The private sub-segment was valued at more than USD 78 million in 2020 and is slated to expand exponentially at a CAGR of approximately 59.3% over the analysis period. Accurate and efficient medical data management, along with improved efficiency, offers enhanced outcomes, which is speculated to boost segmental growth by 2027.

On the application spectrum, the blockchain technology in healthcare market has been bifurcated into claims adjudication and billing management, clinical trials, data exchange and interoperability, supply chain management, and others.

In 2020, the claims adjudication and billing management sub-segment attained a valuation of over USD 31 million and is anticipated to progress at around 54.4% CAGR through the review timeline. This growth is attributed to rising adoption of blockchain technology to help reduce several major problems comprising manual errors, duplications, and incorrect billing, among others.

With respect to end-use, the market has been divided into healthcare providers, pharmaceutical companies, healthcare payers, and others. The blockchain technology in healthcare market from the pharmaceutical companies sub-segment held a notable revenue of USD 119.1 million in 2020 and is expected to grow at above 52.3% growth rate through the study period. Increasing utilization of blockchain technologies in drug discovery and development to obtain rapid, productive, and cost-effective outcomes is estimated to boost product demand over 2021-2027.

From the regional perspective, the Latin America blockchain technology in healthcare market exceeded a valuation of USD 6.8 million in 2020 and is projected to exhibit significant expansion at a CAGR of about 53.7% through the forecast timeframe. Growing awareness about the benefits of blockchain technology in healthcare, coupled with mounting incidences of medical data breaches across several countries in LATAM, is set to drive regional market growth in the forthcoming years.

Partial Table of Contents (ToC) of the report:

Chapter 1   Methodology

1.1    Market definition

1.2    Base estimates & working

1.3    Forecast parameters

1.4    Data validation

1.5    Data sources

1.5.1    Secondary

1.5.1.1    Paid sources

1.5.1.2    Unpaid sources

1.5.2    Primary

Chapter 2   Executive Summary

2.1    Blockchain technology in healthcare industry 3600 synopsis, 2016 - 2027

2.1.1    Business trends

2.1.2    Type trends

2.1.3    Application trends

2.1.4    End-use trends

2.1.5    Regional trends

 

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