Healthcare Blockchain Market Introduction and Overview
According to SPER Market Research, the Global Healthcare Blockchain Market is estimated to reach USD 32.91 billion by 2033 with a CAGR of 42.1%.
The report includes an in-depth analysis of the Global Healthcare Blockchain Market, including market size and trends, product mix, Applications, and supplier analysis. A distributed database or ledger that is shared by computer network nodes is known as a blockchain. For storing data, a blockchain serves as a digital database. In the healthcare sector, a blockchain network is used to store and share patient data amongst hospitals, diagnostic labs, pharmaceutical companies, and doctors. It can enhance the exchange of medical data throughout the healthcare system in terms of efficiency, security, and transparency. By improving the functionality, disintermediation, and security of electronic medical records, this technology presents a new model for health information exchanges for blockchain in the healthcare industry.
- January 2022: Several renowned healthcare organisations have also backed Avaneer Health, giving the health network a start-up capital of USD $50 million. The network, which is built on blockchain technology, emphasises payer-to-payer data sharing, eligibility, and prior authorization while utilising HL7's FHIR specification to broaden data access among healthcare organisations.
- March 2022: According to Nokia, Equideum Health chose Nokia to assist in developing and delivering healthcare use cases. Equideum Health will make use of Nokia's Data Marketplace (NDM) solution, which is available through its Software-as-a-Service (SaaS) architecture. Equideum Health, a pioneer in the healthcare and life sciences blockchain, will be able to provide new use cases.
Market Opportunities and Challenges
Opportunities: The healthcare sector is beginning to see the value of blockchain technology. With the use of blockchain technology, numerous firms have begun to address significant pain issues in the healthcare sector (such as medical record interoperability, data security, and preventing counterfeit pharmaceuticals from entering the pharmaceutical supply chain). The healthcare sector has seen a rise in interest in blockchain technology over the past few years. Numerous governments throughout the world are investing in blockchain research due to the growing interest in this technology.
Challenges: Due to a lack of legislation governing the interchange of medical data, the majority of healthcare providers and payers, particularly in developing countries, are hesitant to reveal data. It is advantageous for healthcare providers to keep their data to themselves because sharing it with healthcare payers could result in lower compensation because they might receive different rates for different patients. It would be difficult to implement a transparent technology like a distributed ledger in this scenario, since all healthcare industry stakeholders are engaged in a profit-based competition and are highly hesitant to provide accurate data. The adoption of blockchain technology in the healthcare industry is anticipated to be hampered by this.
Market Competitive Landscape
The global healthcare blockchain market is fiercely competitive. Market expansion is anticipated to be fuelled by technological partnerships, important company activities, government initiatives, and up-and-coming entrepreneurs. The business is currently in its early phases, and IT and healthcare organisations are developing various stages of approaches to use blockchain. Some of the main players have formed partnerships to advance their individual platforms or product lines. The major players in the market include: Chronicled Inc., Factom Inc., Gem, Guardtime Federal, Hashed Health, IBM Corporation, iSolve LLC, Microsoft Corporation, Patientory Inc., PokitDok Inc., Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2021 |
| Forecast period | 2023-2033 |
| Segments covered | By Network Type, By Application, By End User
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| Companies Covered | Chronicled Inc., Factom Inc., Gem, Guardtime Federal, Hashed Health, IBM Corporation, iSolve LLC, Microsoft Corporation, Patientory Inc., PokitDok Inc., Others |
COVID-19 Impact on Global Healthcare Blockchain Market
The COVID-19 pandemic has benefited the industry for blockchain in healthcare. In order to accommodate COVID-19 patients, hospitals all over the world underwent restructuring, which resulted in a backlog of unnecessary treatments. Production and distribution of necessary medical supplies were hampered by lockdowns. Limited access to medical treatment, a lack of staff, and an increase in COVID-19 hospitalisations were further contributory reasons. As a result, the epidemic hastened the adoption of cutting-edge technology like blockchain in the healthcare industry, enabling more effective resource allocation. To fight misinformation, a number of industry participants are creating blockchain-based tracking systems. The implementation of blockchain technology in the healthcare industry is anticipated to present opportunities and problems, as well as the need for specialised solutions.
Key Target Audience:
- Data Privacy and Cybersecurity Professionals
- Health Data Management Companies
- Health Insurance Companies
- Health Supply Chain Stakeholders
- Healthcare Consumers
- Healthcare IT Companies
- Healthcare Startups
- Hospitals and healthcare systems
- Pharmaceutical Companies
- Telemedicine and Remote Healthcare Providers
- Others
Our in-depth analysis of the Healthcare Blockchain Market includes the following segments:
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By Network Type:
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Private
Public
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By Application:
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Claims Adjudication & Billing
Clinical Data Exchange & Interoperability
Clinical Trials & eConsent
Supply Chain Management
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By End User:
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Biopharmaceutical & Medical Device Companies
Payers
Providers
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Key Topics Covered in the Report:
- Global Healthcare Blockchain Market Size (FY’2023-FY’2033)
- Overview of Global Healthcare Blockchain Market
- Segmentation of Global Healthcare Blockchain Market By Network Type (Private, Public, Others)
- Segmentation of Global Healthcare Blockchain Market By Application (Claims Adjudication & Billing, Clinical Data Exchange & Interoperability, Clinical Trials & eConsent, Supply Chain Management, Others)
- Segmentation of Global Healthcare Blockchain Market By End User (Biopharmaceutical & Medical Device Companies, Payers, Providers, Others)
- Statistical Snap of Global Healthcare Blockchain Market
- Expansion Analysis of Global Healthcare Blockchain Market
- Problems and Obstacles in Global Healthcare Blockchain Market
- Competitive Landscape in the Global Healthcare Blockchain Market
- Impact of COVID-19 and Demonetization on Global Healthcare Blockchain Market
- Details on Current Investment in Global Healthcare Blockchain Market
- Competitive Analysis of Global Healthcare Blockchain Market
- Prominent Players in the Global Healthcare Blockchain Market
- SWOT Analysis of Global Healthcare Blockchain Market
- Global Healthcare Blockchain Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Healthcare Blockchain Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Healthcare Blockchain Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Healthcare Blockchain Market
7. Global Healthcare Blockchain Market, By Network Type (USD Million)
7.1. Global Healthcare Blockchain Market Value Share and Forecast, By Network Type, 2023-2033
7.2. Private
7.3. Public
7.4. Others
8. Global Healthcare Blockchain Market, By Application (USD Million)
8.1. Global Healthcare Blockchain Market Value Share and Forecast, By Application, 2023-2033
8.2. Claims Adjudication & Billing
8.3. Clinical Data Exchange & Interoperability
8.4. Clinical Trials & eConsent
8.5. Supply Chain Management
8.6. Others
9. Global Healthcare Blockchain Market, By End User (USD Million)
9.1. Global Healthcare Blockchain Market Value Share and Forecast, By End User, 2023-2033
9.2. Biopharmaceutical & Medical Device Companies
9.3. Payers
9.4. Providers
9.5. Others
10. Global Healthcare Blockchain Market Forecast, 2019-2033 (USD Million)
10.1. Global Healthcare Blockchain Market Size and Market Share
11. Global Healthcare Blockchain Market, By Network Type, 2019-2033 (USD Million)
11.1. Global Healthcare Blockchain Market Size and Market Share By Network Type (2019-2026)
11.2. Global Healthcare Blockchain Market Size and Market Share By Network Type (2027-2033)
12. Global Healthcare Blockchain Market, By Application, 2019-2033 (USD Million)
12.1. Global Healthcare Blockchain Market Size and Market Share By Application (2019-2026)
12.2. Global Healthcare Blockchain Market Size and Market Share By Application (2027-2033)
13. Global Healthcare Blockchain Market, By End User, 2019-2033 (USD Million)
13.1. Global Healthcare Blockchain Market Size and Market Share By End User (2019-2026)
13.2. Global Healthcare Blockchain Market Size and Market Share By End User (2027-2033)
14. Global Healthcare Blockchain Market, By Region, 2019-2033 (USD Million)
14.1. Global Healthcare Blockchain Market Size and Market Share By Region (2019-2026)
14.2. Global Healthcare Blockchain Market Size and Market Share By Region (2027-2033)
14.3. Asia-Pacific
14.3.1. Australia
14.3.2. China
14.3.3. India
14.3.4. Japan
14.3.5. South Korea
14.3.6. Rest of Asia-Pacific
14.4. Europe
14.4.1. France
14.4.2. Germany
14.4.3. Italy
14.4.4. Spain
14.4.5. United Kingdom
14.4.6. Rest of Europe
14.5. Middle East and Africa
14.5.1. Kingdom of Saudi Arabia
14.5.2. United Arab Emirates
14.5.3. Rest of Middle East & Africa
14.6. North America
14.6.1. Canada
14.6.2. Mexico
14.6.3. United States
14.7. Latin America
14.7.1. Argentina
14.7.2. Brazil
14.7.3. Rest of Latin America
15. Company Profile
15.1. Chronicled Inc.
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Factom Inc.
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. Gem
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Guardtime Federal
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. Hashed Health
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. IBM Corporation
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. iSolve LLC
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Microsoft Corporation
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. Patientory Inc.
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. PokitDok Inc.
15.10.1. Company details
15.10.2. Financial outlook
15.10.3. Product summary
15.10.4. Recent developments
15.11. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
