Blockchain Technology in Healthcare Market: Security Demand Propels Growth to $9706.49M by 2031 | SkyQuest Technology

WESTFORD, Mass., June 26, 2024 /PRNewswire/ -- According to SkyQuest, the Blockchain Technology in Healthcare Market size was valued at USD 524.40 Million in 2022 and is expected to grow from USD 725.25 Million in 2023 to reach USD 9706.49 Million by 2031, at a CAGR of 38.3% during the forecast period (2024-2031).

From artificial intelligence to blockchain all novel technologies are being deployed in the healthcare space as digitization picks up pace around the world. High use of electronic health records (EHR) and emphasis on safeguarding patient data are projected to promote Blockchain Technology in Healthcare Market development in the future. The global Blockchain Technology in Healthcare Market is segmented into network type, application, end user, and region.

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Blockchain Technology in Healthcare Market Overview: 

Segments covered in Blockchain Technology in Healthcare Market are as follows:

• Type
  • Public, and Private
• Application
  • Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing, and Others
• End-user
  • Pharmaceutical and Medical Device Companies, Healthcare Payers, and Healthcare Providers

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Low Costs of Public Blockchain Allow it to be Widely Used in Healthcare Applications

Blockchain in healthcare providers are using public blockchain networks for data management in the healthcare industry. Low costs and easy accessibility with good security are key benefits of public networks that most blockchain healthcare companies are targeting. The immutability of data transactions recorded on a public network is another key benefit that makes this sub-segment highly beneficial for healthcare companies.

However, the demand for private blockchain networks is forecasted to increase at a robust pace across the forecast period and beyond. Better speed, faster response times, robust security, and scalability are some key advantages of private blockchain networks that allow this segment to bolster market growth at a rapid CAGR. Evolving enterprise needs of healthcare blockchain platforms will also favor the demand for private networks.

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Clinical Trials to Witness Rapid Adoption of Blockchain Technologies Going Forward

Use of blockchain technology for clinical trial applications enhances the security and transparency of clinical trial data. Blockchain networks do not allow alteration of data and this makes it highly secure to share crucial clinical data with clinicians and regulatory authorities without worrying for tampering. High investments in medical R&D and an increasing number of companies applying for approvals are boosting the demand for blockchain solutions for clinical trial applications.

Supply chain management is projected to account for a notable share of the global Blockchain Technology in Healthcare Market. Blockchain technology helps optimize the healthcare supply chain by reducing costs, minimizing data losses and tampering, and optimizing resource utilization. Blockchain solutions in the healthcare space also promote the interoperability of IoT (Internet of Things) devices and other connected technologies.

Healthcare Providers to Take the Lead in Terms of Blockchain in Healthcare Adoption

Healthcare providers are projected to be the most opportune end user sub-segment for blockchain in healthcare companies over the coming years. The use of blockchain technology enables transparency between providers and patients whilst ensuring the security of the transaction as well. Adoption of electronic health records and other digital health solutions will also create new opportunities for blockchain in healthcare providers in this sub-segment. Meanwhile, the payer end user segment is also expected to offer highly lucrative opportunities for blockchain in healthcare companies in the long term as crypto payments and wallets gain popularity among users around the world.

Blockchain in healthcare companies should target healthcare providers and payers to generate maximum revenue over the coming years. Investing in supply chain management applications is the right move for established blockchain in healthcare companies but new companies should target clinical trial applications to penetrate the market successfully in the future. Blockchain in healthcare providers should focus on providing private network benefits in the cost of public networks to improve adoption of blockchain technology in the healthcare industry vertical.

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