The global blockchain in healthcare market size is poised to reach over USD 1.7 billion by 2026 and will grow at CAGR 48.1% during the forecast period, 2019-2026.
The blockchain is a distributed database of records of all the transactions and payments which are executed by the different parties. The blockchain contains a certain and verifiable record of every single transaction ever made. The blockchain technology is an innovative and vital technology as it stands as the proof of all the transactions on the network. It creates a chain of all blocks stored in the system. The blockchain technology helps to maintain a complete database of all addresses and their balances from the origin blocks to the most recent blocks, which is the crucial factor for driving the growth of the market.
The global blockchain in healthcare market is majorly driven by an increase in the demand for the innovative and advanced technology in banking, financial institutes, insurance, and others. During last few years, there is a significant increase in the cryptocurrency market cap, which has reached a total market cap of over $741 billion and continues to thrive. Rising cryptocurrency market cap and increasing need for faster transactions have fueled the market growth. The trend of the blockchain in healthcare is limited, however, it is expecting a healthy growth in near future. Additionally, increasing healthcare spending and the introduction of healthcare IT has provided a push for the market growth.
However, the people in developing countries are unaware of the advantages of this technology. Thus, lack of awareness among the people may slow the growth of the market. High adoption of the block-chain technology for payments, smart contracts, and digital identities will create a huge opportunity for the development of the blockchain in healthcare market during the forecast period.
The market research study on “Blockchain in Healthcare Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Blockchain in healthcare market. The report also analyzes the key players operating in Blockchain in healthcare market and identifies the key strategies deployed by them along with the market share of leading players.
The global Blockchain in healthcare market is segmented as below:
Blockchain in healthcare Market By Type
Blockchain in healthcare Market By Application
Blockchain in healthcare Market By Geography
Blockchain technology has revolutionize the pharmaceutical sector including drug discovery and development, and distribution process. The introduction of the drug, minimizing the clinical trial time has helped in launching new and advanced medicines in the market.
The global Blockchain in healthcare market is segmented by types and application.
On the basis of types, the Blockchain in healthcare market is segmented into private, public, others. Public is expected to be the major share holder in the market owing to its huge adoption by government organization and other various government offices.
Based in types radiofrequency ablation device segment is expected grow at the fastest CAGR during 2019-2026 owing to the increasing prevalence of various diseases, rising adoption of the radiofrequency ablation device in the treatment of various diseases.
On the basis of application, the blockchain in healthcare market is segmented into payments & transactions, electronic health records, smart contracts, precision medicine, others
Geographically, Blockchain in healthcare market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
America dominates the global blockchain market owing to the increasing healthcare spending, well developed technology and awareness among the people about the blockchain technology. Increasing number of mid-sized and small enterprises are inclining towards advanced technology, growing IT infrastructure especially in U.S. and Canada is one of the major factor driving the market in this region. Huge spending on the healthcare technology and increasing investment will support the market growth.
Europe commands for the second largest market, which is attributed due to high acceptance of the blockchain technology. Increasing IT population and industrialization, availability of funding, and continuously rising healthcare infrastructure will help in the growth of the market.
Asia Pacific accounts for the fastest growing market due to the presence of huge opportunity for the growth of the market. Presence of rapidly growing economy like India and China will provide fuel for the growth of the market in Asia Pacific region. Increasing adoption rate of Blockchain in healthcare will support the growth of the market. Additionally, the change in regulatory policies and increase in need for advanced analytics solutions and services in healthcare industries is propelling the growth of the Blockchain in healthcare market in this region. India is expecting a healthy growth for the market. India is a country that has the large population and high-developed economy, especially in the software industry. In the following years, India will be the country that has fastest growing economies in the world. IoT has got a huge attention in India from last few years. Though there is an limited availability of funds the market is expecting a huge growth as a number of the private organization are providing a fund for the growth of the market. The major driving factor for the growth of the market is high demand for smart city infrastructure and healthcare with rapid infrastructural developments and supportive economic conditions. Additionally, various initiatives taken by governments for the development of digitalization are expected to provide new growth opportunities to players. Rapidly increasing digitalization in India will provide a very good platform for the growth of the market.
The Middle East & Africa holds the least share in the market due to presence of poor economy countries in Africa region. Middle East holds the major share in the Middle East & Africa market owing the presence of the well developed economies like Kuwait, Qatar, Oman, and others. High spending of the Middle East countries will help in gaining the major Blockchain in healthcare market share. On the other hand, Africa region will create a huge opportunity for the market development.
Some of the key players in the global Blockchain in healthcare market include IBM Corporation, Accenture, Microsoft, Capgemini, Deloitte Touche Tohmatsu Limited, Blockchain Tech Ltd, Digital Asset Holdings, Global Arena Holding, Inc., Ethereum, BitFuryUsa Inc., Chain, Inc., Coinbase Inc., Abra, Inc..
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