Blockchain in Healthcare Market Growth

Blockchain in healthcare market growth is anticipated at a CAGR of 22% during the period 2023-2035

 

According to a recently published report by Roots Analysis, technological innovations and increasing adoption rate of Blockchain in Healthcare in drug discovery, the opportunity for service providers is likely to grow in the coming future

Blockchain in Healthcare Industry Overview

The global blockchain in healthcare market is anticipated to grow at a CAGR of 22% from 2023-2035, reaching USD 641 million by 2035.

Blockchain technology has revolutionized the process in drug discovery and clinical trials, from target identification to drug products being available in the market for public use. Blockchain in healthcare market can effectively and potentially be used as a method to significantly improve the life cycle management of a drug. This life cycle of drug includes drug discovery, development, manufacturing, distribution, usage, as well as finally disposal. In addition, by combining authentic patient data, along with other emerging technologies, blockchain technology can aid in the provision of personalized and reliable clinical trial services. Further, several stakeholders in healthcare have adopted blockchain for various operations, including maintenance of patient records, while ensuring privacy and security as the records are stored on a network, recruiting patients for trials and providing transparency and traceability in the supply chain. Gradually, blockchain technology has disclosed unprecedented opportunities in the healthcare sector by unlocking significant advantages.

Browse 7+0 figures and 65+ market data tables spread across 160+ pages and detailed Table of Content on “Blockchain in Healthcare Market by Type of Drug Discovery Service Offered, Therapeutic Area, and Key Geographical Regions: Industry Trends and Global Forecasts, 2023-2035” here: https://www.rootsanalysis.com/reports/blockchain-technology-in-healthcare-market.html

Market Drivers

Several factors are propelling the growth of the blockchain in healthcare market. One such driver includes the faster solutions provided by blockchain technology for tracking and authenticating medical shipments / drugs across the supply chain. Moreover, blockchain offers drug data traceability, which can aid in improving the safety of drugs throughout the stages of clinical trials. Further, blockchain can reduce the time significantly as it helps to anonymously connect patients registered for trials and their trial sites.

Market Restraints

While the blockchain in healthcare market is experiencing substantial growth, the adoption is not significant currently. Despite the huge potential, blockchain in healthcare is associated with the complexity related to exchange via cryptocurrency. Further, lack of regulations due to third party engagement along with higher power consumption is restraining its growth. Moreover, blockchain is prone to cyber-attacks, wherein the attackers can take control over the blockchain and can interrupt, prevent or even reverse transactions within the network.

Growth Factors

Owing to the proper management of data, a secure tracking system is maintained as the ledger contains all the updated information, thereby allowing all the participants to access the information related to trials being conducted or other medical information. In the near future, blockchain technology may aid in the provision of personalized, authentic, and reliable clinical trial services by combining up-to-date and secure patient data with other emerging technologies. Considering the fact that blockchain technology is already employed in healthcare and various other industries, additional efforts and initiatives will allow the industries to leverage the full potential of blockchain technology.

Blockchain in Healthcare Market Segments

Based on the Type of Blockchain, the Blockchain in Healthcare market is segmented into Public Blockchain, Private Blockchain, Hybrid Blockchain, and Other Blockchains.

• Private blockchain hold 38% share of the overall Blockchain in Healthcare market in 2023.
• Public Blockchain is anticipated to show the highest growth potential during the forecast period of over 24% annually.

Based on the Type of End User the Blockchain in Healthcare market is segmented into Hospitals, Pharmaceutical Industry, Research Institutes and Academic Institutes.

• Hospitals hold 38% share of the overall Blockchain in Healthcare market in drug discovery in 2023.
• The Pharmaceutical Industry is anticipated to show the highest growth potential during the forecast period of over 27% annually.

Based on the Regional Insights, the Blockchain in Healthcare market is segmented into North America, Europe, Asia-Pacific, and Rest of the World

• Asia-Pacific is anticipated to hold the maximum share (41%) of the global Blockchain in Healthcare market in 2023.
• In rest of the world, the Blockchain in Healthcare market is anticipated to demonstrate lucrative growth during the forecast period.

Key Companies Profiled

The Blockchain in Healthcare market report also includes detailed profiles of key players (listed below) that offer blockchain technology for drug discovery / clinical trials:

• Alten Calsoft Labs
• ConsenSys
• Humanscape
• Hyperledger Foundation
• IBM
• Infosys
• Innoplexus
• Medsphere
• Solulab
• Stratumn
• Tech Mahindra

You Can Download Free Sample PDF Copy of This Report At:
https://www.rootsanalysis.com/reports/blockchain-technology-in-healthcare-market/request-sample.html

About Roots Analysis

Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research / consulting services dedicated to serve our clients in the best possible way.

Contact Details

Gaurav Chaudhary
Email: Gaurav.chaudhary@rootsanalysis.com or sales@rootsanalysis.com