Non-fungible Tokens (NFT) in Healthcare Market Growth

NFT in Healthcare Market Growth is Anticipated at CAGR of 18.3%; Market Value to Grow to USD 1,117 Million by 2035

According to a recently published report by Roots Analysis, rising awareness about concepts, such as decentralization, tokenization and digital ownership along with the incentivizing behavior of NFTs are the key contributors to the growth of NFT platforms in healthcare

NFT Solutions in Healthcare Overview

The NFT in healthcare market size is expected to reach USD 1,117 million by 2035, growing at a CAGR of 18.3% during the forecast period till 2035.

NFTs are unique digital assets, such as art, medical data and video clips that have been tokenized. It is worth highlighting that NFT marketplaces help in discovering, buying, selling and trading NFTs. Unlike cryptocurrencies, NFTs are non-divisible, therefore, they cannot be broken down into smaller denominations. Further, NFTs cannot be altered, ensuring robust security and privacy features (since the information cannot be accessed by any third party) to users. Given these characteristics, NFTs are being increasingly explored within the healthcare industry for storing sensitive medical information, primarily in health records management, supply chain traceability, blood donation, clinical trial consent and genomics research sectors.

Browse ~95 figures and ~85 market data tables spread across 200+ slides and detailed Table of Content on “Non-fungible Tokens in Healthcare Market by Blockchain Used (Ethereum, Hyperledger, Polygon and Other Blockchains), Application Area (Health Records Management, Supply Chain Management, Genomics Research, Health and Wellness, Clinical Trial Consent and Other Application Areas), End-user (Healthcare Professionals, Patients, Pharmaceutical Companies, Academic Institutions / Government Bodies, Insurance Companies and Other End-users) and Geographical Regions ((North America (US and Canada), Europe (UK, Germany, Spain and Rest of Europe), Asia-Pacific (China, South Korea, India and Rest of Asia-Pacific), Middle East and North Africa (Saudi Arabia, UAE, and Rest of Middle East and North Africa), and Latin America (Brazil, Argentina and Rest of Latin America))” here: https://www.rootsanalysis.com/reports/non-fungible-tokens-nft-in-healthcare-market.html

Market Drivers

Several factors are propelling the NFT in healthcare market growth. One of the key factors driving the future of NFT in the healthcare market is the rising number of cryptocurrency owners, constituting approximately 7% of the world’s population. This growing awareness allows people to become familiar with blockchain principles, such as decentralization, digital ownership and tokenization that can pave the way for wider adoption of non-fungible tokens across various industries, including healthcare. Further, NFTs offer financial incentives to end-users, allowing them to trade health information. Furthermore, utilization of NFTs can allow tracking end-to-end supply and distribution of medical devices, facilitating in prevention of medical device duplication and thereby contributing to the global markets’ evolution.

Market Restraints

While the NFT in healthcare market is experiencing substantial growth, there are certain restraints that can hinder the growth of this industry. One of the primary restraints in this domain is the concerns related to the security and privacy of health data. Further, issues related to the high volatility and associated hidden costs pose threat to the adoption of NFT solutions. Furthermore, the lack of regulatory frameworks can also slow down the product development and approval process, as well as its entry to the market, thereby affecting the overall market growth.

Growth Factors

Despite the aforementioned challenges, various factors continue to drive the NFT in healthcare market growth forward. One of the notable factors is the ongoing advancements in WEB 3.0 technologies along with the integration of AI in healthcare (primarily for the management of electronic medical records) that serve as a promising opportunity for wider adoption of NFTs in healthcare. Additionally, NFTs can enhance patient engagement by offering a fun and rewarding way to track and improve health in exchange of providing monetary benefits. It is worth noting that the global healthcare data is on the rise and require robust security data management measures, consequently making NFT one of the promising alternatives for effective medical records management.

NFT in Healthcare Market Segments

Based on the blockchain used, the market is segmented into Ethereum, Hyperledger, Polygon and Other Blockchains

• The NFT solutions utilizing Ethereum blockchain network are likely to capture the largest revenue share of around 70% in the NFT in healthcare market, by 2025.
• The other blockchains segment is anticipated to be the fastest growing segment in this industry, with an annualized rate (CAGR) of 20.3% during the forecast period.

Based on the application area, the market is segmented into Health Records Management Supply Chain Management, Genomics Research, Health and Wellness, Clinical Trial Consent and Other Application Areas

• The health records management segment is likely to capture the largest revenue share of close to 45% in the NFT in healthcare market, by 2025.
• The health records management segment is anticipated to be the fastest growing segment in this industry, with an annualized rate (CAGR) 18.7% during the forecast period.

Based on the end-user, the market is segmented into Healthcare Professionals Patients, Pharmaceutical Companies, Academic Institutions / Government Bodies, Insurance Companies and Other End-users

• The healthcare professionals’ segment is likely to capture the largest revenue share of over 30% in the NFT in healthcare market, by 2025.
• The healthcare professionals’ segment is anticipated to be the fastest growing segment in this industry, with an annualized rate (CAGR) of 18.8% during the forecast period.

Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America

• The North America segment is likely to capture the largest revenue share of over 40% in the NFT in healthcare market, by 2025.
• The Asia-Pacific segment is anticipated to be the fastest growing segment in this industry, with an annualized rate (CAGR) of 19.8% during the forecast period.

Key Companies Profiled

The NFT in healthcare market report also includes profiles of key players (listed below) that are offering NFT solutions for various healthcare applications:

• Aimedis
• BurstIQ
• ChainCode Consulting
• DeHealth
• Epillo Health
• GenoBank.io
• Genomes.io
• IVIRSE
• Molecule
• Rejuve.AI
• TuumIO
• Universal Health Token

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

About Roots Analysis

Roots Analysis is a global leader in market research, competitive intelligence and consulting services. 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