Blockchain technology in the healthcare market to grow by USD 1,939.31 million from 2022 to 2027; The growing inclination toward data security to boost the market – Technavio – Yahoo Finance

NEW YORK, Aug. 9, 2023 /PRNewswire/ — The global blockchain technology in healthcare market size is estimated to grow by USD 1,939.31 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 32.79% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 46%. For more insights on the historic market data (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

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Blockchain technology in healthcare market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Type (Private, Public, and Hybrid), End-user (Pharmaceutical and medical device companies, Healthcare payers, and Healthcare providers), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The private segment will be significant during the forecast period. Blockchain networks offer a controlled environment and organizations can securely share sensitive healthcare data among authorized users. Such networks provide improved data traceability, transparency, and integrity as well as enabling businesses to leverage blockchain technology while adhering to data protection laws. Hence, such factors boost the private segment growth in blockchain technology in the healthcare market during the forecast period.

Geography Overview
By geography, the global blockchain technology in the healthcare market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of global blockchain technology in the healthcare market.

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• North America will contribute 46% to the growth of the global market during the forecast period. The regional market growth can be attributed to the enhanced healthcare infrastructure, growing use of electronic health records (EHRs), and strict data privacy laws. Furthermore, the growth of blockchain technology in the healthcare market in the region is driven by factors such as the demand for safe and interoperable health information sharing, the prevalence of counterfeit medications, and the focus on data security and privacy. Hence, such factors boost regional blockchain technology in the healthcare market during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic market data (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report

Blockchain technology in healthcare market – Market Dynamics
Key factor driving market growth
The growing inclination toward data security drives blockchain technology in the healthcare market growth. This technology improves security and encryption methods and healthcare organizations have to protect sensitive data, such as patient records and information about clinical studies, from unauthorized access and manipulation by utilizing blockchain technology.

Furthermore, with the help of these technologies, stakeholders can understand the use of blockchain security in fulfilling the critical requirement for data protection in healthcare. Hence, such factors drive the growth of the market during the forecast period.

Leading trends influencing the market 

The growing adoption of blockchain-based health information exchange is an emerging blockchain technology in the healthcare market trend. Regulations such as General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), and medical device regulations should be complied with.

Also, organizations are realizing the importance to ensure data security and privacy by implementing blockchain technology. Hence, such trends drive the growth of the market during the forecast period.

Major challenges hindering the market growth

Patients’ data privacy and consent management challenges blockchain technology in the healthcare market growth. The equilibrium between data transparency and patient privacy poses a challenge. Furthermore, it is difficult to gain patients’ trust and adhere to privacy laws such as HIPAA and GDPR.

Various patients prefer to control their medical information as they can take advantage of the accessibility and data integrity offered by blockchain. However, careful planning and execution of privacy measures inside blockchain applications are necessary. Hence, such challenges impede the growth of the market during the forecast period.

Insights on Market Drivers, Trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this blockchain technology in healthcare market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the blockchain technology in healthcare market between 2023 and 2027

• Precise estimation of the size of the blockchain technology in healthcare market and its contribution to the market with a focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the blockchain technology in healthcare market across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of blockchain technology in healthcare market vendors

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio