ResearchAndMarkets.com has recently added a new report on the “Global Blockchain Technology In Healthcare Market Analysis & Forecast to 2034.” This report highlights the growth and trends in the global blockchain technology in healthcare market, projecting a significant increase from USD 3.33 billion in 2023 to USD 1,029.18 billion by 2034 with a CAGR of 68.41%.
Several factors are driving this growth, including the need to address information leaks and data breaches, combat drug counterfeiting, improve health data management systems, and increase awareness about blockchain for better health outcomes. The report also identifies the rising trend of investments in advanced healthcare record systems, cryptography for wearable devices, and increased collaborations to introduce innovative blockchain solutions in the healthcare sector as key factors influencing market growth.
By network type, public networks are seeing significant traction due to their cost-effectiveness and access to expansive databases. Ethereum, a widely adopted technology in healthcare, is highlighted as an example of a successful “permission-less” blockchain system within the public network domain. The report predicts that private networks will exhibit the fastest CAGR during the forecast period due to the increasing demand for secure data management and recording.
Supply chain management emerges as a top application segment in the global blockchain technology in healthcare market, driven by the need to combat counterfeit drugs and enhance interoperability with IoT devices. The implementation of blockchain technology has the potential to revolutionize the healthcare industry by reducing operational costs, improving data integrity, and optimizing healthcare processes.
The report also highlights the importance of blockchain technology in clinical trials & eConsent, with an increasing uptake expected in the coming years. By end-user, biopharmaceutical & medical device companies lead the market in 2023 due to their substantial research & development budgets and focus on data security and interoperability.
The North America region is anticipated to hold the highest revenue share in the forecast period, while the Asia Pacific region is expected to exhibit the fastest CAGR. This growth is attributed to the growing need for secure medical records, increased investments in technology development, and rising challenges related to electronic medical records.
The report includes detailed segmentation by network type, application, end-user, and profiles of key companies like Solve.Care, IBM, and Oracle. For more information on this comprehensive report, visit ResearchAndMarkets.com.
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