Blockchain Technology in Healthcare Market Expected to Reach $16.30 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Blockchain Technology in  Healthcare Market," The blockchain technology in healthcare market was valued at $531.19 million in 2021, and is estimated to reach $16.30 billion by 2031, growing at a CAGR of 40.8% from 2022 to 2031.

A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. A blockchain serves as an electronic database for storing data in digital form. Blocks have specific storage capabilities, and when filled, they are sealed and connected to the block that came before them to create the data chain is known as the blockchain. Every additional piece of information that comes after that newly added block is combined into a brand-new block, which is then added to the chain once it is full. 
In the healthcare system, a blockchain network is used to store and share patient data among hospitals, diagnostic labs, drug companies, and doctors. It can enhance the efficiency, safety, and openness of the exchange of medical data within the healthcare system. Medical institutions can acquire insight and improve the analysis of patient information with the use of this technology.
The rise in data breaches is one of the main drivers that fuels the use of blockchain technology in the healthcare sector. 
The market for blockchain technology in healthcare has grown as a result of the implementation of blockchain technology in the healthcare system. It could save massive cost per year, in data breach-related costs, IT costs, operations costs, support function costs & personnel costs, and through reduction in frauds & counterfeit products. By integrating blockchain into supply chain management, comprehensive protection from fake medications may be provided., thus is also the leading blockchain technology in healthcare market trends.
In addition, a lot of governments have incorporated blockchain technology into their systems, which is expected to help the blockchain technology in healthcare market growth. However, a dearth of qualified personnel to manage blockchain technology in the healthcare sector and lack of common set of standards may limit market expansion. Owing to its complexity, blockchain technology in the healthcare industry requires experienced personnel to run and maintain it. Moreover, technological advancement by many key market player offers opportunities and challenges of blockchain technologies in healthcare a lucrative future growth.
The blockchain technology in healthcare market is segmented on the basis of type, application, end user, and region. By type, the market is bifurcated into private and public. The public segment dominated blockchain technology in healthcare market size in 2021, as public blockchains are open ended and open to everyone. The private segment is expected to witness highest CAGR of 41.2% during the forecast period, owing to its higher safety and scalable designs. The private segment is further classified into fully private and consortium. The consortium segment generated maximum revenue in 2021, and is expected to witness highest CAGR of 41.6% during the forecast period owing to high level of security.
Depending on application, the market is divided into supply chain management, data exchange & interoperability, claims adjudication & billing management, and others. The supply chain management segment dominated the market in 2021, owing to adoption of supply chain management by many pharmacies in their system. The data exchange & interoperability segment is expected to witness highest CAGR of 41.4% during the forecast period owing to surge in the number of patient data exchange with security.
Depending on end user, the market is divided into pharmaceutical companies, healthcare payers, healthcare providers, and others. The pharmaceutical and medical device companies segment dominated the market in 2021, as blockchain can eliminate the risk of counterfeit drugs. . The healthcare payers’ segment is expected to witness highest CAGR of 41.4% during the forecast period owing to increase in demand for secure health information exchange between providers & payers, and to improve organization’s operational efficiency. 
North America accounted for a majority of the blockchain technology in healthcare market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in blockchain technology in the healthcare techniques, integration of advanced technology, software processes in blockchain technology in the healthcare devices, and presence of key & robust infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in data breaches, development of healthcare infrastructure, and increase in investments projects in the region, thus also boosting the blockchain technology in healthcare industry.

  Key findings of the study
•    By type, the public segment was the highest contributor to the market in 2021.
•    By application, the supply chain management segment was the highest contributor to the market in 2021.
•    Depending on end user, the pharmaceutical and medical device companies segment was highest contributor in 2021, and is expected to continue this trend during the forecast period.
•    Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.