SkyQuest Technology Consulting Pvt. Ltd. Projects Global Blockchain in Healthcare Market to Reach USD 214.56 Billion by 2031
SkyQuest Technology Consulting Pvt. Ltd. Forecasts Global Blockchain in Healthcare Market to Reach USD 214.56 Billion by 2031
In a recent report released by SkyQuest Technology Consulting Pvt. Ltd., it was projected that the Global Blockchain in Healthcare Market is set to achieve a value of USD 214.56 billion by the year 2031. The report highlights a remarkable Compound Annual Growth Rate (CAGR) of 68.40% during the forecast period from 2024 to 2031.
Blockchain technology has been identified as a key driver in the healthcare industry due to its secure and tamper-proof data storage capabilities. By leveraging blockchain, healthcare organizations can safeguard sensitive patient information from unauthorized access, data breaches, and cyber-attacks. This technology ensures data integrity and privacy, addressing the increasing concerns around data security in the digital age.
One of the significant market trends fueling the adoption of blockchain in healthcare is the heightened focus on data privacy and security. With the rising digitization of health records and the escalating threats of breaches and cyber-attacks, healthcare entities are turning to blockchain technology to fortify patient data security and privacy.
The supply chain management segment is anticipated to dominate the market, accounting for over 25% of the market share in 2022. Blockchain applications in supply chain management help maintain data integrity and facilitate integration with Internet of Things (IoT) devices for pharmaceutical companies. This integration streamlines processes, reduces operational costs, minimizes data waste, and enhances the overall quality of healthcare services.
Moreover, the clinical trials & eConsent segment is poised for exponential growth during the forecast period. The integration of blockchain technology in clinical trials ensures secure data management and internal transactions for healthcare professionals. The immutable nature of blockchain technology prevents tampering or manipulation of data, thereby fostering trust and driving market growth.
North America currently leads the global blockchain in healthcare market, attributed to factors such as stringent local laws on patient data security, improved quality of care, and the escalating instances of fraudulent activities in the healthcare sector. However, Asia Pacific is projected to exhibit the highest CAGR from 2024 to 2031, driven by advancements in healthcare, increasing adoption of Electronic Health Records (EHRs), and the growing demand for healthcare IT solutions in the region.
Key players in the Global Blockchain in Healthcare Market include IBM, PATIENTORY INC., Guardtime, iSolve, LLC, Solve.Care, Oracle, Change Healthcare, BurstIQ, Medicalchain SA, Blockpharma, Gem, Hashed Health, Factom Inc., and PokitDok Inc.
For more information and insights on the Global Blockchain in Healthcare Market, interested parties can access the detailed report and Table of Contents (TOC) at https://www.skyquestt.com/report/blockchain-in-healthcare-market.
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Mr. Jagraj Singh
Skyquest Technology
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Email: sales@skyquestt.com
Website: https://www.skyquestt.com/
