As per a report of P&S Intelligence, the size of blockchain in healthcare market was at $304.04 million in 2021, and it will propel at a rate of 48.90% by the end of this decade, to reach $10,939 million by 2030.
The growth of this industry is because of the increasing incidence of medical data breaches and snowballing implementation of IoT in the healthcare industry.
The public category was the largest because of the increasing use of public networks for managing numerous particulars. Public blockchains, including Ethereum, Bitcoin, and Monero, are popular due to the fact that they are truly democratized, decentralized and provide authority-free operation.
The private category will grow significantly in the years to come since these alternatives offer fast transactions, privacy, and high security, and they are designed as per the needs.
Biopharma and medical device companies have the largest share due to high investments for research and development. These kinds of projects mandate the secure sharing of authentic info across numerous organizations.
Hence, the acceptance of this technology is rising for verifying the legitimacy of the returned drug, averting counterfeits from moving on to trials and, ultimately, to the market, guaranteeing transparency, compliance and traceability within the pharma supply chain and in clinical trials, and improving the dependability and eminence of the clinical trials.
This technology allows an efficient, holistic, and transparent atmosphere in which records of patients can be stored and tracked without any sort of tampering. These advantages play a big role in the pharma and healthcare industries for ensuring compliance with the regulations of the government on patient and drug data safety.
Furthermore, healthcare providers will have a steady growth in the future because of the increasing patient count and fast digitization. Here, the growing sharing of medical reports, prescriptions, and health statuses amongst medical practitioners, for fast diagnosis, will drive the acceptance of the technology considerably.
Europe was the leader of the blockchain in healthcare market, and it will consolidate its position till 2030. This is because of the existence of numerous IT vendors in the region and the fast acceptance of new technologies, aided by the presence of highly efficient infra.
North America, had a considerable revenue share in the past with U.S. producing the higher revenue, growing at a rate of approximately 54.2% because of the fast acceptance of progressive technologies, also because of the of the investments done by the government for reassuring R&D. Consequently, in September 2022, there were about 182 blockchain in the U.S. healthcare startups
APAC will grow the fastest due to the large population, resulting in the formation of huge volumes of patient records, requiring protection come what may.
Due to the increasing cases of medical data breaches, the demand for the blockchain technology in healthcare will rise considerably in the future.
