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Written by stanley huds » Updated on: December 17th, 2024
IMARC Group’s report titled “Blockchain in Healthcare Market Report by Network Type (Private, Public, and Others), Application (Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management, and Others), End Use (Healthcare Providers, Healthcare Payers, Biopharmaceutical & Medical Device Companies, and Others), and Region 2025-2033”. The global blockchain in healthcare market size reached USD 2.9 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 52.6 Billion by 2033, exhibiting a growth rate (CAGR) of 36.34% during 2025-2033.
Factors Affecting the Growth of the Blockchain in Healthcare Industry:
Blockchain creates a permanent record that cannot be changed or deleted. This protects patient records and sensitive data from tampering and unauthorized changes, crucial for preventing breaches and cyberattacks. Additionally, blockchain gives patients control over their health data. They can decide who sees their information and track its use, fostering transparency and trust in the management of their personal health information.
Blockchain technology creates a permanent record of every transaction in the supply chain, from manufacturing to retail. This prevents counterfeit drugs from entering the market, ensures regulatory compliance, and enhances safety. By tracking a drug's journey, stakeholders can confirm its authenticity and check for tampering. Additionally, blockchain enables a secure, unchangeable ledger of medical records, accessible only to authorized personnel. This improves the tracking of changes and ensures patient history is accurate and complete.
Smart contracts process insurance claims automatically when conditions are met. This cuts out middlemen and reduces human error. As a result, claims are handled faster and more accurately. This lowers costs and boosts patient satisfaction. In healthcare, smart contracts also streamline drug payments. When shipments meet conditions like temperature and timing, payment is triggered automatically. This ensures timely transactions and reduces fraud risk.
Grab a sample PDF of this report: https://www.imarcgroup.com/blockchain-in-healthcare-market/requestsample
Leading Companies Operating in the Global Blockchain in Healthcare Industry:
Blockchain in Healthcare Market Report Segmentation:
By Network Type:
Public represents the largest segment due to its inherent characteristics of transparency, decentralization, and security.
By Application:
Supply chain management accounts for the majority of the market share as it plays a vital role in ensuring the integrity, transparency, and efficiency of the supply chain processes.
By End Use:
Biopharmaceutical and medical device companies hold the biggest market share owing to the critical need for enhanced security, transparency, and efficiency in managing complex data and supply chains.
Regional Insights:
North America enjoys the leading position in the blockchain in healthcare market on account of a highly developed healthcare infrastructure and a strong presence of major technology companies investing in blockchain technology.
Global Blockchain in Healthcare Market Trends:
Blockchain is increasingly being integrated with IoT devices and wearables. These devices produce large amounts of data needing secure storage. Blockchain ensures this data remains intact and safe.
Moreover, there's a shift towards solutions that center on patients, giving them more control over their health data. With blockchain, patients can manage who accesses their records. This ensures transparency and supports informed healthcare decisions.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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