Global Blockchain in Healthcare Market to Generate $10,939 Million Revenue by 2030

The global blockchain in healthcare market size is expected to advance at a CAGR of 48.90% during 2021–2030, to reach $10,939 million by 2030. This is ascribed to the rapid rise of IoT in the healthcare industry. The market is also expected to be driven by the surging internet usage and growing smart wireless sensor networks.

Advantages Offered by Blockchain Systems in Healthcare Boost Market Growth

The blockchain technology in healthcare market advance is led by the rising preference for a public blockchain system that provides greater transparency and a decentralized structure and records various pieces of information. The digital ledger technology (DLT) and Ethereum, a public network, are two of the most-used blockchain systems.

DLT is highly secure, eradicates the need for third-party support, and delivers high clarity, and it is specifically designed to offer strong medical data security. Further, the cost-effectiveness of the public blockchain technology for the healthcare sector leads to the industry expansion. Moreover, its fixed portal services and anonymous nature are expected to positively influence the market.

APAC Offering Widest Growth Potential

The APAC industry is expected to grow with a CAGR of about 51% during the forecast period. Among the various countries in the APAC region, Japan is amongst the top markets for new-age healthcare technologies. The population in the country is aging rapidly; hence, the rising burden of all kinds of diseases in the elderly drives the market for blockchain technology. This is because it allows for the effective usage of large amounts of healthcare data, to enhance patient results and save costs.

Japan's blockchain market is also growing owing to the rising number of vital coalitions between government bodies and medical service organizations for blockchain innovation, alongside the high adoption of this technology among the medical care establishments in the country. The technology offers information verifiability, supply chain efficiency, safe exchanges, and low framework costs.

Moreover, the European blockchain in healthcare market is predicted to register rapid growth during the coming years due to the increasing count of government initiatives in regional countries for healthcare data safety. Several European startups, enterprises, and ventures are experimenting with the blockchain technology in the field of healthcare. The U.K., Switzerland, and France are some of the early adopters of this technology in the region, with several pilot projects underway here. Further, the U.K. is increasingly gaining reputation as a hub for blockchain activities on a global scale.

The most-significant global blockchain in healthcare market players are iSolve LLC, International Business Machines Corporation (IBM), PATIENTORY INC., Oracle Financial Services Software Limited, BurstIQ, Guardtime, Change Healthcare Inc., Hashed Health, Medicalchain SA, BlockPharma.