Growth Opportunity Analysis in the Global Blockchain in Healthcare Market

The global blockchain in healthcare market is expected to expand at a CAGR of over 60% during the forecast period. The market growth is attributed to the rising occurrence of data leaks and breaches coupled with the growing need to address these concerns. Blockchain technology has the potential to revolutionize healthcare globally by providing innovative solutions that are economical, faster, and more effective. Moreover, the surging adoption of blockchain technology in hospitals is expected to provide the necessary thrust to the segmental growth. Information updates or alterations are not permitted on the blockchain, thus, ensuring high security of the data or information. This is expected to drive industry growth in the coming years.

Market Segmentation 
The global blockchain in healthcare market has been analyzed on the basis of network type, application, end-user, and region. Based on network type, the market is segmented into public network, private network, and others. Among these, public network segment is projected to hold a prominent share in the market. Based on application, the market covers the analysis of clinical trials & eConsent, claims adjudication & billing, supply chain management, clinical data exchange & interoperability, and others. Further, on the basis of end-user, the market is segmented into biopharmaceutical & medical device companies, healthcare providers, and others. Among these, biopharmaceutical & medical device companies segment is estimated to hold a prominent share in the market. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa.

Market Structure and Competition Landscape 
The global blockchain in healthcare market is characterized by the presence of significant number of players. Some of the prominent players operating in the market include IBM Corp., Change Healthcare, Oracle Corp., BurstIQ Inc., UnitedHealth Group, Medicalchain SA, Blockpharma, iSolve LLC, Solve.Care, Patientory Inc., and others. To maintain their position in the market, the companies are employing various business strategies, such as expanding cooperation, partnerships, and mergers & acquisitions.
• In October 2021, amid the COVID-19 spread, a COVID-19 testing service was launched by MDS Mexico. This service is blockchain technology-based and ensures the authenticity of vaccination certificates.
• In April 2020, to tackle COVID-19, IBM Corp. established the IBM Rapid Supplier Connect, a blockchain-based network that connects healthcare companies and governments with non-traditional device, equipment, and supply vendors.