global Blockchain in the healthcare market It has grown significantly, reaching USD 760 million in 2022. Forecasts suggest a staggering expansion to approximately USD 14.25 billion by 2032, growing at a robust CAGR of 34.02% from 2023 to 2032. This growth is driven by factors such as the increasing incidence of data breaches. , increasing demand for data security solutions, and strategic initiatives by leading companies.
Main highlights and trends
Some trends and highlights that characterize the evolving landscape of blockchain in healthcare:
- Biopharmaceutical and medical device companies are leveraging blockchain to enhance data security and supply chain management to dominate the end-use space.
- Clinical data exchange and interoperability has emerged as a key area for significant growth, addressing data management and drug counterfeiting vulnerabilities.
- The public sector is leading the way in blockchain adoption, leveraging its potential for transparent and secure data sharing.
- Europe has emerged as a pioneer in blockchain adoption due to regulatory support, strong redemption schemes, and growing awareness.
- Innovative applications such as Research Foundry facilitate the management of medical data rights and consent and demonstrate the promising prospects of blockchain in medical research and development.
A blockchain is described as an extended compilation of cryptographically interlinked records, known as blocks. Each block includes a cryptographic hash of its precursor, along with a chronological representation and data about the transaction. Time-series stamps verify the temporal alignment of transaction data at the time of block publication, thereby making it hashable. Once each block encapsulates information about its antecedent, they combine into a chain, and each new block strengthens that antecedent. As a result, blockchains exhibit resistance to data tampering, as the data in a block cannot be retroactively modified without affecting all subsequent blocks once written.
Permissioned blockchain and permissionless blockchain represent the two main archetypes of blockchain in healthcare. Permissioned blockchains, also known as private blockchains, require authorization before use and allow access only to authorized personnel. These provide advanced coordination, access regulation, scalability, enhanced reliability, and more streamlined functionality.
On-site and cloud-based deployments are useful for supply chain monitoring, clinical data exchange and compatibility, claims adjudication and claims management, among other applications. Entities such as healthcare providers, pharmaceutical companies, and health insurance companies serve as end consumers of blockchain within healthcare.
The rapid increase in data breaches and information leaks and the increasing urgency to resolve these issues are driving the market expansion. Strategic initiatives by key stakeholders, growing demand to curb drug counterfeiting, and the need for effective health data management frameworks will drive technology adoption.
Key highlights of the blockchain healthcare sector In 2022, biopharmaceutical and medical device conglomerates captured the largest market segment in the terminal usage sector. During the projected era, the clinical data exchange and interoperability sector of blockchain technology in the medical field is expected to experience significant annual compound growth. Clinical data exchange and interoperability have emerged as the two most vulnerable processes when it comes to large-scale data breaches and drug counterfeiting.
In terms of network classification, the public sector led the market in 2022. Europe commanded the widest market share by geographic zone in 2022 due to a sharp rise in data breaches, tightening government regulations, laudable reimbursement schemes, rising awareness, and increasing services. Instructional initiatives. According to the OECD, the new blockchain application, named Research Foundry, will facilitate the management of rights and consents related to sharing and accessing medical data, software coding, metadata, and other aspects related to medical research and development. It has evolved into Additionally, increasing investments in the development of effective medical record systems, encrypted wearable devices, and health diagnostic systems are expected to provide favorable prospects for this market in the near future.
European market dominance and the rise of North America
Amid various efforts organized by local governments to curb data breaches, Europe gained the overwhelming market share in the previous year. For example, the EU regime introduced the General Data Protection Regulation (GDPR) in 2018. The enactment of the GDPR, coupled with the widespread adoption of blockchain technology, is expected to provide further opportunities for businesses within the region. North America is poised to secure the second largest market share throughout the forecast period. A major driver of regional expansion is the growing demand for protection of medical records.
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