Blockchain technology in healthcare market to grow by USD 1,939.31M

The global blockchain technology in healthcare market size is estimated to grow by USD 1,939.31 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 32.79% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 46%.

Blockchain technology in healthcare market – Segmentation assessment
Segment Overview
Technavio has segmented the market based on Type (Private, public, and hybrid), end-user (Pharmaceutical and medical device companies, healthcare payers, and healthcare providers), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

The private segment will be significant during the forecast period. Blockchain networks offer a controlled environment and organizations can securely share sensitive healthcare data among authorized users. Such networks provide improved data traceability, transparency, and integrity as well as enabling businesses to leverage blockchain technology while adhering to data protection laws. Hence, such factors boost the private segment growth in blockchain technology in the healthcare market during the forecast period.

Geography overview
By geography, the global blockchain technology in the healthcare market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of global blockchain technology in the healthcare market.

North America will contribute 46% to the growth of the global market during the forecast period. The regional market growth can be attributed to the enhanced healthcare infrastructure, growing use of electronic health records (EHRs), and strict data privacy laws. Furthermore, the growth of blockchain technology in the healthcare market in the region is driven by factors such as the demand for safe and interoperable health information sharing, the prevalence of counterfeit medications, and the focus on data security and privacy. Hence, such factors boost regional blockchain technology in the healthcare market during the forecast period.

Leading trends influencing the market
The growing adoption of blockchain-based health information exchange is an emerging blockchain technology in the healthcare market trend. Regulations such as General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), and medical device regulations should be complied with.

Also, organizations are realizing the importance to ensure data security and privacy by implementing blockchain technology. Hence, such trends drive the growth of the market during the forecast period.

Major challenges hindering the market growth
Patients’ data privacy and consent management challenges blockchain technology in the healthcare market growth. The equilibrium between data transparency and patient privacy poses a challenge. Furthermore, it is difficult to gain patients’ trust and adhere to privacy laws such as HIPAA and GDPR.

Various patients prefer to control their medical information as they can take advantage of the accessibility and data integrity offered by blockchain. However, careful planning and execution of privacy measures inside blockchain applications are necessary. Hence, such challenges impede the growth of the market during the forecast period. Technavio