According to Ken Research Analysis, the North America Healthcare Blockchain Market is expected to witness strong growth of around 70% CAGR over the next five years (2022-2027). Security and privacy breaches in the medical industry in 2017 accelerated the demand for the adoption of blockchain in the healthcare sector to reduce risks against cyberattacks and fraud. The ongoing Covid-19 pandemic has benefited the Healthcare Blockchain market resulting in the growth of the overall market by exacerbating the trend toward the adoption of blockchain technology in the healthcare sector. Blockchain in the healthcare sector is not only used for the exchange of the data of patients with hospitals, pharmacy firms, laboratories, and physicians but also helps in improving data security & accuracy, cost reduction, increasing transparency, and tracing of products.
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- With the increase in cybersecurity, hacking, and data phishing, the healthcare sector faced many data leaks. Therefore, blockchain has come into demand as it increases trust, security, transparency, and the traceability of data shared across a business network. The Healthcare sector holds 20% GDP contribution in the US and 45% of global cybercrimes occur in the US so to prevent this blockchain plays an important role in the Healthcare sector.
- Due to increasing online breaches of patient data blockchain technology is used in the healthcare system to protect the patient’s personal information. For instance, in 2015,112 Mn healthcare data have been breached online according to Deloitte so to reduce further breaches blockchain technology is used in healthcare.
- Blockchain Technology isn’t secure as it still has some security loopholes, which creates barriers to the wide adoption of Blockchain Technology.
Key Trends by Market Segment
By Application: In the North America Healthcare Blockchain market, the Patient-centric Health Data type is expected to be the major gainer with its market share reaching ~30% by 2027.
- As of 2021 Supply chain management type has the highest market share but it is expected to decline in its share by 2027.
- On May 2022, VSP Global, a group of companies that combine eye care insurance, eyewear, lens, and lens enhancements, and connected experiences to strengthen the relationship between patients and their eye doctors, partners with Pokitdok to explore blockchain solutions for healthcare.
- On March 28th, 2021 IBM launched its 1st vaccine passport based on blockchain in New York which uses technology to confirm an individual’s current COVID-19 negative result or vaccination proof.
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By Deployment: Private Deployment type accounts for the majority of the share in the North America Healthcare Blockchain market and is expected to have a share of around 40% in 2027. However, the consortium deployment type is expected to be the fastest growing segment during the forecast period.
- On Oct 18, 2021, leading healthcare and blockchain investors such as UPMC Enterprises (the innovation, commercialization, and venture capital arm of integrated health system UPMC), First Trust Capital Partners, and Martin Ventures joined Hashed Health’s effort to nourish the startups that create innovative solutions needed in their interconnected healthcare perspective.
- On February 2022, Guardtime and Estonian eHealth Authority came into a partnership to integrate KSI blockchain with Oracle databases to provide increased security, transparency, auditability, and governance for electronic systems and lifecycle management of patient records.
By Provider: The Infrastructure & Protocol provider segment holds the largest market share in the North America Healthcare Blockchain Market as blockchain technology is based on protocols that keep increasing with updates.
During the forecast period of 2022-2027, the Application & Solution Providers Type is expected to witness the fastest CAGR while the Middleware providers Type is expected to witness the slowest growth.
By End-user Industries: Pharmaceutical Companies hold the majority share in the market and are expected to be the largest market in the end-user industries during the forecast period because North America has the largest pharmacy market globally.
Hospitals & Clinics to hold a share of about 20% by 2027 because the number of hospitals and clinics is expected to increase for the treatment of patients in the coming years.
- In Hospitals & Clinics Blockchain is used for various services such as X-rays, MRIs, and other imaging scans, maintaining results of lab tests and bloodwork, and more.
- Pharmaceutical industry bringing transparency and efficiency by preventing counterfeit drugs, verification & authentication of returned drugs, and improved quality and reliability of clinical trial data are some benefits that pharma companies can rip from blockchain technology
- Additionally, Blockchain is used for various services such as data management, by interconnecting all the medical care facilities, patients, insurers, physicians, etc. in Healthcare Sector.
By Geography: The United States accounts for the largest share within the total North America Healthcare Blockchain market, accounting for more than three quarters of total market revenue.
- The US is expected to remain the largest geographic segment within total North America in the Healthcare Blockchain Market contributing over a larger area of the market revenues because it has the highest spending in healthcare
- Canada is expected to remain the second largest segment in the North America Healthcare Blockchain Market which is driven by digital transformation due to shifts in consumer demand, the need to stay ahead of the competition, and the need to solve healthcare issues with the help of blockchain.
- Mexico is expected to be the fastest growing market in the North America Healthcare Blockchain Market which is driven by an increase in cloud adoption in organizations to reduce their cost with the help of blockchain technologies.
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Competitive Landscape
The Healthcare Blockchain market is highly competitive with ~200 players which include globally diversified players, regional players as well as a large number of country-niche players in Blockchain Solutions in the Healthcare Sector. Most of the country-niche players are start-ups in Blockchain Solutions in the Healthcare Sector.
The large global players comprise about 10% in terms of the number of companies and hold ~50% of the market revenue share followed by regional players. Most of the country-niche players are start-ups. Some of these who successfully evolve to create application-specific solutions often get acquired by large global players seeking to grow and diversify quickly.
The Leading Specialist players such as Patientory, Chronicled, Hashed Health, Solve.care, and PokitDok is highly focused on providing a significant number of Blockchain solutions and advanced techniques that can be used across Healthcare Industries.
Recent Developments Related to Major Players
- In 2022, Microsoft acquired Nuance Communications, Inc., a leader in conversational AI and ambient intelligence across various industries including healthcare, financial services, retail, and telecommunications. With this acquisition, the company has started providing ambient clinical intelligence capabilities for healthcare organizations that improve the patient experience.
- In 2022, Oracle acquired Cerner, a leading digital information system provider used within hospitals and health systems. With this acquisition, Oracle is planning to have the capacity to transform healthcare delivery by providing medical professionals with better information enabling better treatment decisions.
- On March 4th, 2021 IBM teamed up with Moderna Inc an American pharmaceutical and Biotechnology Company to track the COVID-19 vaccine situation with the help of IBM’s digital health pass to check and verify the credentials of employees, travelers, and customers.
- On March 2022, Intel Corporation announced an agreement to acquire Granulate Cloud Solutions Ltd, an Israel-based developer of real-time continuous optimization software. The acquisition of Granulate will help cloud and data center customers maximize compute workload performance and reduce infrastructure and cloud costs.
- On May 2022, VSP Global, a group of companies that combine eye care insurance, eyewear, lens, and lens enhancements, and connected experiences to strengthen the relationship between patients and their eye doctors, partners with Pokitdok to explore blockchain solutions for healthcare.
Conclusion
The North America Healthcare Block Chain Market Size, Segments, Outlook, and Revenue Forecast 2022-2027 is forecasted to continue an exponential growth that is witnessed since 2019, during the forecast period is also, primarily driven by rising demand for the Acceleration of Security and Privacy Breaches, Growing Digitization of Medical Care, and Preserving Data. Though the market is highly competitive with over 300 participants, few global players control the dominant share, and regional players also hold a significant share.
Market Taxonomy
By Application
- Supply Chain Management
- Claims and Billing Management
- Patient-Centric Health Data
- Others
By Deployment
- Public
- Private
- Consortium
- Hybrid
By Provider
- Infrastructure & Protocol Provider
- Middleware Provider
- Application & Solution Provider
By End User Industry
- Hospitals & Clinics
- Health Insurance Companies
- Diagnostic Laboratories
- Pharmaceutical Companies
- Medical Device Companies
By Geography
- USA
- Canada
- Mexico
- Rest of North America
