Market Size of Blockchain Industry in Healthcare
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 3.61 Billion |
| Market Size (2029) | USD 29.76 Billion |
| CAGR (2024 - 2029) | 52.48 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Blockchain in Healthcare Market Analysis
The Blockchain Market in Healthcare Industry is expected to grow from USD 3.61 billion in 2024 to USD 29.76 billion by 2029, at a CAGR of 52.48% during the forecast period (2024-2029).
- Permission-based and permissionless blockchains are the two primary blockchain types in the healthcare industry. Private blockchains, also known as permission blockchains, are only accessible to those who have been granted access and require prior authorization. These offer high levels of customizability, access controls, improved scalability, dependencies on governance, and more effective performance.
- As we advance, the market for blockchain in healthcare is anticipated to develop due to the increasing acceptance of blockchain as a service (BaaS). Blockchain technology can be used in creative ways to solve problems in the healthcare industry, such as supply chain management, smart contracts, the privacy of individual health information, technical problems with data management, the ability to use different payment models, and tracking virus outbreaks.
- Technological breakthroughs are considerably shaping blockchain in the healthcare business. The leading companies in the healthcare blockchain market are concentrating on developing cutting-edge technical solutions for the healthcare industry due to the increasing demand for blockchain technology and to increase their market position.
- For instance, in May last year, the first genomic NFT, blockchain, was introduced by Nebula Genomics, a US-based personal genomics service provider with a privacy-focused business model. An exciting opportunity exists for an NFT because it is a one-of-a-kind and irreplaceable representation of a digital or physical object as well as the human genome.
- One of the biggest challenges the healthcare industry faces is the need for more understanding and awareness of a trustworthy system. Most of the applications of blockchain are in the BFSI sector. Additionally, the media highlights the bad reputation of bitcoin, which discourages market expansion.
Due to the faster adoption of cutting-edge technologies like blockchain in the healthcare sector, the COVID-19 outbreak had a favorable effect on the growth of the global blockchain technology market. Lastly, many businesses support blockchain-based ventures in the healthcare sector to increase efficiency.
