The global blockchain technologymarket size is estimated to be USD 130.6 million in 2021 and is expected to witness a CAGR of 55.8% during the forecast period. Rising incidenceof data theft and information breach coupled with increasing demand for novel solutions for reducing data leak concerns are key drivers for global blockchain technology market growth.

Moreover, rise in demand for reducingdrug counterfeiting, improvised healthcare data management system, increasing investment in healthcare record management system, and rising prevalence of diseases with huge patient information are other drivers expected to propel the market growth. However, technical and operational problems associated with the medical IT system and lack of skilled professionals in remote locations are expected to restrain the global growth.

By Components

Based on components, the market is categorized into infrastructure & protocol, application & solutions, and middleware. In 2021, the infrastructure & protocol segment accounted for a significant revenue share due to the rising demand for supply chain management and advanced data management systems for disease identification and treatment worldwide. The application &solutions segment is anticipated to grow at a significant CAGR during the forecast period due to the increasing R&D by software companies.

By Application

Based on applications, the market is categorized into claims adjudication & billing, clinical data exchange & interoperability, clinical trials & e-consenting, supply chain management (SCM), and others. In 2021, the claims adjudication & billing segment accounted for a significant revenue share due to the benefits of blockchain technology in reducing operating cost and improvising the billing system. Increasing technological advancements and adoption of technology in organizational billing chain areexpected to further fuel the market growth. The supply chain management segment is anticipated to grow at a significant CAGR during the forecast period due to the increasing need to increase supply chain efficiency and minimize error by tracing & tracking the key nodes of supply chain.

By Type

Based on type, the market is segmented into private, public, and hybrid. In 2021, the public segment contributedfor the maximum revenue share as it is user-friendly, cost-effective and has a higherpenetration rate. The private segment is expected to witnesssignificant growth. This is because private systems are secure, offer quick transactions and high security. Additionally, increasing demand for highly secure data management and recording infrastructure coupled with need for extensively secure supply chain is propellingthe segment growth.

By EndUser

Based on enduser, the market is categorized into healthcare payers, pharmaceutical & biotechnology companies, insurance providers,hospitals, and others. Pharmaceutical & biotechnology companies segment accounted for the highest revenue in 2021 and is projected to maintain its dominance over the forecast period. The segment is driven byincreasing need for supply chain optimization, reducing capital burden,and technological advancements.

Regional Insights

In 2021, North America accounted for the highest revenue share in the world and is expected to maintain its dominance during the forecast period. This can beattributed to the tech-savvy consumer base and advanced medical infrastructure system in the region. In the U.S., highmedical expenditure and cutting-edge medical technology are fuelling the growth.Asia Pacific is expectedto grow atthe fastest CAGR over the forecast period owing to the rising awareness about the importance of maintainingerror free medical data, aggregation of big data, rising government initiatives, and increasing awareness for medical data analytics in this region.

CompetitorInsights

Some of the majorcompanies in the blockchain technology market are IBM Corporation(U.S.),Oracle (U.S.), Microsoft Corporation (U.S.), Linux Foundation (U.S.), Infosys (India), R3 Limited (U.S.), Global Arena Holding, Inc (U.S.), NTT Data (Japan), BTL Group Ltd (U.K.), and Deloitte Touche Tohmatsu Limited (U.K.).The leading players have adopted strategic collaborations, mergers& acquisitions, and novel product development approaches to capture the market share.

This exhaustive research report focuses on market size and forecast at global, segmental, regional and country-level along with key market trends and dynamics from 2021 to 2029. The blockchain technology market report is categorized into the following segments and subsegments:

Blockchain Technology Market, By Type (Revenue, 2021-2029, USD Million)

Blockchain Technology Market, By Components(Revenue, 2021-2029, USD Million)

Blockchain Technology Market, By Application (Revenue, 2021-2029, USD Million)

Blockchain Technology Market, By End-Use (Revenue, 2021-2029, USD Million)

Blockchain Technology Market, By Region (Revenue, 2021-2029, USD Million)

Scope of Blockchain Technology Market Report:

Key Parameters	Details
Base Year	2021
Forecast Period	2022-2029
Study Coverage	Global and regional market size and revenue forecast Segment market size and revenue forecast at global, regional, and country level Competitive landscape (company share analysis, company profiles, recent development, competitive map analysis) Conclusion and recommendations
Qualitative Analysis	Market drivers Market restraints Market opportunities Recent market trends Market challenges Porter’s Five Forces analysis PEST analysis Value-chain analysis COVID-19 impact analysis
Regional Market Scope	North America (U.S. and Canada) Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe) Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC) Latin America (Brazil, Mexico, Argentina, Rest of LATAM) MEA (South Africa, GCC, Rest of MEA)
Company Profiles	Exhaustive profiles of top 10 players 50+ other major players listing
15% Free Customization Available	You can customize the study scope to meet your exact requirement. Click here for more details