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.
Global Blockchain Technology Market Size (USD Billion), 2021-2029
Source: Erevna Healthcare
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)
- Public
- Private
- Hybrid
Blockchain Technology Market, By Components(Revenue, 2021-2029, USD Million)
- Infrastructure & Protocol
- Application & Solutions
- Middleware
Blockchain Technology Market, By Application (Revenue, 2021-2029, USD Million)
- Claims Adjudication & Billing
- Clinical Data Exchange & Interoperability
- Clinical Trials & E-Consenting
- Supply Chain Management
- Others
Blockchain Technology Market, By End-Use (Revenue, 2021-2029, USD Million)
- Healthcare Payers
- Pharmaceutical & Biotechnology Companies
- Insurance Providers
- Hospitals
- Others
Blockchain Technology Market, By Region (Revenue, 2021-2029, USD Million)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- 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
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
Scope of Blockchain Technology Market Report:
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Table of Contents: Blockchain Technology Market 2020-2031
- Research Methodology
- Study Objectives
- Study Scope
- Research Assumptions
- Research Framework
- Research Models
- Bottom-up Approach
- Top-down Approach
- Data Triangulation
- Data Procurement
- Internal Database
- Secondary Research
- Purchased Database
- Primary Research
- Data Analysis
- Data Validation
- Market Size Estimation
- Market Forecast Model
- Quality Assessment
- Research Models
- Introduction: Blockchain Technology
- Executive Summary
- Global Market Scenario
- Segment Market Scenario
- Geographic Market Scenario
- COVID-19 Impact
- Competitive Landscape
- Market Dynamics
- Market Drivers
- Rising prevalence of healthcare data breaches
- Growing usage of blockchain as a service (BaaS)
- Increasing threat of fake drugs
- Market Restraint
- Absence of a central entity and an uniform set of standards
- Unwillingness to reveal data
- Market Opportunities
- Schemes by the government
- A substantial rise in funding via venture capital and initial coin offerings (ICO)
- Market Trends
- Market growth opportunities in developing countries
- Introduction of new drugs in the market
- Growing investment in R&D activities for new Type development
- Market Challenges
- Market growth opportunities in developing countries
- Introduction of new drugs in the market
- Growing investment in R&D activities for new Type development
- Market Drivers
- Market Environment Analysis
- Porter’s 5 Forces Analysis
- PESTEL Analysis
- Value Chain Analysis
- SWOT Analysis
- Benchmark
- COVID-19 Impact Analysis: Blockchain Technology Market
- COVID-19: Overview
- COVID-19 Impact on the Global Market
- COVID-19 Impact on the Regional Markets
- Market Analysis by Type
- Private
- Private Market Forecast, 2020-2031 (USD Million)
- Public
- Public Market Forecast, 2020-2031 (USD Million)
- Private
- Market Analysis by Application
- Claims adjudication & billing
- Claims adjuction & billing Market Forecast, 2020-2031 (USD Million)
- Supply chain management
- Supply chain management Market Forecast, 2020-2031 (USD Million)
- Clinical trials & e-consenting
- Clinical trials & e-consenting Market Forecast, 2020-2031 (USD Million)
- Clinical data exchange & interoperability
- Clinical data exchange & interoperability Market Forecast, 2020-2031 (USD Million)
- Other Applications
- Other Applications Market Forecast, 2020-2031 (USD Million)
- Claims adjudication & billing
- Market Analysis by End-use
- Insurance providers
- Insurance providers Market Forecast, 2020-2031 (USD Million)
- Drug & medical device companies
- Drug & medical device companies Market Forecast, 2020-2031 (USD Million)
- Hospitals
- Hospitals Market Forecast, 2020-2031 (USD Million)
- Others
- Others Market Forecast, 2020-2031 (USD Million)
- Insurance providers
- Regional Market Analysis
- Regional Market Trends
- Regional Market: Comparative Analysis
- North America Blockchain Technology Market
- North America Blockchain Technology Market
- North America Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- S. Blockchain Technology Market
- S. Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Canada Blockchain Technology Market
- Canada Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Canada Market Size and Forecast, 2020-2031 (USD Million)
- S. Market Size and Forecast, 2020-2031 (USD Million)
- North America Market Size and Forecast, 2020-2031 (USD Million)
- North America Blockchain Technology Market
- Europe Blockchain Technology Market
- Europe Blockchain Technology Market
- Europe Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Germany Blockchain Technology Market
- Germany Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- UK Blockchain Technology Market
- UK Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- France Blockchain Technology Market
- France Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Spain Blockchain Technology Market
- Spain Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Italy Blockchain Technology Market
- Italy Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Rest of Europe Blockchain Technology Market
- Rest of Europe Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Rest of Europe Market Size and Forecast, 2020-2031 (USD Million)
- Italy Market Size and Forecast, 2020-2031 (USD Million)
- Spain Market Size and Forecast, 2020-2031 (USD Million)
- France Market Size and Forecast, 2020-2031 (USD Million)
- UK Market Size and Forecast, 2020-2031 (USD Million)
- Germany Market Size and Forecast, 2020-2031 (USD Million)
- Europe Market Size and Forecast, 2020-2031 (USD Million)
- Europe Blockchain Technology Market
- Asia Pacific Blockchain Technology Market
- Asia Pacific Blockchain Technology Market
- Asia Pacific Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Japan Blockchain Technology Market
- Japan Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- China Blockchain Technology Market
- China Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- India Blockchain Technology Market
- India Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- South Korea Blockchain Technology Market
- South Korea Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Australia Blockchain Technology Market
- Australia Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Rest of Asia Pacific Blockchain Technology Market
- Rest of Asia Pacific Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Rest of Asia Pacific Market Size and Forecast, 2020-2031 (USD Million)
- Australia Market Size and Forecast, 2020-2031 (USD Million)
- South Korea Market Size and Forecast, 2020-2031 (USD Million)
- India Market Size and Forecast, 2020-2031 (USD Million)
- China Market Size and Forecast, 2020-2031 (USD Million)
- Japan Market Size and Forecast, 2020-2031 (USD Million)
- Asia Pacific Market Size and Forecast, 2020-2031 (USD Million)
- Asia Pacific Blockchain Technology Market
- Latin America Blockchain Technology Market
- Latin America Blockchain Technology Market
- Latin America Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Brazil Blockchain Technology Market
- Brazil Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Mexico Blockchain Technology Market
- Mexico Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Argentina Blockchain Technology Market
- Argentina Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Rest of Latin America Blockchain Technology Market
- Rest of Latin America Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Rest of Latin America Market Size and Forecast, 2020-2031 (USD Million)
- Argentina Market Size and Forecast, 2020-2031 (USD Million)
- Mexico Market Size and Forecast, 2020-2031 (USD Million)
- Brazil Market Size and Forecast, 2020-2031 (USD Million)
- Latin America Market Size and Forecast, 2020-2031 (USD Million)
- Latin America Blockchain Technology Market
- MEA Blockchain Technology Market
- MEA Blockchain Technology Market
- MEA Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- GCC Blockchain Technology Market
- GCC Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- South Africa Blockchain Technology Market
- South Africa Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Rest of MEA Blockchain Technology Market
- Rest of MEA Market Size and Forecast, 2020-2031 (USD Million)
- Market Size and Forecast by Type, 2020-2031 (USD Million)
- Market Size and Forecast by Application, 2020-2031 (USD Million)
- Market Size and Forecast by End-use, 2020-2031 (USD Million)
- Rest of MEA Market Size and Forecast, 2020-2031 (USD Million)
- South Africa Market Size and Forecast, 2020-2031 (USD Million)
- GCC Market Size and Forecast, 2020-2031 (USD Million)
- MEA Market Size and Forecast, 2020-2031 (USD Million)
- MEA Blockchain Technology Market
- Competitor Analysis
- Market Share Analysis, 2020 & 2031
- Competitive Mapping
- Key Players Market Place Analysis
- Major Recent Developments
- Company Profiles
- IBM (US)
- Company Snapshot
- Company Overview
- Financials
- Type Benchmarking
- Recent Developments
- Microsoft (US)
- Company Snapshot
- Company Overview
- Financials
- Type Benchmarking
- Recent Developments
- Guardtime (Estonia)
- Company Snapshot
- Company Overview
- Financials
- Type Benchmarking
- Recent Developments
- PokitDok (US)
- Company Snapshot
- Company Overview
- Financials
- Type Benchmarking
- Recent Developments
- Gem (US)
- Company Snapshot
- Company Overview
- Financials
- Type Benchmarking
- Recent Developments
- Chronicled (US)
- Company Snapshot
- Company Overview
- Financials
- Type Benchmarking
- Recent Developments
- iSolve (US)
- Company Snapshot
- Company Overview
- Financials
- Type Benchmarking
- Recent Developments
- Hashed Health (US)
- Company Snapshot
- Company Overview
- Financials
- Type Benchmarking
- Recent Developments
- Patientory (US)
- Company Snapshot
- Company Overview
- Financials
- Type Benchmarking
- Recent Developments
- Factom (US)
- Company Snapshot
- Company Overview
- Financials
- Type Benchmarking
- Recent Developments
- IBM (US)
- Conclusion & Recommendations