A very competitive industry with ~200 players

by Arthur · January 19, 2023

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Dublin, Jan. 19, 2023 (GLOBE NEWSWIRE) — The “North America Healthcare Blockchain Market Size, Segments, Outlook, and Revenue Forecast 2022-2027 by Application, Deployment, Provider, End User and Major Countries” report has been added ResearchAndMarkets.com’s Offering.

The North America Healthcare Blockchain Market is expected to witness strong growth of around 70% CAGR during the next five years (2022-2027).

Security and privacy breaches in the medical industry in 2017 accelerated the demand for the use of blockchain in the healthcare sector to reduce the risk of cyber attacks and fraud. The ongoing Covid-19 pandemic has benefited the Healthcare Blockchain market, resulting in the growth of the overall market by reinforcing the trend towards adoption of blockchain technology in the healthcare sector.

Blockchain in the healthcare sector is not only used for the exchange of patient data with hospitals, pharmaceutical companies, laboratories and doctors, but also helps improve data security and accuracy, cost reduction, increase transparency and product tracking.

With the rise in cyber security, hacking and phishing, the healthcare sector faced many data leaks. Therefore, blockchain has been in demand as it increases trust, security, transparency and traceability of data shared across a business network. The healthcare sector has a 20% GDP contribution in the US and 45% of global cybercrime happens in the US, so to prevent this blockchain plays an important role in the healthcare sector.

Blockchain technology is not secure, as it still has some security holes, which creates barriers to the widespread use of Blockchain technology.

Key trends by market segment

After application:

In the North America Healthcare Blockchain market, the patient-centric healthcare data type is expected to be the largest gainer with ~30% market share by 2027.

In May 2022, VSP Global, a group of companies that combine eye care insurance, spectacles, lenses and lens enhancements and associated experiences to strengthen the relationship between patients and ophthalmologists, is partnering with Pokitdok to explore blockchain solutions for healthcare.

When distributing:

The Private Deployment type accounts for the majority of the share in the North America Healthcare Blockchain market and is expected to hold a share of around 40% by 2027. However, the Consortium deployment type is expected to be the fastest growing segment during the forecast period.

By supplier:

The infrastructure and protocol providers segment holds the largest market share in the North America Healthcare Blockchain Market as blockchain technology is based on protocols that are constantly increasing with updates.

During the forecast period 2022-2027, the application and solution provider type is expected to witness the fastest CAGR while the middleware provider type is expected to have the lowest growth.

By end user industry:

Pharmaceutical companies hold the majority share in the market and is expected to be the largest market in the end-use industry during the forecast period because North America has the largest pharmacy market globally.

Hospitals and clinics will have a share of around 20% by 2027 because the number of hospitals and clinics is expected to increase to treat patients in the coming years.

By geography:

The United States accounts for the largest share of the overall 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 across North America in the Healthcare Blockchain market, contributing over a larger area of the market revenue as it has the highest costs in the healthcare sector.

Canada is expected to remain the second largest segment in the North America Healthcare Blockchain Market driven by digital transformation due to changes in consumer demand, the need to stay ahead of the competition, and the need to solve healthcare problems using blockchain.

Mexico is expected to be the fastest growing market in the North America Healthcare Blockchain Market driven by an increase in cloud adoption in organizations to reduce costs using blockchain technologies.

Challenging 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 Healthcare Blockchain Solutions. Most of the land niche players are start-ups in Blockchain Solutions in the healthcare sector.

The large global players make up about 10% in terms of number of companies and have ~50% of the market share followed by regional players. Most of the country niche players are start-ups. Some of these that succeed in developing to create application-specific solutions are often acquired by large global players that want to grow and diversify quickly.

The leading specialist players such as Patientory, Chronicled, Hashed Health, Solve.care and PokitDok are strongly focused on providing a significant number of Blockchain solutions and advanced techniques that can be used across the healthcare sectors.

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 begun to offer ambient clinical intelligence capabilities to healthcare organizations that improve the patient experience.

In 2022, Oracle acquired Cerner, a leading provider of digital information systems used in hospitals and healthcare systems. With this acquisition, Oracle plans to have the capacity to transform healthcare delivery by providing healthcare professionals with better information that enables better treatment decisions.

In 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 computing workload performance and reduce infrastructure and cloud costs.

Key topics covered in the report

Snapshot of the North America Healthcare Blockchain Market
The industry’s value chain and ecosystem analysis
Market Size and Segmentation of the North America Healthcare Blockchain Market
Historical growth of the overall North America healthcare blockchain market and segments
Competitive scenario of the market and key developments of competitors
Porter’s 5 Forces Analysis of North America Healthcare Blockchain Industry
Overview, product offerings and SWOT analysis of key competitors
Covid19 Impact on the Overall North America Healthcare Blockchain Market
Future market forecast and growth rates for the overall North America Healthcare Blockchain market and by segments
Market size by application/end-user segments with historical CAGR and future forecasts
Analysis of the healthcare blockchain market in major North American countries
Major production/consumption hubs in the major North American countries
Major production/supply and consumption/demand hubs in every major country
Major country historical and future market growth rates for the total market and segments
Overview of notable new competitor companies in each major country

Large companies profiled in the report

Important emerging companies mentioned in the report

Welwaze Medical
Noah
Emblem
AmArmchai
Health chain
uFirst
Medical Veda
TEEB Health
WelbeCare
Yana

Scope of the report

Time period captured in the report

Upon application

Upon deployment

Public
Private
Consortium
Hybrid

By supplier

By end user industry

By geography

USA
Canada
Mexico
The rest of North America

For more information on this report, visit https://www.researchandmarkets.com/r/ov4r0e

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