Segments - Blockchain in Healthcare Market by Type (Public and Private), Application (Clinical Trials & eConsent, Supply Chain Management, Claims Adjudication & Billing, Clinical Data Exchange & Interoperability, and Others), End-user (Payers, Providers, Pharmaceutical & Medical Device Companies), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The global blockchain in healthcare market size was about USD 1.94 Bn in 2022 and is likely to reach USD 175.8 Bn by 2031, expanding at a CAGR of 65% during 2023–2031. Increasing the implementation of IoT in the healthcare industry is likely to boost the market.
Blockchain is a Distributed Ledger Technology (DLT) that is used to securely and transparently store and manage data. In the healthcare industry, blockchain is used to improve data security, data interoperability, and patient privacy.
Blockchain is used to create a tamper-proof record of patient data, such as medical records, lab records, and prescriptions. This helps to reduce the risk of data breaches and ensures that patients have control over who has access to their personal health blockchain information. In the healthcare industry, a blockchain network is used to store and exchange patient data through diagnostic laboratories, physicians, hospitals, and pharmacy firms. Blockchain applications in healthcare help to improve the security, performance, and transparency of sharing medical blockchain data in the healthcare system.
Blockchain is used to create a shared infrastructure for healthcare data exchange between different stakeholders in the healthcare industry, such as patients, providers, insurers, and researchers. This helps improve data interoperability and streamline the sharing of patient data across different systems and organizations.
Blockchain is used to create new models for healthcare delivery such as decentralized health applications and telemedicine platforms that use blockchain-based smart contracts to automate and secure the exchange of health data and payments between patients and providers.
The market report finds that the COVID-19 pandemic has fueled the blockchain in healthcare market, due to the increasing capacity for patients in hospitals & clinics. As per the report released by the Authentication Solutions Providers’ Association (ASPA), incidents of sub-standard and falsified (SF) medical products increased by almost 47% from 2020 to 2021, following the COVID-19 pandemic.
Increasing demand for distributed ledger technology is expected to drive the blockchain in healthcare market. Increased data breaches, data theft, and data leakage the digital platform is boosting the demand for distributed ledger technology.
According to the Organisation for Economic Co-operation and Development (OECD) 2020, Research Foundry has emerged to allow the management of consent and permissions for sharing access to health data, software code, metadata, and other products that are connected with health research.
Reluctance of patients to disclose medical data is restraining the market. Digital currencies have used blockchain technology in healthcare for more than a decade, where it has steadily transitioned to other industries including pharmaceutical and healthcare industries. Moreover, the lack of technical infrastructure and a centralized entity is expected to hamper the market.
Increasing investments in the healthcare industry to create effective medical blockchain systems is expected to create lucrative opportunities for market players. Blockchain Distributed Ledger Technology (DLT) secures patient data, manages the medicine supply chain, strengthens healthcare data, and helps researchers to unlock genetic code.
Rising research & development activities in the healthcare industry and favorable government policies are likely to create opportunities for the market players. Researchers offer an IoMT (Internet of Medical Things)-based platform for EHR blockchain that is based on the blockchain in healthcare. The method combines IoMT and EHR blockchain to encrypt and save the user’s health information.
The market report includes research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Blockchain in Healthcare Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Type (Public and Private), Application (Clinical Trials & eConsent, Supply Chain Management, Claims Adjudication & Billing, Clinical Data Exchange & Interoperability, and Others), and End-user (Payers, Providers, Pharmaceutical & Medical Device Companies) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
Key Players Covered in the Report |
Solve.Care; PATIENTORY INC.; Oracle; Medicalchain SA; iSolve, LLC; IBM; HASHED HEALTH; Guardtime; Equideum Health; Embleema; Crystalchain; Chronicled; Change Healthcare; BurstIQ; and Avaneer Health, Inc. |
Based on type, the blockchain in healthcare market is divided into public and private. The public segment is expected to expand at a significant pace during the projection period. Bitcoin and other healthcare crypto currencies were conceived with the help of public blockchain technology in healthcare and used to help promote distributed ledger technology (DIT).
The private segment is anticipated to hold a key share of the market in the coming years. Private is a blockchain network that operates in a restricted context such as a closed network and is controlled by a single entity.
On the basis of application, the global market is segregated into clinical trials & econsent, supply chain management, claims adjudication & billing, clinical data exchange & interoperability, and others. The supply chain management segment is projected to register a considerable CAGR during the forecast period, due to the increasing adoption of supply chain management by many pharmacies. Blockchain is used to improve data security, interoperability, and patient information.
Based on end-user, the blockchain in healthcare market is segmented into payers, providers, pharmaceutical & medical device companies. The pharmaceutical & medical device companies segment is expected to register a robust growth rate during the forecast period, due to the replacement of traditional systems with blockchain. Blockchain is used to trace the origin of pharmaceuticals, the procurement of raw materials, and the transport of drugs.
In terms of region, the global blockchain in healthcare market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the high demand for medical blockchain record security. The growth of the market is further attributed to the robust infrastructure and technological advancements in the blockchain.
The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, due to the increasing investments in projects, the rise in data breaches, and the development of healthcare infrastructure. For instance, in 2021 Renji Hospital launched a blockchain-based IVF service application called MyBaby in China.
The global blockchain in healthcare market has been segmented on the basis of
Key players competing in the global blockchain in healthcare market are Solve.Care; PATIENTORY INC.; Oracle; Medicalchain SA; iSolve, LLC; IBM; HASHED HEALTH; Guardtime; Equideum Health; Embleema; Crystalchain; Chronicled; Change Healthcare; BurstIQ; and Avaneer Health, Inc.
These key players adopt various strategies including acquisitions, product launches, collaboration, partnerships, mergers, and production expansion to expand their consumer base globally.