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Blockchain in Healthcare Market Size, Growth | Forecast 2031

Blockchain in Healthcare Market

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Segments - 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

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Raksha Sharma

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Vishal Golekar

Report Description

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.

Blockchain in Healthcare Market Dynamics

Major Drivers

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.

Existing Restraints

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.

Emerging Opportunities

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.

Scope of Blockchain in Healthcare Market Report

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.

Blockchain in Healthcare Market Segment Insights

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.

Segments

The global blockchain in healthcare market has been segmented on the basis of

Type

Public
Private

Application

Clinical Trials & eConsent
Supply Chain Management
Claims Adjudication & Billing
Clinical Data Exchange & Interoperability
Others

End-user

Payers
Providers
Pharmaceutical & Medical Device Companies

Region

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Solve.Care
PATIENTORY INC.
Oracle
Medicalchain SA
iSolve, LLC
IBM
HASHED HEALTH
Guardtime
Equideum Health
Embleema
Crystalchain
Chronicled
Change Healthcare
BurstIQ
Avaneer Health, Inc.

Competitive Landscape

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.

On March 30, 2023, Solve.Care launched Care.Chain, a decentralized layer-2 network infrastructure. Care.Chain improves healthcare access, management, payments, and delivery for both healthcare institutions and consumers through blockchain technology.

In January 2022, Avaneer Health announced several industry-leading organizations have committed a total of 50 million in seed funding to the venture.

In March 2022, IBM collaborated with Discover Financial Services to help improve the latter’s digital transformation and existing systems to a hybrid cloud architecture by employing Red Hat OpenShift.

Blockchain in Healthcare Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Blockchain in Healthcare Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Blockchain in Healthcare Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Blockchain in Healthcare Market - Supply Chain
  4.5. Global Blockchain in Healthcare Market Forecast
     4.5.1. Blockchain in Healthcare Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Blockchain in Healthcare Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Blockchain in Healthcare Market Absolute $ Opportunity
5. Global Blockchain in Healthcare Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Blockchain in Healthcare Market Size and Volume Forecast by Types
     5.3.1. Public
     5.3.2. Private
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Blockchain in Healthcare Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Blockchain in Healthcare Market Size and Volume Forecast by Applications
     6.3.1. Clinical Trials & eConsent
     6.3.2. Supply Chain Management
     6.3.3. Claims Adjudication & Billing
     6.3.4. Clinical Data Exchange & Interoperability
     6.3.5. Others
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Blockchain in Healthcare Market Analysis and Forecast by End Users
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by End Users
     7.2.2. Y-o-Y Growth Projections by End Users
  7.3. Blockchain in Healthcare Market Size and Volume Forecast by End Users
     7.3.1. Payers
     7.3.2. Providers
     7.3.3. Pharmaceutical & Medical Device Companies
  7.4. Absolute $ Opportunity Assessment by End Users
  7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Blockchain in Healthcare Market Analysis and Forecast by Region
  8.1. Market Trends
  8.2. Introduction
     8.2.1. Basis Point Share (BPS) Analysis by Region
     8.2.2. Y-o-Y Growth Projections by Region
  8.3. Blockchain in Healthcare Market Size and Volume Forecast by Region
     8.3.1. North America
     8.3.2. Latin America
     8.3.3. Europe
     8.3.4. Asia Pacific
     8.3.5. Middle East and Africa (MEA)
  8.4. Absolute $ Opportunity Assessment by Region
  8.5. Market Attractiveness/Growth Potential Analysis by Region
  8.6. Global Blockchain in Healthcare Demand Share Forecast, 2019-2026
9. North America Blockchain in Healthcare Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
  9.2. North America Blockchain in Healthcare Market Size and Volume Forecast by Country
     9.2.1. U.S.
     9.2.2. Canada
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. North America Blockchain in Healthcare Market Size and Volume Forecast by Types
     9.4.1. Public
     9.4.2. Private
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. North America Blockchain in Healthcare Market Size and Volume Forecast by Applications
     9.7.1. Clinical Trials & eConsent
     9.7.2. Supply Chain Management
     9.7.3. Claims Adjudication & Billing
     9.7.4. Clinical Data Exchange & Interoperability
     9.7.5. Others
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. North America Blockchain in Healthcare Market Size and Volume Forecast by End Users
     9.10.1. Payers
     9.10.2. Providers
     9.10.3. Pharmaceutical & Medical Device Companies
  9.11. Basis Point Share (BPS) Analysis by End Users
  9.12. Y-o-Y Growth Projections by End Users
  9.13. Market Attractiveness/Growth Potential Analysis
     9.13.1. By Country
     9.13.2. By Product Type
     9.13.3. By Application
  9.14. North America Blockchain in Healthcare Demand Share Forecast, 2019-2026
10. Latin America Blockchain in Healthcare Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Latin America Average Pricing Analysis
  10.2. Latin America Blockchain in Healthcare Market Size and Volume Forecast by Country
      10.2.1. Brazil
      10.2.2. Mexico
      10.2.3. Rest of Latin America
   10.3. Absolute $ Opportunity Assessment by Country
  10.4. Latin America Blockchain in Healthcare Market Size and Volume Forecast by Types
     10.4.1. Public
     10.4.2. Private
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Latin America Blockchain in Healthcare Market Size and Volume Forecast by Applications
     10.7.1. Clinical Trials & eConsent
     10.7.2. Supply Chain Management
     10.7.3. Claims Adjudication & Billing
     10.7.4. Clinical Data Exchange & Interoperability
     10.7.5. Others
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Latin America Blockchain in Healthcare Market Size and Volume Forecast by End Users
     10.10.1. Payers
     10.10.2. Providers
     10.10.3. Pharmaceutical & Medical Device Companies
  10.11. Basis Point Share (BPS) Analysis by End Users
  10.12. Y-o-Y Growth Projections by End Users
  10.13. Market Attractiveness/Growth Potential Analysis
     10.13.1. By Country
     10.13.2. By Product Type
     10.13.3. By Application
  10.14. Latin America Blockchain in Healthcare Demand Share Forecast, 2019-2026
11. Europe Blockchain in Healthcare Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Europe Average Pricing Analysis
  11.2. Europe Blockchain in Healthcare Market Size and Volume Forecast by Country
     11.2.1. Germany
     11.2.2. France
     11.2.3. Italy
     11.2.4. U.K.
     11.2.5. Spain
     11.2.6. Russia
     11.2.7. Rest of Europe
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Europe Blockchain in Healthcare Market Size and Volume Forecast by Types
     11.4.1. Public
     11.4.2. Private
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Europe Blockchain in Healthcare Market Size and Volume Forecast by Applications
     11.7.1. Clinical Trials & eConsent
     11.7.2. Supply Chain Management
     11.7.3. Claims Adjudication & Billing
     11.7.4. Clinical Data Exchange & Interoperability
     11.7.5. Others
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Europe Blockchain in Healthcare Market Size and Volume Forecast by End Users
     11.10.1. Payers
     11.10.2. Providers
     11.10.3. Pharmaceutical & Medical Device Companies
  11.11. Basis Point Share (BPS) Analysis by End Users
  11.12. Y-o-Y Growth Projections by End Users
  11.13. Market Attractiveness/Growth Potential Analysis
     11.13.1. By Country
     11.13.2. By Product Type
     11.13.3. By Application
  11.14. Europe Blockchain in Healthcare Demand Share Forecast, 2019-2026
12. Asia Pacific Blockchain in Healthcare Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Asia Pacific Average Pricing Analysis
  12.2. Asia Pacific Blockchain in Healthcare Market Size and Volume Forecast by Country
     12.2.1. China
     12.2.2. Japan
     12.2.3. South Korea
     12.2.4. India
     12.2.5. Australia
     12.2.6. Rest of Asia Pacific (APAC)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Asia Pacific Blockchain in Healthcare Market Size and Volume Forecast by Types
     12.4.1. Public
     12.4.2. Private
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Asia Pacific Blockchain in Healthcare Market Size and Volume Forecast by Applications
     12.7.1. Clinical Trials & eConsent
     12.7.2. Supply Chain Management
     12.7.3. Claims Adjudication & Billing
     12.7.4. Clinical Data Exchange & Interoperability
     12.7.5. Others
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Asia Pacific Blockchain in Healthcare Market Size and Volume Forecast by End Users
     12.10.1. Payers
     12.10.2. Providers
     12.10.3. Pharmaceutical & Medical Device Companies
  12.11. Basis Point Share (BPS) Analysis by End Users
  12.12. Y-o-Y Growth Projections by End Users
  12.13. Market Attractiveness/Growth Potential Analysis
     12.13.1. By Country
     12.13.2. By Product Type
     12.13.3. By Application
  12.14. Asia Pacific Blockchain in Healthcare Demand Share Forecast, 2019-2026
13. Middle East & Africa Blockchain in Healthcare Market Analysis and Forecast
  13.1. Introduction
     13.1.1. Basis Point Share (BPS) Analysis by Country
     13.1.2. Y-o-Y Growth Projections by Country
     13.1.3. Middle East & Africa Average Pricing Analysis
  13.2. Middle East & Africa Blockchain in Healthcare Market Size and Volume Forecast by Country
     13.2.1. Saudi Arabia
     13.2.2. South Africa
     13.2.3. UAE
     13.2.4. Rest of Middle East & Africa (MEA)
  13.3. Absolute $ Opportunity Assessment by Country
  13.4. Middle East & Africa Blockchain in Healthcare Market Size and Volume Forecast by Types
     13.4.1. Public
     13.4.2. Private
  13.5. Basis Point Share (BPS) Analysis by Types
  13.6. Y-o-Y Growth Projections by Types
  13.7. Middle East & Africa Blockchain in Healthcare Market Size and Volume Forecast by Applications
     13.7.1. Clinical Trials & eConsent
     13.7.2. Supply Chain Management
     13.7.3. Claims Adjudication & Billing
     13.7.4. Clinical Data Exchange & Interoperability
     13.7.5. Others
  13.8. Basis Point Share (BPS) Analysis by Applications
  13.9. Y-o-Y Growth Projections by Applications
  13.10. Middle East & Africa Blockchain in Healthcare Market Size and Volume Forecast by End Users
     13.10.1. Payers
     13.10.2. Providers
     13.10.3. Pharmaceutical & Medical Device Companies
  13.11. Basis Point Share (BPS) Analysis by End Users
  13.12. Y-o-Y Growth Projections by End Users
  13.13. Market Attractiveness/Growth Potential Analysis
     13.13.1. By Country
     13.13.2. By Product Type
     13.13.3. By Application
  13.14. Middle East & Africa Blockchain in Healthcare Demand Share Forecast, 2019-2026
14. Competition Landscape
  14.1. Global Blockchain in Healthcare Market: Market Share Analysis
  14.2. Blockchain in Healthcare Distributors and Customers
  14.3. Blockchain in Healthcare Market: Competitive Dashboard
  14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     14.4.1. Solve.Care
     14.4.2. PATIENTORY INC.
     14.4.3. Oracle
     14.4.4. Medicalchain SA
     14.4.5. iSolve, LLC
     14.4.6. IBM
     14.4.7. HASHED HEALTH
     14.4.8. Guardtime
     14.4.9. Equideum Health
     14.4.10. Embleema
     14.4.11. Crystalchain
     14.4.12. Chronicled
     14.4.13. Change Healthcare
     14.4.14. BurstIQ
     14.4.15. Avaneer Health, Inc.

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