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.
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.
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 (000’ 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.