Blockchain Technology in Healthcare Market Size, Trends 2031

Blockchain Technology in Healthcare Market Size, Trends 2031

Segments - Global Blockchain Technology in Healthcare Market by Types (Public and Private), Applications (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Patient Data Management, Supply Chain Management, Clinical Trials & e-Consenting, and Other Applications), End-users (Pharmaceutical Companies, Healthcare Payers, Healthcare Providers, and Other End-users), and Regions (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa) Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

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Author : Raksha Sharma
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Fact-checked by : Vineet Pandey
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Editor : Shruti Bhat

Upcoming | Report ID :ICT-SE-3934 | 4.5 Rating | 68 Reviews | 186 Pages | Format : PDF Excel PPT

Report Description


The global blockchain technology in healthcare market size is expected to expand at a CAGR of 72.8% from 2021 to 2028, from USD 58.90 million in 2021. Blockchain, known as Distributed Ledger Technology (DLT), uses distributed cryptographic hashes to make the history of digital assets immutable and transparent. Assets are either tangible (property, homes, cash, cars) or intangible (intellectual property, copyrights, patents, trademarks).

On a blockchain network, virtually anything of value is tracked and traced, lowering risk and costs for all parties involved. A blockchain network tracks orders, payments, accounts, production, and a variety of other things. Blockchain is an especially revolutionary and promising technology, as it reduces risk, eliminates fraud, and increases transparency in a scalable manner for a wide range of applications.

Global Blockchain Technology in Healthcare Market Key Takeaways

  • The potential of blockchain technology in the health sector generated a lot of buzz, and few practical applications of the technology have been implemented in real-world health care settings. The market is expected to grow as a result of technological collaborations, government initiatives, and emerging startups. Currently, the industry is in its infancy, and healthcare and technology companies are collaborating on methods to leverage blockchain at various stages.
  • Rising applications of Blockchain technology by healthcare industries. Blockchain technology sparked the attention of healthcare providers and biomedical experts across a wide variety of healthcare domains, including automated claims, longitudinal healthcare records, drug development, patient portals, medical research, interoperability in population health, consumer health, reduction in cost through supply chain management, and data security.
  • Increasing adoption of blockchain as a service (BaaS) is driving the market. Blockchain as a service (BaaS) is driving widespread adoption of the technology, as it allows businesses to experiment with blockchain-based applications. BaaS is especially appealing to small and medium-sized businesses (SMEs). Cloud service powerhouses such as IBM, Amazon, and Microsoft dominate the BaaS model.
  • Growing healthcare data breaches. In the long run, the occurrence of data breaches in the medical care industry increased dramatically. According to HIPPA, the HHS Civil Rights Agency received 3,705 information breach reports with more than 500 records in the medical sector between 2009 and 2020. These breaches resulted in the loss, theft, fraudulent disclosure, or disclosure of 268,189,693 patient records. This rate is expected to more than double by December 2020.
  • The pandemic is expected to generate vast amounts of data and stimulate the demand for data management.
  • Lack of awareness, understanding, and reluctance to reveal data impedes global blockchain technology in healthcare market growth. Majority of healthcare providers and payers, particularly in developing countries, are hesitant to disclose data, due to lack of medical data exchange regulations, These factors hamper the market growth.
  • Blockchain technology is still in its early stages. Enterprises are expected to extend their existing IT systems with blockchain-based systems to test their functionality and, as a result, upgrade internal business processes and models. Rising government initiatives are a significant opportunity in the blockchain technology in healthcare market. Blockchain technology is gaining attraction as a viable solution in the healthcare industry. With the help of blockchain technology, many startups began addressing major issues in the healthcare industry (medical record interoperability, and preventing counterfeit drugs from entering the pharmaceutical supply chain), which are expected to boost the blockchain technology in healthcare market in the forecast period.

Scope of Blockchain Technology in Healthcare Market Report

The report on the global blockchain technology in healthcare market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes

Details

Report Title

Blockchain Technology in Healthcare Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018 & 2019

Forecast Period

2021–2028

Segmentation

Types (Public and Private), Applications (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Patient Data Management, Supply Chain Management, Clinical Trials & e-Consenting, and Other Applications), End-users (Pharmaceutical Companies, Healthcare Payers, Healthcare Providers, and Other End-users)

Regional Scope

Asia Pacific, North America, Europe, Latin America, and Middle East & Africa

Report Coverage

Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast

Key Players Covered

IBM, Guardtime, Change Healthcare, Gem, PATIENTORY INC., MedRec Technologies, iSolve, LLC, DeepMind, PeopleONE, Inc. (ExpertusONE), Medicalchain SA, Chronicled, Inc., Larsen & Toubro Infotech Limited, FarmaTrust, and Factom

Global Blockchain Technology in Healthcare Market Segment Insights

Low cost and large database of public networks to drive the market

In terms of types, the global market is segmented into public and private. The public blockchain system is commonly used for data management. Currently, Ethereum, a public network, is a commonly used technology in healthcare. Low cost and access to a large database are the major factors leading to the growth of public networks. Hence, the public segment is expected to grow at a rapid rate during the forecast period.

Global Blockchain Technology in Healthcare Market Taxonomy

High applications of blockchain technology in supply chain management to drive the market

Based on applications, the global blockchain technology in healthcare market is segmented into clinical data exchange & interoperability, claims adjudication & billing, patient data management, supply chain management, clinical trials & e-consenting, and other applications. In 2020, the supply chain management segment held a significant share of the market.

Blockchain applications aid in the preservation of data integrity. Additionally, the technology assists pharmaceutical companies in facilitating interoperability with the Internet of Things (IoT) devices.
It helps in the recruitment of clinical trial candidates and the regulation of the drug supply chain. The clinical trials segment is expected to expand at a rapid rate. Using technology in clinical trials allows patients to have complete control over their data during the forecast period.

High need for secure exchange of health information to drive the market

Based on end-users, the global blockchain technology in healthcare market is segmented into pharmaceutical companies, healthcare payers, healthcare providers, and other end-users. The pharmaceutical companies segment accounted for a sizable share of the healthcare blockchain market, while the healthcare payers segment is expected to grow at a rapid pace over the forecast period. Growth in the healthcare payer segment is attributed to the need for secure exchange of health information between healthcare providers and payers, increased insurance fraud, improved operational efficiency of healthcare institutions, and increased medical tourism.

Growing investment in technologies in North America to drive the market

In terms of regions, the global market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold a substantial share of the market in the forecast period. As a result of growing investment in developing technologies in the US healthcare sector, Electronic Medical Records (EMR) are on the rise, leading to increased demand for safe, secure, and managed data sharing among companies, major players, and other healthcare organizations that are investing in the blockchain market.

The market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period, owing to factors such as growing population, improved healthcare infrastructure, and other healthcare IT solutions, and the growing need to prevent counterfeit drugs from entering the supply chain.

Global Blockchain Technology in Healthcare Market Regions

Segments

By Types

  • Public
  • Private

By Applications

  • Clinical Data Exchange & Interoperability
  • Claims Adjudication & Billing
  • Patient Data Management
  • Supply Chain Management
  • Clinical Trials & e-Consenting
  • Drug Traceability
  • Other Applications

By End-users

  • Pharmaceutical Companies
  • Healthcare Payers
  • Healthcare Providers
  • Other End-users

By Regions

  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa

By Key Players

  • IBM
  • Guardtime
  • Change Healthcare
  • Gem
  • PATIENTORY INC.
  • MedRec Technologies
  • iSolve, LLC
  • DeepMind
  • PeopleONE, Inc. (ExpertusONE)
  • Medicalchain SA
  • Chronicled, Inc.
  • Larsen & Toubro Infotech Limited
  • FarmaTrust
  • Factom

Competitive Landscape

Key players in the global blockchain technology in healthcare market are IBM, Guardtime, Change Healthcare, Gem, PATIENTORY INC., MedRec Technologies, iSolve, LLC, DeepMind, PeopleONE, Inc. (ExpertusONE), Medicalchain SA, Chronicled, Inc., Larsen & Toubro Infotech Limited, FarmaTrust, and Factom. These players are focusing on mergers, & acquisitions, collaborations, agreements, and partnerships to expand their geographical presence and use.

Global Blockchain Technology in Healthcare Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Blockchain Technology 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 Technology 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 Technology in Healthcare Market - Supply Chain
  4.5. Global Blockchain Technology in Healthcare Market Forecast
     4.5.1. Blockchain Technology in Healthcare Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Blockchain Technology in Healthcare Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Blockchain Technology in Healthcare Market Absolute $ Opportunity
5. Global Blockchain Technology 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 Technology 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 Technology 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 Technology in Healthcare Market Size and Volume Forecast by Applications
     6.3.1. Clinical Data Exchange & Interoperability
     6.3.2. Claims Adjudication & Billing
     6.3.3. Patient Data Management
     6.3.4. Supply Chain Management
     6.3.5. Clinical Trials & e-Consenting
     6.3.6. Drug Traceability
     6.3.7. Other Applications
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Blockchain Technology 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 Technology in Healthcare Market Size and Volume Forecast by End Users
     7.3.1. Pharmaceutical Companies
     7.3.2. Healthcare Payers
     7.3.3. Healthcare Providers
     7.3.4. Other End-users
  7.4. Absolute $ Opportunity Assessment by End Users
  7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Blockchain Technology 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 Technology 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 Technology in Healthcare Demand Share Forecast, 2019-2026
9. North America Blockchain Technology 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 Technology 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 Technology 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 Technology in Healthcare Market Size and Volume Forecast by Applications
     9.7.1. Clinical Data Exchange & Interoperability
     9.7.2. Claims Adjudication & Billing
     9.7.3. Patient Data Management
     9.7.4. Supply Chain Management
     9.7.5. Clinical Trials & e-Consenting
     9.7.6. Drug Traceability
     9.7.7. Other Applications
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. North America Blockchain Technology in Healthcare Market Size and Volume Forecast by End Users
     9.10.1. Pharmaceutical Companies
     9.10.2. Healthcare Payers
     9.10.3. Healthcare Providers
     9.10.4. Other End-users
  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 Technology in Healthcare Demand Share Forecast, 2019-2026
10. Latin America Blockchain Technology 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 Technology 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 Technology 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 Technology in Healthcare Market Size and Volume Forecast by Applications
     10.7.1. Clinical Data Exchange & Interoperability
     10.7.2. Claims Adjudication & Billing
     10.7.3. Patient Data Management
     10.7.4. Supply Chain Management
     10.7.5. Clinical Trials & e-Consenting
     10.7.6. Drug Traceability
     10.7.7. Other Applications
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Latin America Blockchain Technology in Healthcare Market Size and Volume Forecast by End Users
     10.10.1. Pharmaceutical Companies
     10.10.2. Healthcare Payers
     10.10.3. Healthcare Providers
     10.10.4. Other End-users
  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 Technology in Healthcare Demand Share Forecast, 2019-2026
11. Europe Blockchain Technology 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 Technology 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 Technology 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 Technology in Healthcare Market Size and Volume Forecast by Applications
     11.7.1. Clinical Data Exchange & Interoperability
     11.7.2. Claims Adjudication & Billing
     11.7.3. Patient Data Management
     11.7.4. Supply Chain Management
     11.7.5. Clinical Trials & e-Consenting
     11.7.6. Drug Traceability
     11.7.7. Other Applications
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Europe Blockchain Technology in Healthcare Market Size and Volume Forecast by End Users
     11.10.1. Pharmaceutical Companies
     11.10.2. Healthcare Payers
     11.10.3. Healthcare Providers
     11.10.4. Other End-users
  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 Technology in Healthcare Demand Share Forecast, 2019-2026
12. Asia Pacific Blockchain Technology 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 Technology 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 Technology 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 Technology in Healthcare Market Size and Volume Forecast by Applications
     12.7.1. Clinical Data Exchange & Interoperability
     12.7.2. Claims Adjudication & Billing
     12.7.3. Patient Data Management
     12.7.4. Supply Chain Management
     12.7.5. Clinical Trials & e-Consenting
     12.7.6. Drug Traceability
     12.7.7. Other Applications
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Asia Pacific Blockchain Technology in Healthcare Market Size and Volume Forecast by End Users
     12.10.1. Pharmaceutical Companies
     12.10.2. Healthcare Payers
     12.10.3. Healthcare Providers
     12.10.4. Other End-users
  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 Technology in Healthcare Demand Share Forecast, 2019-2026
13. Middle East & Africa Blockchain Technology 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 Technology 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 Technology 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 Technology in Healthcare Market Size and Volume Forecast by Applications
     13.7.1. Clinical Data Exchange & Interoperability
     13.7.2. Claims Adjudication & Billing
     13.7.3. Patient Data Management
     13.7.4. Supply Chain Management
     13.7.5. Clinical Trials & e-Consenting
     13.7.6. Drug Traceability
     13.7.7. Other Applications
  13.8. Basis Point Share (BPS) Analysis by Applications
  13.9. Y-o-Y Growth Projections by Applications
  13.10. Middle East & Africa Blockchain Technology in Healthcare Market Size and Volume Forecast by End Users
     13.10.1. Pharmaceutical Companies
     13.10.2. Healthcare Payers
     13.10.3. Healthcare Providers
     13.10.4. Other End-users
  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 Technology in Healthcare Demand Share Forecast, 2019-2026
14. Competition Landscape
  14.1. Global Blockchain Technology in Healthcare Market: Market Share Analysis
  14.2. Blockchain Technology in Healthcare Distributors and Customers
  14.3. Blockchain Technology in Healthcare Market: Competitive Dashboard
  14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     14.4.1. IBM
     14.4.2. Guardtime
     14.4.3. Change Healthcare
     14.4.4. Gem
     14.4.5. PATIENTORY INC.
     14.4.6. MedRec Technologies
     14.4.7. iSolve, LLC
     14.4.8. DeepMind

Methodology

Our Clients

Deloitte
Nestle SA
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FedEx Logistics
sinopec
The John Holland Group
General Electric
Pfizer