USD 524.40 Million
Blockchain Technology in Healthcare Market Size, Share, Growth Analysis, By Application(Supply Chain Management, Clinical Data Exchange & Interoperability, Claims Adjudication & Billing Management, and Others), By End User(Pharmaceutical Companies, Healthcare Payers, Healthcare Providers, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2879 |
Region:
Global |
Published Date: July, 2024
Pages:
213
|Tables:
90
|Figures:
73
Blockchain Technology in Healthcare Market Insights
Global Blockchain Technology in Healthcare Market size was valued at USD 1.88 Billion in 2022 and is poised to grow from USD 3.16 Billion in 2023 to USD 203.40 Billion by 2031, growing at a CAGR of 68.30% during the forecast period (2024-2031).
Global blockchain technology in the healthcare market is poised for remarkable growth, revolutionizing the healthcare industry with its transformative capabilities. Blockchain technology offers a decentralized and secure system for storing, managing, and sharing healthcare data, ensuring transparency, immutability, and privacy. The purpose of this market is to address the long-standing challenges in healthcare, such as data interoperability, security breaches, and lack of trust among stakeholders. Driven by the increasing adoption of electronic health records (EHRs), the need for efficient data exchange, and the growing demand for secure healthcare systems, the market is expected to witness exponential growth. While there are several factors driving the market's growth, the most significant ones include the enhanced security and privacy offered by blockchain technology, which helps protect sensitive patient data from unauthorized access and tampering. Additionally, the immutability and transparency of blockchain transactions contribute to improving trust among stakeholders, streamlining processes, and reducing healthcare fraud and errors.
However, there are also some restraints to consider. The complexity of implementing blockchain solutions, the lack of regulatory frameworks, and the need for significant upfront investments pose challenges to market growth. Nevertheless, ongoing initiatives by governments and healthcare organizations worldwide to promote blockchain adoption, coupled with advancements in technology, are expected to mitigate these barriers in the near future. Key trends in the market include the integration of blockchain with other emerging technologies like artificial intelligence (AI), the Internet of Things (IoT), and cloud computing, enabling advanced analytics, real-time monitoring, and enhanced patient outcomes. Moreover, the rise of tokenization and the use of smart contracts in healthcare are opening up new possibilities for streamlined payments, improved supply chain management, and better healthcare research and development. Amidst these trends and challenges, there are abundant opportunities for stakeholders in blockchain technology in the healthcare market. These include the development of interoperable platforms and solutions, a collaboration between technology providers and healthcare institutions, and the exploration of blockchain applications beyond EHRs, such as clinical trials, supply chain management, and telemedicine. The market presents an attractive landscape for innovators, investors, and healthcare organizations alike, with the potential to revolutionize healthcare delivery, improve patient outcomes, and drive efficiency in the industry.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Supply chain management
Fastest Growth
Data exchange & interoperability
Growth Rate
38.3% CAGR
Blockchain in Healthcare Market ($ Million)
Country Share for North America Region (%)
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Blockchain Technology in Healthcare Market Segmental Analysis
Global Blockchain Technology in Healthcare Market is segmented based on application, end user, and region. Based on application, the market is segmented into supply chain management, clinical data exchange & interoperability, claims adjudication & billing management, and others. Based on end user, the market is segmented into pharmaceutical companies, healthcare payers, healthcare providers, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Application
Based on its various applications in healthcare, the healthcare blockchain market is segmented into clinical data exchange & interoperability, identity management, supply chain management, health insurance & fraud prevention, and other applications. In 2023, the supply chain management segment accounted for the largest market share of the global healthcare blockchain market. Factors such as the increasing number of counterfeit drugs in circulation and the implementation of stringent regulations such as the Drug Quality and Security Act (DQSA) in the US and the Falsified Medicines Directive (FMD) are driving the adoption of blockchain in supply chain management.
Moreover, the fastest-growing segment in this market is clinical data exchange & interoperability. The increasing demand for seamless data exchange between healthcare providers, the need for enhanced data security, and the push towards value-based care are significant drivers for this rapid growth. Blockchain technology offers a secure and efficient way to manage and exchange clinical data, making it a vital component in modern healthcare infrastructure.
Analysis By End-User
The pharmaceutical companies segment is dominating the healthcare blockchain market due to its significant share. This dominance is driven by the necessity for blockchain technology to ensure the security, traceability, and transparency of the pharmaceutical supply chain, from drug production to distribution. By leveraging blockchain, pharmaceutical companies can mitigate the risks of counterfeit drugs, enhance drug traceability, and streamline compliance with regulatory requirements.
In contrast, the healthcare payers segment is the fastest growing within the healthcare blockchain market. This rapid growth is fueled by the escalating need for secure health information exchanges between providers and payers. Blockchain technology offers a solution to combat rising insurance fraud, enhances the efficiency of claim processing, and supports the growing medical tourism industry. By improving the operational efficiency of healthcare organizations, blockchain technology is becoming increasingly essential for healthcare payers, driving their market expansion at an unprecedented rate.
Blockchain in Healthcare Market By Application
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Blockchain Technology in Healthcare Market Regional Insights
The dominating region in the global blockchain technology in the healthcare market is North America. With its advanced technological infrastructure and a strong focus on healthcare innovation, North America has emerged as the leader in adopting blockchain solutions. The region's dominance can be attributed to several factors. Firstly, the presence of key market players, including established tech giants and innovative startups, has fostered a thriving ecosystem for blockchain technology in healthcare. Secondly, stringent regulatory frameworks in the healthcare industry have led to increased demand for secure and transparent data management solutions, making blockchain an ideal choice. Lastly, the region's robust investment in research and development activities has propelled the adoption of blockchain technology in healthcare, paving the way for transformative advancements.
Meanwhile, the fastest-growing region in the global blockchain technology in the healthcare market is the Asia Pacific. The region's rapid economic growth, burgeoning population, and increasing investments in healthcare infrastructure are driving the adoption of blockchain technology. The Asia Pacific region is witnessing a digital transformation across various industries, and healthcare is no exception. With governments and healthcare organizations recognizing the potential of blockchain in addressing key challenges such as data privacy, interoperability, and supply chain management, the market is experiencing exponential growth. Additionally, the rising consumer awareness and the increasing adoption of digital health solutions are further fueling the demand for blockchain technology in healthcare in the Asia Pacific region.
Blockchain in Healthcare Market By Region
- Largest
- Fastest
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Blockchain Technology in Healthcare Market Dynamics
Blockchain in Healthcare Market Drivers
Enhanced Data Security
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One of the primary drivers for adopting blockchain technology in healthcare is the need for enhanced data security. Blockchain's decentralized and immutable nature makes it highly resistant to data tampering and unauthorized access. It enables secure sharing and storage of healthcare data, protecting patient privacy and preventing data breaches. For example, MedRec is a blockchain-based electronic medical record system that ensures patient data integrity and security.
Restraints
Regulatory Challenges
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The healthcare industry is heavily regulated, and the implementation of blockchain technology introduces new regulatory challenges. Compliance with existing data privacy and security regulations, such as the Health Insurance Portability and Accountability Act (HIPAA), can be complex when integrating blockchain solutions. Ensuring compliance while leveraging the benefits of blockchain poses a significant restraint.
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Blockchain Technology in Healthcare Market Competitive Landscape
The Global Blockchain Technology in Healthcare Market is experiencing significant growth and is expected to continue its upward trajectory. Blockchain technology offers various benefits to the healthcare industry, including enhanced data security, interoperability, transparency, and streamlined processes. The market is witnessing the emergence of several key players who are actively investing in research and development to harness the potential of blockchain in healthcare. Companies such as IBM Corporation, Microsoft Corporation, Accenture, Change Healthcare, and Guardtime are leading the way with their innovative blockchain solutions and strategic partnerships. These players are focused on developing secure and scalable blockchain platforms, collaborating with healthcare organizations to implement blockchain solutions, and driving industry-wide adoption. The competitive landscape in the market is characterized by intense competition, with companies aiming to differentiate themselves through technological advancements, strategic alliances, and product offerings that cater to the unique needs of healthcare stakeholders.
Blockchain in Healthcare Market Top Player’s Company Profiles
- IBM (US)
- Microsoft (US)
- Accenture (Ireland)
- Guardtime (Estonia)
- Hashed Health (US)
- Patientory (US)
- Factom (US)
- Chronicled (US)
- SimplyVital Health (US)
- Blockpharma (France)
- Tierion (US)
- MedRec (US)
- BurstIQ (US)
- Nebula Genomics (US)
- Blockchain Health Co. (US)
- Medicalchain (UK)
- GuardChain (US)
- Solve.Care (Estonia)
- HIVE Blockchain Technologies Ltd. (Canada)
- Encrypgen (US)
- Sana Benefits (US)
- Healthereum (US)
- Patientory (US)
Blockchain in Healthcare Market Recent Developments
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In March 2024, Microsoft Corp. is deepening its partnership with NVIDIA to leverage generative AI, cloud computing, and accelerated computing for healthcare and life sciences sectors. This enhanced collaboration combines Microsoft Azure's global scale, security, and advanced computing capabilities with NVIDIA DGX Cloud and the NVIDIA Clara suite of computing platforms, software, and services. The goal is to help healthcare and life sciences organizations accelerate innovation and enhance patient care through cutting-edge technological solutions.
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In September 2023, Microsoft Corp. and Mercy are establishing a long-term partnership to utilize generative AI and other digital innovations, aiming to empower physicians, advance practice providers, and nurses with additional time to dedicate to patient care, thereby enhancing the overall patient experience. This collaboration signifies a pioneering approach in healthcare, leveraging advanced digital technologies to revolutionize the delivery of care to consumers, marking a significant step forward in healthcare innovation.
Blockchain Technology in Healthcare Key Market Trends
- Supply Chain Management: Blockchain technology is increasingly being adopted to enhance supply chain management in the healthcare industry. It allows end-to-end visibility and traceability of pharmaceuticals, medical devices, and other healthcare products. Blockchain enables tracking the provenance, quality, and authenticity of products, reducing the risk of counterfeit drugs and improving patient safety.
Blockchain Technology in Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The Global Blockchain Technology in Healthcare Market is experiencing significant growth and is expected to continue its upward trajectory. The market is being driven by several factors, including the increasing need for secure and interoperable health data exchange, rising concerns over data privacy and security breaches, and the growing adoption of blockchain technology by healthcare organizations to streamline operations and enhance transparency. Additionally, the COVID-19 pandemic has further highlighted the importance of digital transformation in healthcare, with blockchain technology offering potential solutions for data management and supply chain optimization. With ongoing advancements in blockchain technology and increasing collaborations between healthcare and tech companies, the market is poised for substantial expansion in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in Healthcare | USD 1.88 Billion |
| Market size value in 2031 | USD 203.40 Billion |
| Growth Rate | 68.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Blockchain Technology in Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Blockchain Technology in Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Blockchain Technology in Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blockchain Technology in Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blockchain Technology in Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blockchain Technology in Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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