Global Blockchain in Healthcare Market

Blockchain in Healthcare Market Size, Share, Growth Analysis, By Type(Public, and Private), By Application(Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing, and Others), By End User(Pharmaceutical and Medical Device Companies, Healthcare Payers, and Healthcare Providers), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2879 | Region: Global | Published Date: June, 2024
Pages: 213 |Tables: 90 |Figures: 73

Blockchain in Healthcare Market Insights

Global Blockchain in Healthcare Market size was valued at USD 524.40 Million in 2022 and is expected to grow from USD 605.37 Million in 2023 to reach USD 7,243.68 Million by 2031, at a CAGR of 38.3% during the forecast period (2024-2031).

The blockchain in healthcare market is experiencing rapid growth, driven by the need for enhanced data security, interoperability, and transparency in the healthcare sector. blockchain technology, known for its decentralized and immutable nature, offers a robust solution to many of the challenges faced by healthcare providers, payers, and patients. By ensuring secure and efficient management of health records, blockchain can potentially revolutionize the industry by reducing fraud, improving data integrity, and streamlining operations. 

A key driver for the adoption of blockchain in healthcare is the rising cases of data theft and cybercrimes that have exposed the brittle existent health informatics systems. Also, the requirement to integrate information systems from different organizations has increased therefore calling for a secure integration model for the exchange of health information. Other factors that are driving market growth include changes in regulatory environments that demand better data protection and security for patients’ information, as well as the increasing need for cost effective supply chain management. 

Significant opportunities lie in the development of blockchain-based solutions for patient-centric health data management, which can enhance patient engagement and consent management. Through automation, decentralization and collaboration, the pharmaceuticals industry can use blockchain in enhancing drug recallability and fight the_BUFF jealous counterfeit drugs. In this, its clinical trials application reveals sharp improvements to the system since records can be kept transparent and any interfered tampered records would be easily identifiable. The current adoption and utilization of blockchain technology by the healthcare industry and persistent improvements in the use of the Blockchain appreciated the growth and development of the market.

Market Snapshot - 2024-2031

Global Market Size

USD 524.40 Million

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 in Healthcare Market Segmental Analysis

The Blockchain in the Healthcare market is segmented based on type, application, end user, and region. By type, the market is categorized into public and private blockchains. The private blockchain segment is further divided into consortium and fully private blockchains. In terms of application, the market is segmented into supply chain management, data exchange & interoperability, claims adjudication & billing management, and other applications. Regarding end users, the market includes pharmaceutical companies, healthcare payers, and healthcare providers. Each segment addresses specific needs within the healthcare sector, offering tailored solutions to enhance efficiency, security, and transparency.

Blockchain in Healthcare Market Analysis by Application

The supply chain management segment dominated the blockchain in healthcare market in 2023. This dominance is attributed to the widespread adoption of blockchain technology by pharmacies to enhance their supply chain systems. Blockchain's ability to provide transparent, tamper-proof records ensures the authenticity of pharmaceuticals, reduces the risk of counterfeit drugs, and streamlines inventory management. These benefits have driven many pharmacies to integrate blockchain into their supply chain processes, solidifying this segment's leading position in the market. 

The data exchange & interoperability segment is projected to experience the fastest growing CAGR during the forecast period. This growth is fueled by the increasing need for secure and efficient exchange of patient data across various healthcare providers and systems. Blockchain technology addresses these needs by offering a decentralized, secure method for data sharing that enhances interoperability and protects patient privacy. As the demand for seamless and secure data exchange grows, the adoption of blockchain in this segment is expected to surge, driving its rapid expansion.  

Analysis by End User 

In 2022, the pharmaceutical and medical device companies segment dominated the blockchain in the healthcare market. This dominance is due to the industry's shift from traditional systems to blockchain solutions, which offer enhanced security, traceability, and efficiency. By leveraging blockchain technology, pharmaceutical and medical device companies can better manage supply chains, ensure the authenticity of products, and comply with regulatory requirements, thereby improving overall operational effectiveness. 

The healthcare payers' segment is expected to experience the highest CAGR during the forecast period. This rapid growth is driven by the increasing need to manage and track the vast amounts of data shared within the healthcare ecosystem. Blockchain technology provides a secure and transparent method for handling claims adjudication, billing, and patient records, significantly reducing fraud and administrative costs. As data management demands continue to rise, healthcare payers are increasingly adopting blockchain solutions to enhance data security and operational efficiency.

Blockchain in Healthcare Market By Application, Healthcare (%)

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Blockchain in Healthcare Market Regional Insights

North America held the majority share of the global blockchain in healthcare market in 2023 and is expected to maintain its dominance throughout the forecast period. This is due to significant technological advancements in blockchain technology, the integration of advanced technology and software processes, the presence of key industry players, and a robust healthcare infrastructure. These factors collectively support the widespread adoption and implementation of blockchain solutions in the region. 

Conversely, Asia-Pacific is projected to experience notable growth in the blockchain in healthcare market. This growth is driven by a rising number of data breaches, the development and modernization of healthcare infrastructure, and an increase in investment projects focused on blockchain technology. These factors are set to propel the adoption of blockchain in the healthcare sector across the region, enhancing data security and operational efficiency.

Blockchain in Healthcare Market By Region, 2024-2031
  • Largest
  • Fastest

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Blockchain in Healthcare Market Dynamics

Blockchain in Healthcare Market Drivers

Increasing Demand for Enhanced Data Security and Transparency. 

  • One of the primary drivers for blockchain in healthcare is the need for enhanced data security. With the increasing frequency of data breaches and cyberattacks, healthcare organizations are seeking more secure ways to manage sensitive patient information. Blockchain technology offers a decentralized and immutable ledger system that significantly reduces the risk of unauthorized access and data tampering. By ensuring that health records are securely encrypted and accessible only to authorized parties, blockchain provides a robust solution for protecting patient privacy and maintaining data integrity, which is crucial for compliance with stringent regulatory standards.

Restraints 

Complexity of Implementation and Integration 

  • A significant restraint for the adoption of blockchain in healthcare is the complexity of implementation. Integrating blockchain technology into existing healthcare systems requires substantial changes to infrastructure, which can be both time-consuming and costly. Additionally, the lack of standardization in blockchain protocols and the need for specialized technical expertise pose challenges for healthcare organizations. These complexities can hinder the seamless integration of blockchain solutions, leading to potential disruptions in operations and delays in realizing the technology's benefits. As a result, many healthcare providers may be hesitant to adopt blockchain, slowing its widespread adoption in the industry.

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Blockchain in Healthcare Market Competitive Landscape

The Blockchain in the Healthcare market exhibits fragmentation, with a notable market leader securing a significant market share. Key players in this landscape continually employ diverse growth strategies to maintain their competitive edge. These strategies encompass product launches, innovations, mergers, acquisitions, collaborations, and partnerships. Moreover, a relentless focus on research and development persists among these market leaders, aimed at delivering industries with the most efficient and cost-effective solutions. 

Blockchain in Healthcare Market Top Player’s Company Profiles

 

  • Akiri, Inc (USA) 
  • Guardtime (Estonia) 
  • Equideum Health (USA) 
  • Avaneer Health, Inc (USA) 
  • Medical Chain (UK) 
  • iSolve, LLC (USA) 
  • Crystalchain (France) 
  • Oracle Corporation (USA) 
  • Change Healthcare, Inc (USA) 
  • BurstIQ (USA) 
  • IBM (USA) 
  • Chronicled (USA) 
  • Farmatrust (UK) 
  • Hashed Health (USA) 
  • Embleema (USA) 
  • Patientory, Inc (USA) 
  • Proof Works (USA)

Blockchain in Healthcare Market Recent Developments

  • 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. 

  • 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 in Healthcare Key Market Trends

  • Growing Adoption of Blockchain for Secure Data Sharing in Healthcare: As the healthcare industry continues to generate vast amounts of data daily, a prominent trend emerging in the blockchain in healthcare market is the increasing adoption of blockchain technology for secure data sharing. With the rising need for efficient and secure exchange of patient information among healthcare providers, blockchain offers a decentralized and immutable platform that ensures data integrity and privacy. This trend reflects the industry's recognition of blockchain's potential to address data security concerns while facilitating seamless interoperability between disparate healthcare systems, ultimately leading to improved patient care and outcomes. 

Blockchain 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 Blockchain in the Healthcare market is poised for significant growth, with a notable compound annual growth rate (CAGR) projected in the coming years. The blockchain in healthcare market is witnessing significant growth driven by the increasing need for secure data management, interoperability, and transparency within the healthcare sector. Blockchain technology offers innovative solutions to address these challenges, leading to improved patient outcomes, reduced administrative costs, and enhanced operational efficiency. With key players driving advancements in blockchain applications and ongoing investments in research and development, the future of blockchain in healthcare looks promising. As adoption continues to expand globally, blockchain is poised to revolutionize the healthcare industry, paving the way for a more secure, interconnected, and patient-centric ecosystem.

Report Metric Details
Market size value in Healthcare USD 524.40 Million
Market size value in 2031 USD 7,243.68 Million
Growth Rate 38.3%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • Type
    • Public, and Private
  • Application
    • Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing, and Others
  • End User
    • Pharmaceutical and Medical Device Companies, Healthcare Payers, and Healthcare Providers
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
  • Akiri, Inc (USA) 
  • Guardtime (Estonia) 
  • Equideum Health (USA) 
  • Avaneer Health, Inc (USA) 
  • Medical Chain (UK) 
  • iSolve, LLC (USA) 
  • Crystalchain (France) 
  • Oracle Corporation (USA) 
  • Change Healthcare, Inc (USA) 
  • BurstIQ (USA) 
  • IBM (USA) 
  • Chronicled (USA) 
  • Farmatrust (UK) 
  • Hashed Health (USA) 
  • Embleema (USA) 
  • Patientory, Inc (USA) 
  • Proof Works (USA)
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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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 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
  • 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 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
  • 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
  • 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(%)

Methodology

For the Blockchain 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 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 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 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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FAQs

Global Blockchain in Healthcare Market size was valued at USD 524.40 Million in 2022 and is expected to grow from USD 605.37 Million in 2023 to reach USD 7,243.68 Million by 2031, at a CAGR of 38.3% during the forecast period (2024-2031).

The Blockchain in the Healthcare market exhibits fragmentation, with a notable market leader securing a significant market share. Key players in this landscape continually employ diverse growth strategies to maintain their competitive edge. These strategies encompass product launches, innovations, mergers, acquisitions, collaborations, and partnerships. Moreover, a relentless focus on research and development persists among these market leaders, aimed at delivering industries with the most efficient and cost-effective solutions.  'Akiri, Inc (USA) ', 'Guardtime (Estonia) ', 'Equideum Health (USA) ', 'Avaneer Health, Inc (USA) ', 'Medical Chain (UK) ', 'iSolve, LLC (USA) ', 'Crystalchain (France) ', 'Oracle Corporation (USA) ', 'Change Healthcare, Inc (USA) ', 'BurstIQ (USA) ', 'IBM (USA) ', 'Chronicled (USA) ', 'Farmatrust (UK) ', 'Hashed Health (USA) ', 'Embleema (USA) ', 'Patientory, Inc (USA) ', 'Proof Works (USA)'

One of the primary drivers for blockchain in healthcare is the need for enhanced data security. With the increasing frequency of data breaches and cyberattacks, healthcare organizations are seeking more secure ways to manage sensitive patient information. Blockchain technology offers a decentralized and immutable ledger system that significantly reduces the risk of unauthorized access and data tampering. By ensuring that health records are securely encrypted and accessible only to authorized parties, blockchain provides a robust solution for protecting patient privacy and maintaining data integrity, which is crucial for compliance with stringent regulatory standards.

Growing Adoption of Blockchain for Secure Data Sharing in Healthcare: As the healthcare industry continues to generate vast amounts of data daily, a prominent trend emerging in the blockchain in healthcare market is the increasing adoption of blockchain technology for secure data sharing. With the rising need for efficient and secure exchange of patient information among healthcare providers, blockchain offers a decentralized and immutable platform that ensures data integrity and privacy. This trend reflects the industry's recognition of blockchain's potential to address data security concerns while facilitating seamless interoperability between disparate healthcare systems, ultimately leading to improved patient care and outcomes. 

North America held the majority share of the global blockchain in healthcare market in 2023 and is expected to maintain its dominance throughout the forecast period. This is due to significant technological advancements in blockchain technology, the integration of advanced technology and software processes, the presence of key industry players, and a robust healthcare infrastructure. These factors collectively support the widespread adoption and implementation of blockchain solutions in the region. 

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