Blockchain Technology in Healthcare Market Size, Share, Growth Analysis, By Blockchain Type(public, private), By End User(hospitals and clinics, pharmaceutical companies), By Application(healthcare data exchange, supply chain management) - Industry Forecast 2024-2031

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 203.66 Billion by 2031, at a CAGR of 68.3% during the forecast period (2024-2031).

The 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. 'IBM (US)', 'Microsoft (US)', 'Accenture (Ireland)', 'Change Healthcare (US)', 'Guardtime (Estonia)', 'PokitDok (US)', 'Hashed Health (US)', 'Patientory (US)', 'Factom (US)', 'Gem (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)'

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.

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.

The dominating region in the 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.