Global Blockchain for Healthcare Market Segmentation, By Type (Public and Private), Application (Clinical Data Exchange and Interoperability, Claims Adjudication and Billing Management, Drug Supply Chain Management, Drug Discovery and Clinical Trials, Prescription Drug Abuse, and Others), End User (Pharmaceutical Companies, Healthcare Providers, Healthcare Payers, and Others) – Industry Trends and Forecast to 2031
Blockchain for Healthcare Market Analysis
The blockchain for healthcare market is rapidly expanding, driven by the increasing need for secure and transparent data management. Blockchain technology offers solutions to major challenges in the healthcare industry, such as improving clinical data exchange, safeguarding patient information, enhancing interoperability, and reducing fraudulent activities in billing and supply chain management. The integration of blockchain can streamline operations, reduce costs, and improve patient outcomes. Recent development include partnerships between tech companies and healthcare providers to implement blockchain in drug supply chain management and clinical trials. The adoption of blockchain technology is expected to accelerate, with increased investment and regulatory support, positioning the market for significant growth over the forecast period.
Blockchain for Healthcare Market Size
The global blockchain for healthcare market size was valued at USD 1.84 billion in 2023 and is projected to reach USD 140.94 billion by 2031, with a CAGR of 72.00% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Blockchain for Healthcare Market Trends
“Advanced Solutions in Interoperability and Transparency”
The blockchain for healthcare market is gaining momentum as the industry seeks advanced solutions to enhance data security, interoperability, and transparency. Blockchain technology ensures decentralized, tamper-proof management of healthcare data, driving innovation in patient data handling, clinical trials, and drug supply chains. One key trend is the growing use of blockchain in drug traceability, ensuring the authenticity and safety of pharmaceutical products throughout the supply chain. Innovations such as smart contracts and decentralized applications (dApps) are being explored for real-time data sharing and secure payment processing in healthcare services. As the demand for improved data management and reduced operational inefficiencies rises, blockchain's role in healthcare continues to expand.
Report Scope and Blockchain for Healthcare Market Segmentation
|
Attributes
|
Blockchain for Healthcare Key Market Insights
|
|
Segments Covered
|
|
|
Countries Covered
|
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
|
|
Key Market Players
|
IBM (U.S.), Microsoft (U.S.), Guardtime (Estonia), Hashed Health (U.S.), Chronicled (U.S.), iSolve (India), Patientory Inc. (U.S.), Accumulate (U.S.), Factom Protocol (U.S.), Medicalchain SA (U.K.), Change Healthcare (U.S.)
|
|
Market Opportunities
|
|
|
Value Added Data Infosets
|
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
|
Blockchain for Healthcare Market Definition
Blockchain for healthcare refers to the application of blockchain technology within the healthcare sector to securely store, manage, and share medical data. This decentralized system ensures transparency, security, and interoperability of patient records, clinical trial data, and drug supply chains, reducing fraud and improving data accessibility while maintaining privacy.
Blockchain for Healthcare Market Dynamics
Drivers
- Real-Time Access to Health Records
Blockchain technology enables real-time updates and access to patient health records across multiple healthcare providers, significantly enhancing care coordination and decision-making. By creating a secure, decentralized ledger, blockchain allows healthcare professionals to access the most current patient information instantly, regardless of location. This timely access to comprehensive health records fosters collaboration among specialists, reduces the risk of medical errors, and improves patient outcomes. As a result, healthcare providers can make informed decisions quickly, ultimately leading to more effective treatments and streamlined care processes. This capability is a crucial driver for the growth of the blockchain in the healthcare market.
- Digital Identity Management
Blockchain technology plays a pivotal role in creating secure digital identities for patients and healthcare providers, significantly enhancing user authentication and protection against identity theft and fraud. By utilizing cryptographic methods, blockchain ensures that personal health information is securely stored and accessed only by authorized individuals. This capability safeguards sensitive data and streamlines the onboarding process for new patients and providers, facilitating seamless access to care. As trust in digital identity systems grows, healthcare organizations can enhance security measures, reduce fraudulent activities, and ensure compliance with regulations. This advancement is a key driver of growth in the blockchain in healthcare market.
Opportunities
- Artificial Intelligence Integration
The integration of blockchain technology with artificial intelligence (AI) presents a significant market opportunity in healthcare by enhancing predictive analytics and improving patient outcomes. Blockchain provides a secure, decentralized framework for storing vast amounts of healthcare data, while AI algorithms analyze this data to identify patterns, trends, and potential health risks. This synergy allows for more accurate predictive modeling, enabling healthcare providers to anticipate patient needs, personalize treatment plans, and identify at-risk populations more effectively. Furthermore, the transparency and immutability of blockchain ensure the integrity of the data used in AI algorithms, boosting confidence in the insights generated. As healthcare increasingly relies on data-driven decision-making, the combination of blockchain and AI offers transformative possibilities, creating a substantial growth opportunity in the market.
- Growth of Wearable Health Technologies
The rapid growth of wearable health devices has resulted in the generation of vast amounts of health data, creating a significant market opportunity for blockchain technology in healthcare. By providing a secure and decentralized platform for storing and managing this data, blockchain ensures that patient information remains confidential and is accessible only to authorized users. This capability enhances data security and facilitates the integration of real-time health metrics into electronic health records (EHRs). As patients and healthcare providers access and analyze this data, they can gain valuable insights into health trends, improve treatment outcomes, and promote proactive health management. The combination of wearable technology and blockchain thus represents a promising avenue for innovation, driving growth in the healthcare market while enhancing patient care.
Restraints/Challenges
- High Implementation Costs
Developing and deploying blockchain solutions in healthcare can be prohibitively expensive, presenting a significant market challenge for organizations looking to adopt this technology. Initial costs often encompass a wide range of expenses, including investments in infrastructure, software development, and integration with existing systems. Healthcare organizations must also consider ongoing maintenance and operational costs, which can strain budgets, especially for smaller facilities or those with limited resources. Additionally, the need for specialized talent to manage and operate blockchain systems adds another layer of expense. These financial burdens can deter organizations from pursuing blockchain initiatives, limiting the technology’s adoption and its potential to transform healthcare delivery. As a result, addressing these cost-related challenges is crucial for advancing blockchain integration in the healthcare sector.
- Slow Transaction Speeds in Blockchain
Current blockchain technologies often struggle to handle high transaction volumes efficiently, presenting a significant market restraint for their application in healthcare. As patient data and transactions increase, delays in data processing can occur, which is problematic for real-time healthcare applications where timely access to information is crucial for effective care delivery. Slow transaction speeds can impede critical processes such as patient admissions, medication administration, and emergency response, ultimately affecting patient outcomes. This limitation poses a challenge for healthcare providers who rely on immediate data availability to make informed decisions quickly. Consequently, addressing these speed-related issues is essential for unlocking the full potential of blockchain technology in healthcare and ensuring its viability in a fast-paced medical environment.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Blockchain for Healthcare Market Scope
The market is segmented on the basis of type, application, and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Public
- Private
Application
- Clinical Data Exchange and Interoperability
- Claims Adjudication and Billing Management
- Drug Supply Chain Management
- Drug Discovery and Clinical Trials
- Prescription Drug Abuse
- Others
End User
- Pharmaceutical Companies
- Healthcare Providers
- Healthcare Payers
- Others
Blockchain for Healthcare Market Regional Analysis
The market is analysed and market size insights and trends are provided by country, type, application, and end user as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America leads the blockchain for healthcare market due to the rising frequency of healthcare data breaches and stringent regulations aimed at enhancing the pharmaceutical supply chain. Additionally, the region's focus on combating fraudulent billing practices is expected to drive market growth further. These factors collectively position North America as a key player in the adoption of blockchain technology in healthcare.
The Asia-Pacific region is anticipated to experience substantial growth from 2024 to 2031, fueled by advancements in healthcare infrastructure and a rising adoption of Electronic Health Records (EHR) systems and other healthcare IT solutions. Additionally, the increasing demand for effective health information exchange among various stakeholders in the healthcare sector is expected to further propel market expansion. These factors position Asia-Pacific as a rapidly evolving market for blockchain technology in healthcare.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Blockchain for Healthcare Market Share
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Blockchain for Healthcare Market Leaders Operating in the Market Are:
- IBM (U.S.)
- Microsoft (U.S.)
- Guardtime (Estonia)
- Hashed Health (U.S.)
- Chronicled (U.S.)
- iSolve (India)
- Patientory Inc. (U.S.)
- Accumulate (U.S.)
- Factom Protocol (U.S.)
- Medicalchain SA (U.K.)
- Change Healthcare (U.S.)
Latest Developments in Blockchain for Healthcare Market
- In September 2023, Briya, a comprehensive healthcare data exchange platform, announced the successful completion of an $11.5 million Series A funding round, led by Team8, Insight Partners, Amiti Ventures, and the George Kaiser Family Foundation. The capital raised will be utilized to advance Briya's mission of revolutionizing data exchange among healthcare and life sciences organizations through a secure, blockchain-enabled platform. This investment highlights the growing emphasis on secure data sharing in the healthcare sector
- In August 2023, Solve.Care unveiled the Care.Trials network, a blockchain-based patient matching service designed specifically for clinical trials. This innovative platform aims to streamline the process of connecting patients with relevant clinical studies, enhancing participation and efficiency. By leveraging blockchain technology, Care.Trials ensures secure and transparent data management, ultimately improving the clinical trial experience for both patients and researchers
- In April 2023, PharmaLedger launched an electronic product information (ePI) solution based on blockchain technology. This innovative product enables patients to scan a barcode on medication packaging to access comprehensive product information, effectively replacing traditional paper leaflets. By utilizing blockchain, PharmaLedger enhances the accessibility and reliability of essential medication details for consumers
- In June 2021, Aetna, Anthem, and the Cleveland Clinic joined forces to launch a new blockchain-based healthcare initiative, highlighting the growing potential of blockchain technology in the industry. This collaboration aims to leverage blockchain's capabilities to improve data sharing, enhance transparency, and streamline processes within the healthcare sector. The initiative marks a significant step towards harnessing innovative solutions to address ongoing challenges in healthcare delivery and management
- In December 2021, IBM's Digital Health Healthy Returns Practice partnered with healthcare IT leaders to develop digital credentials for COVID-19. The IBM Digital Health Pass serves as a secure tool for businesses to verify COVID-19 test results and vaccination statuses for employees, customers, and visitors accessing facilities such as sports stadiums, airplanes, government buildings, and workplaces. By leveraging encryption, QR codes, and blockchain technology, the IBM Digital Health Pass offers a voluntary and secure digital alternative to traditional paper test results or vaccination cards, providing individuals with a reliable means to confirm their health status
SKU-