Blockchain Technology in Healthcare Market Size, Share & Segmentation by Network Type (Private, Public), By Application (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Supply Chain Management, Clinical Trials & eConsent), By End-user (Providers, Payers, Biopharmaceutical & Medical Device Companies), by Regions and Global Forecast 2023-2030

Blockchain Technology in Healthcare Market Size was valued at USD 468 million in 2022, and expected to reach USD 36.53 billion by 2030, and grow at a CAGR of 72.4% over the forecast period 2023-2030.

A peer-to-peer network of computers called nodes makes up the peer-to-peer Blockchain, which is a distributed system for recording, storing, and preserving transactional and historical documents. A seismic upheaval in any industry is thought to be possible with the competitive and robust technology known as blockchain. Security of the internet infrastructure at all levels, a uniform authorization pattern for retrieving health records, and identity verification are only a few advantages that blockchain in healthcare possesses.

The five key aspects of Blockchain in healthcare are: managing electronic health information, managing point-of-care genomics, managing health record data, and monitoring electronic medical record data. Decentralized management, detectable data, unchangeable databases, data provenance, robust data, and the accessibility of data to any authorized individuals through encrypted data that is independent of the patient's security code are all benefits of using blockchains over conventional methods of healthcare database systems.

MARKET DYNAMICS

DRIVERS

• Rising Number of Healthcare Data Breach Incidents

• Growing Risk from Counterfeit Drugs

• Rise in Blockchain as a Service Adoption (BaaS)

• Blockchain-Based Cost-Effective & Secure Data Interoperability

• The distributed ledger technology's immutability and transparency

RESTRAINTS

• Reluctance to Share Data

• Absence of a Central Organization and a Common Set of Standards

OPPORTUNITIES

• Governmental Efforts

• Investments in venture capital and initial coin offerings have significantly increased funding (ICO)

CHALLENGES

• Absence of Knowledge & Understanding

• Technical Difficulties with Scalability

IMPACT OF COVID-19

The global COVID-19 epidemic and the ensuing lockout have caused the healthcare market to continue to decline. Aside from affecting communities, COVID-19 had devastating effects on the major world economies, particularly the healthcare industry. Important parties are continuing to modify their tactics in response to the fast-shifting circumstances. The healthcare sector is expected to see severe long-term effects from COVID-19. Prioritized healthcare reforms would need to be implemented by nations and significant stakeholders until the situation is resolved.

Soon, major healthcare reforms will include increased access, cost containment, and technological advancement. In the ongoing outbreak, telemedicine and digital health have assumed a prominent role. The value of remote diagnosis, care, and consultation was reemphasized in COVID-19. Growth in Telehealth has been delayed over the last few years by legislative and behavioural constraints. However, because so many healthcare organisations are presently experimenting with video conferencing and phone conversations, the growth of this market will multiply many times over the next two years. Patients with mild symptoms were also required to consult online as part of the social distancing strategies. It also significantly lessens the strain on hospitals, which are already overburdened by the number of COVID-19 patients. The usage of medical IoT devices that are housed with patients at home helps to maximize outpatient care while reducing the need for follow-up visits. These devices can also be employed in an emergency. A serious lack of resources was caused by the pandemic. Future market growth is anticipated to be accelerated by the emergence of value-based pricing and competitive pricing structures as a result.

As a result of these considerations, COVID 19 is anticipated to have a big impact on Blockchain technology in the healthcare business.

By Network Type

Public, private, and other network types are included in the healthcare sector's use of blockchain technology. The main reason why public networks are being used more frequently for data management is their significant proportion of the market. Today, one of the most widely used technologies in the healthcare industry is Ethereum, a public network. The blockchain technology is additionally known as "permission-less." These public networks have become increasingly popular due to their low cost and availability of a wider database.

Also predicted to have significant growth in the upcoming years is the private segment. The private network is implemented, for example, by the Hyperledger Fabric from the Linux foundation. They provide great security, quick transactions, and privacy. They are therefore created and utilised for specific corporate requirements. Data management and recording features, together with the rise in need for highly secure supply chain networks, are the main reasons driving the growth of the private sector. Furthermore, the use of blockchain in healthcare is anticipated to be fueled by future features of technical improvements.

By Application

Applications on the blockchain support maintaining data integrity. Additionally, the technology aids in Internet of Things (IoT) device interoperability for pharmaceutical organisations. Additionally, it aids in drug supply chain regulation and applicant recruitment for clinical trials. Blockchain has the potential to revolutionize the healthcare industry by reducing operational costs, preventing data loss, and streamlining medical procedures.

During the projection period, there is expected to be noticeable growth in the clinical trials & eConsent category. A clinical trial's data management and security are made more effective by utilizing technology. Clinicians can securely connect internally thanks to blockchain integration. Since information cannot be changed or altered on the blockchain, market growth is projected in the years to come. The use of blockchain technology in medical records guarantees the accuracy of the data. Clinical studies, where the records are a crucial component of laws, can benefit from analogous principles.

By End-user

Large R&D spending, the requirement for safe data interchange and interoperability, and a significant quantity of data management carried out by these businesses in areas like medication research and development are all to blame for this.

It is also predicted that a significant portion of the market share will come from the growing use of technology for critical tasks like ensuring the authenticity of a drug being returned, preventing counterfeiting, adhering to the pharmaceutical supply chain, ensuring transparency and traceability in clinical trials, and enhancing the accuracy and quality of clinical trial data.

Due to hospitals like the Massachusetts General Hospital increasingly utilizing technology, the hospital segment is anticipated to expand at a rapid rate (MGH). Hospitals and healthcare facilities are currently working to store patient data to ensure the system's efficient operation. This aids in categorizing both new and returning patients and makes use of previous records to support the doctor's appointment. Additionally, the system will shield sensitive data from data breaches and hackers, protecting things like payment information, addresses, and phone numbers.

COMPETITIVE LANDSCAPE

Some of the major key plyers are as follows: Chronicled, Gem, Hashed Health, Guardtime, IBM, Patientory, iSolve, Microsoft, Factom, PokitDok, and other players.

MARKET SEGMENTS

By Network Type

• Private

• Public

By Application

• Clinical Data Exchange & Interoperability

• Claims Adjudication & Billing

• Supply Chain Management

• Clinical Trials & eConsent

By End-user

• Providers

• Payers

• Biopharmaceutical & Medical Device Companies

REGIONAL ANALYSIS

The market for healthcare blockchains worldwide was dominated by North America. The execution of regulatory requirements in the region regarding the security of patient data and raising the standard of care, the rising incidence of fraud in the healthcare industry, the rising need to control the skyrocketing costs of healthcare, and the expanding need to safeguard medical data from tampering are what are propelling the growth of the healthcare blockchain market in North America.

However, the largest CAGR is anticipated for the Asia Pacific area. The expansion of this regional market is being fueled by elements like expanding healthcare infrastructure, rising adoption of EHR systems and other healthcare IT solutions, growing demand for health information exchange between various healthcare stakeholders as a result of an increase in medical tourism in this region, and growing pressure to stop fake drugs from entering the supply chain.

REGIONAL COVERAGE

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Frequently Asked Questions (FAQ) :