Blockchain Technology in Healthcare Market Report Scope & Overview:

The Blockchain Technology in Healthcare Market Size was valued at USD 3.3 billion in 2023 and is expected to reach USD 214.44 billion by 2031, and grow at a CAGR of 68.5% over the forecast period 2024-2031.

An increase in the incidence of information leaks and data breaches, as well as a growing demand to address such issues are drives the market growth. The main factors that lead to the adoption of this technology are strategic initiatives by key factors such as high demand for a reduction in drug counterfeiting and an efficient health data management system.

Blockchain-Technology-in-Healthcare-Market Revenue Analysis

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According to the OECD, a novel blockchain application named Research Foundry has surfaced to streamline the management of permissions and consent for sharing and accessing health data, software code, metadata, and other related products in healthcare research and development. Moreover, the increasing investment in the enhancement of efficient healthcare record systems, wearable devices cryptography, and medical examination systems is expected to present lucrative opportunities for this market in the foreseeable future.



  • BaaS Blockchain-Based Cost-Effective & Secure Data Interoperability

  • Improving Interoperability and Efficient Data Sharing in Health Care

In order to facilitate interoperability among healthcare systems, the use of blockchain acts as a catalyst for effective sharing of patient data amongst health care providers. This leads to better coordination and reduces unnecessary tests, which in turn improves the quality of care for all patients. Interoperability of Blockchains has a crucial role to play in enhancing health ecosystems.


  • The absence of a central organisation and a common set of standards

  • Obstacles in regulation pose challenges to the adoption of blockchain technology in healthcare.

Due to strict regulatory frameworks, healthcare institutions are facing unique obstacles in adopting blockchain technology, which creates uncertainty that hinders integration. At the same time, healthcare organizations are dealing with a constantly changing regulatory environment and allocating resources for compliance efforts.


  • Blockchain's disruptive impact on healthcare supply chain management

The development of Blockchain as a key factor in healthcare supply chain management, which has led to substantial growth opportunities. Its ability to improve transparency and traceability ensures the protection of counterfeit medicinal products, health equipment or supplies that are being produced in order to provide assurance for stakeholders about authentic healthcare products resulting in a secure supply chain as a whole.


  • The lack of knowledge and understanding

  • Privacy Challenges in Blockchain Implementations

Although blockchain technology offers data security assurances, lingering concerns persist regarding patient privacy. The innate transparency of blockchain may clash with privacy regulations, making it challenging for healthcare institutions to strike a suitable balance between transparency and security when implementing this technology effectively.

Impact of Russia-Ukraine War

The impact of the Russian invasion on Ukraine's healthcare system has been severe. A recent report revealed that one in 10 of Ukraine’s hospitals have been directly damaged by the attacks, while one in three Ukrainians experienced lack of medical services. Patients in clinical trials have also been affected, as many had to flee dangerous areas and move to other parts of the country. While the conflict is concentrated in the eastern part of Ukraine, the central and western regions are trying to restore a sense of normalcy. At the same time, Ukraine's clinical trial industry seems ready to get back on track. Once the war is over, the clinical trial activity in less affected areas might recover rather quickly, within 12–18 months, a US-based CRO with operations in Central and Eastern Europe. But there might be a more complex path to recovery in Russia. Many companies have left the Russian market and many sectors, including pharmaceuticals, have been put on hold as a result of economic sanctions. A decade of international trials that would return to Russia.

Impact of Economic Slowdown

The development and use of blockchain technology in healthcare may be affected by a slowing economy. Investments in R&D and implementation of blockchain solutions within the healthcare sector could be reduced as a result of lower financial resources. In addition, investments in innovative technologies such as blockchain can be prioritised by healthcare organisations over the provision of essential services and cost savings measures. Until the economy improves, this slowdown could lead to a delay in mainstreaming of blockchain technology into healthcare systems.

Market Segmentation

By Network Type

  • Private

  • Public

  • Others

The public segment, which accounted for 56.7% of the revenue in 2023, dominated the global market for network types. Public, private, and other types of networks are included in the use of blockchain technology in the healthcare market. Increasing use of Public Network Data Management has been the main factor that gives rise to a high level of share in this segment. One of the most commonly used technologies in healthcare right now is Ethereum, a public network. It's called the "permissionless" blockchain system. The main factors leading to the growth of these public networks are low costs and access to a larger database.

Blockchain-Technology-in-Healthcare-Market By-Network-Type

By Application

  • Clinical Data Exchange & Interoperability

  • Claims Adjudication & Billing

  • Supply Chain Management

  • Clinical Trials & eConsent

  • Others

In 2023, the supply chain management accounted for more than 25.3% of the market share of blockchain technology in the healthcare sector. Data integrity is preserved through the use of blockchain applications. Interoperability with the Internet of Things IoT devices is also facilitated by this technology for pharmaceutical companies. In addition, it regulates the supply chain of medicines and helps them recruit candidates for studies. By reducing the operating costs, data corruption and healthcare process optimization, Blockchain can make a difference in this sector.


By End-User

  • Providers

  • Payers

  • Biopharmaceutical & Medical Device Companies

  • Others

The largest market share of more than 40.3% in 2023 was held by the biopharma and medical devices sector. This is due to the large research and development budget, the need for secure data exchange and interoperability as well as a high level of data management carried out by these companies in areas such as drugs discovery and development. The large share of this segment is also expected to be driven by the increasing adoption of technologies for essential functions such as the verification of the authenticity of the returned product, the prevention of counterfeiting, the compliance with the pharmaceutical supply chain, the transparency and traceability of clinical trial data, and the improvement of the reliability and quality of clinical trial data.

Blockchain-Technology-in-Healthcare-Market-segmentation-By-End User

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Regional Analysis

In 2023, Europe led the worldwide blockchain technology in healthcare market, capturing a substantial market share of more than 33.4% and achieving a market value of USD 1.31 Billion, showcasing Europe's substantial impact and momentum in this sector. Several key factors can be attributed to Europe's dominance in the healthcare market for Blockchain Technology. In particular, an optimal environment for the implementation of successful blockchain solutions in healthcare environments throughout Europe has been provided by medical infrastructure and broad adoption of Digital Technology. In addition, technological initiatives aimed at creating an ideal ecosystem for the development of applications using Blockchain have been actively pursued by governments and healthcare institutions throughout these countries.

North America is expected to held the second largest market share during the forecast period. The main reason for regional growth is growing demand for the safety of health records. Although there is a growing investment in developing technologies in the US healthcare sector, there is also a growing concern about electronic medical record. This is leading to a higher demand for safety, security and management of data transfers between enterprises due to the investments made by big players in the Blockchain market as well as healthcare organisations.



North America

  • US

  • Canada

  • Mexico


  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of the Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America


Major key plyers are Chronicled, Gem, Hashed Health, Guardtime, IBM, Patientory, iSolve, Microsoft, Factom, PokitDok, and other players.

Gem-Company Financial Analysis

Company Landscape Analysis

Recent Developments:

  • In November 2023, to provide tamperproof evidence of data integrity in the pharmaceuticals supply chain, improve authenticity and traceability for more secure distribution systems as well as strengthening authenticity, Guardtime has introduced its Keyless Trust Anchor product.

  • In October 2023, the acquisition of MedLedger LLC by iSolve LLC was a major step forward. In other words, this strategic move aimed at strengthening their position in the healthcare sector by taking advantage of knowledge acquired from that acquisition to enhance iSolves' blockchain platform capabilities for clinical trial management and data protection purposes.

Blockchain Technology in Healthcare Market Report Scope:

Report Attributes Details
Market Size in 2023 US$ 3.3 Billion
Market Size by 2031 US$ 214.44 Billion
CAGR CAGR of 68.5% From 2024 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Network Type (Private, Public, Others)
• By Application (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Supply Chain Management, Clinical Trials & eConsent, Others)
• By End-user (Providers, Payers, Biopharmaceutical & Medical Device Companies, Others)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Company Profiles Chronicled, Gem, Hashed Health, Guardtime, IBM, Patientory, iSolve, Microsoft, Factom, PokitDok, and other players.
Key Drivers • Rising Number of Healthcare Data Breach Incidents
• Growing Risk from Counterfeit Drugs
• Rise in Blockchain as a Service Adoption (BaaS)
Restraints • Reluctance to Share Data
• Absence of a Central Organization and a Common Set of Standards

Frequently Asked Questions

Ans: The Blockchain Technology in Healthcare Market size was valued at US$ 3.3 Billion in 2023.

Ans: The Blockchain Technology in Healthcare Market is growing at a CAGR of 68.5% over the forecast period 2024-2031

 Drivers, Restraints, Opportunities, and Challenges are the factors of marketing dynamics Blockchain Technology in Healthcare market.

 Private, and Public are the sub segments of by network type of Blockchain Technology in Healthcare market.

 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.


1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

5. Impact Analysis

5.1 Impact of Russia-Ukraine Crisis

5.2 Impact of Economic Slowdown on Major Countries

5.2.1 Introduction

5.2.2 United States

5.2.3 Canada

5.2.4 Germany

5.2.5 France

5.2.6 UK

5.2.7 China

5.2.8 Japan

5.2.9 South Korea

5.2.10 India

6. Value Chain Analysis

7. Porter’s 5 Forces Model

8.  Pest Analysis

9. Blockchain Technology in Healthcare Market Segmentation, By Network Type

9.1 Introduction

9.2 Trend Analysis

9.3 Private

9.4 Public

9.5 Others

10. Blockchain Technology in Healthcare Market Segmentation, By Application

10.1 Introduction

10.2 Trend Analysis

10.3 Clinical Data Exchange & Interoperability

10.4 Claims Adjudication & Billing

10.4 Supply Chain Management

10.5 Clinical Trials & eConsent

10.6 Others 

11. Blockchain Technology in Healthcare Market Segmentation, By End-user

11.1 Introduction

11.2 Trend Analysis

11.3 Providers

11.4 Payers

11.5 Biopharmaceutical & Medical Device Companies

11.6 Others 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Eastern Europe Poland Romania Hungary Turkey Rest of Eastern Europe

12.3.2 Western Europe Germany France UK Italy Spain Netherlands Switzerland Austria Rest of Western Europe

12.4 Asia-Pacific

12.4.1 China

12.4.2 India

12.4.3 Japan

12.4.4 South Korea

12.4.5 Vietnam

12.4.6 Singapore

12.4.7 Australia

12.4.8 Rest of Asia Pacific

12.5 The Middle East & Africa

12.5.1 Middle East UAE Egypt Saudi Arabia Qatar Rest of the Middle East

11.5.2 Africa Nigeria South Africa Rest of Africa

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Colombia

12.6.4 Rest of Latin America

13. Company Profiles

13.1 Chronicled

13.1.1 Company Overview

13.1.2 Financial

13.1.3 Products/ Services Offered

13.1.4 SWOT Analysis

13.1.5 The SNS View

13.2 Gem

13.2.1 Company Overview

13.2.2 Financial

13.2.3 Products/ Services Offered

13.2.4 SWOT Analysis

13.2.5 The SNS View

13.3 Hashed Health

13.3.1 Company Overview

13.3.2 Financial

13.3.3 Products/ Services Offered

13.3.4 SWOT Analysis

13.3.5 The SNS View

13.4 Guardtime

13.4.1 Company Overview

13.4.2 Financial

13.4.3 Products/ Services Offered

13.4.4 SWOT Analysis

13.4.5 The SNS View

13.5 IBM

13.5.1 Company Overview

13.5.2 Financial

13.5.3 Products/ Services Offered

13.5.4 SWOT Analysis

13.5.5 The SNS View

13.6 Patientory

13.6.1 Company Overview

13.6.2 Financial

13.6.3 Products/ Services Offered

13.6.4 SWOT Analysis

13.6.5 The SNS View

13.7 iSolve LLC

13.7.1 Company Overview

13.7.2 Financial

13.7.3 Products/ Services Offered

13.7.4 SWOT Analysis

13.7.5 The SNS View

13.8 Microsoft

13.8.1 Company Overview

13.8.2 Financial

13.8.3 Products/ Services Offered

13.8.4 SWOT Analysis

13.8.5 The SNS View

13.9 Factom

13.9.1 Company Overview

13.9.2 Financial

13.9.3 Products/ Services Offered

13.9.4 SWOT Analysis

13.9.5 The SNS View

13.10 PokitDok

13.10.1 Company Overview

13.10.2 Financial

13.10.3 Products/ Services Offered

13.10.4 SWOT Analysis

13.10.5 The SNS View

14. Competitive Landscape

14.1 Competitive Benchmarking

14.2 Market Share Analysis

14.3 Recent Developments

14.3.1 Industry News

14.3.2 Company News

14.3.3 Mergers & Acquisitions

15. Use Case and Best Practices

16. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

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Data Bank Validation

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