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.
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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.
DRIVERS
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.
RESTRAINTS
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.
OPPORTUNITIES
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.
CHALLENGES
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.
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.
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.
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.
By Application
Clinical Data Exchange & Interoperability
Claims Adjudication & Billing
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.
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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.
REGIONAL 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 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.
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.
| 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 |
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.
TABLE OF CONTENTS
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
12.3.1.1 Poland
12.3.1.2 Romania
12.3.1.3 Hungary
12.3.1.4 Turkey
12.3.1.5 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.1 Germany
12.3.2.2 France
12.3.2.3 UK
12.3.2.4 Italy
12.3.2.5 Spain
12.3.2.6 Netherlands
12.3.2.7 Switzerland
12.3.2.8 Austria
12.3.2.9 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
12.5.1.1 UAE
12.5.1.2 Egypt
12.5.1.3 Saudi Arabia
12.5.1.4 Qatar
12.5.1.5 Rest of the Middle East
11.5.2 Africa
12.5.2.1 Nigeria
12.5.2.2 South Africa
12.5.2.3 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
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