Global Blockchain in Healthcare Market To Grow With A CAGR Of 13.29% Through 2028

Development of internet-of-healthcare system using blockchain and rising incidence of healthcare data breaches is expected to drive the Global Blockchain In Healthcare Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Global Blockchain In Healthcare Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Blockchain In Healthcare Market stood at USD 903.04 Million in 2022 and is anticipated to grow with a CAGR of 13.29% in the forecast period, 2024-2028.

One of the key drivers for the adoption of blockchain technology in the healthcare sector is the increasing number of data breaches, which also positions blockchain technology as a leader in healthcare market trends. Medical databases are becoming prime targets for cybercriminals who may exploit or sell healthcare data for financial gain. Additionally, the rise in counterfeit drugs further underscores the need for blockchain technology in the healthcare industry, as it can secure the supply chain management against these fraudulent products. Furthermore, the adoption of blockchain in the healthcare system contributes to the growth of the Blockchain In Healthcare market. However, market growth is hindered by the lack of common standards and the complexity of the technology. On the other hand, continuous technological advancements present lucrative opportunities for key players to invest in the Blockchain In Healthcare market.

The increasing incidence of information leaks and data breaches, coupled with the need to address these issues, are key factors driving market growth. Strategic initiatives by major players, the demand to combat drug counterfeiting, and the need for efficient health data management systems are the primary drivers behind the adoption of blockchain technology.

For example, in October 2021, MDS Mexico launched a blockchain-based COVID-19 testing service to ensure the authenticity of vaccination certificates. The COVID-19 pandemic has accelerated the adoption and demand for blockchain solutions in healthcare. While still considered an emerging technology, various use cases and proposals have been presented by market stakeholders to increase awareness and adoption of blockchain for improving health outcomes.

 

Browse over 26 market data Figures spread through 91 Pages and an in-depth TOC on "Global Blockchain In Healthcare Market”

 

In April 2020, IBM launched IBM Rapid Supplier Connect, a blockchain-based network that connects healthcare organizations and governments with non-traditional suppliers of devices, equipment, and supplies to combat COVID-19. In China, hospitals implemented blockchain to ensure timely delivery and accurate tracking of medications to COVID-19 patients' homes.

According to the OECD, a new blockchain application called Research Foundry has emerged to facilitate the management of permissions and consent for sharing and accessing health data, software code, metadata, and other products related to healthcare research and development. Furthermore, increasing investments in the development of efficient healthcare record systems, wearable devices cryptography, and medical examination systems are expected to provide lucrative opportunities in the near future.

The growing prevalence of diseases is expected to generate a significant amount of data, driving the demand for effective data management. Moreover, leveraging Blockchain In Healthcare records ensures data integrity by preventing unauthorized alterations. Major market players' investments in this technology are further contributing to market growth. For instance, in March 2018, IBM launched a low-cost platform specifically for startups to develop blockchain projects. Such initiatives are likely to encourage innovation and adoption of blockchain by new healthcare organizations, fostering market growth.

The Synaptic Health Alliance, a partnership of leading healthcare companies including Humana, Quest Diagnostics, and Optum, focuses on advancing data sharing between providers. The alliance recognizes the potential of blockchain to enhance efficiency and reduce costs in various healthcare areas.

HMS Holdings has also acknowledged the role of blockchain in its business and has engaged with technology providers from major technology companies to achieve this goal. Cerner, Allscripts, and athenahealth have also shown interest in this area. Blockchain has the potential to reshape how healthcare organizations address long-standing issues, and this is expected to drive market growth.

Permission-based and permission less blockchains are the two primary types of blockchains utilized in the healthcare industry. Private blockchains, also referred to as permission blockchains, are accessible only to authorized individuals and require prior authorization. These offer extensive customizability, access controls, enhanced scalability, governance dependencies, and improved performance.

As we progress, the blockchain market in healthcare is expected to thrive due to the growing acceptance of blockchain as a service (BaaS). Blockchain technology can be creatively employed to address various challenges in the healthcare industry, including supply chain management, smart contracts, individual health information privacy, data management issues, diverse payment models, and tracking virus outbreaks.

Significant technological advancements are actively shaping the healthcare blockchain landscape. Key players in the healthcare blockchain market are focusing on developing cutting-edge technical solutions to cater to the industry's increasing demand for blockchain technology and to strengthen their market position.

One of the prominent challenges faced by the healthcare industry revolves around the need for a trustworthy system and a better understanding of its potential. While most blockchain applications have been observed in the BFSI sector, the negative perception of bitcoin portrayed in the media has hindered market expansion.

The COVID-19 outbreak has had a favorable impact on the global blockchain technology market, owing to the accelerated adoption of advanced technologies like blockchain in the healthcare sector. Lastly, numerous businesses are actively supporting blockchain-based initiatives in the healthcare industry to enhance operational efficiency.

The Global Blockchain In Healthcare Market is segmented into type, application, end user, regional distribution, and company.

Based on end user, the segments include Pharmaceutical and Medical Device Companies, Healthcare Payers, and Healthcare Providers. The segment of pharmaceutical and medical device companies has witnessed the highest revenue share in 2022. The increasing utilization of technology for crucial tasks such as verifying the authenticity of returned drugs, preventing counterfeiting, ensuring compliance with the pharmaceutical supply chain, maintaining transparency and traceability in clinical trials, and improving the accuracy and reliability of clinical trial data is also expected to drive the growth of this segment.

Based on region, North America segment is expected to grow during the forecast period.  In 2022, North America accounted for the highest revenue share. The increasing occurrences of data breaches and counterfeit pharmaceuticals, along with the improved implementation and adherence to regulatory acts in the United States, such as the Drug Security and Safety Act, have propelled the market. Additionally, the region has witnessed a surge in summits and product launches by key players in the market for blockchain-based healthcare applications, further driving the market growth. The advancement in blockchain technology by key market players in the region is also a contributing factor.

Major companies operating in Global Blockchain In Healthcare Market are:

           ·         IBM

           ·         PATIENTORY INC.

           ·         Guardtime

           ·         iSolve, LLC

           ·         Solve.Care

           ·         Oracle

           ·         Change Healthcare

           ·         BurstIQ

           ·         Medicalchain SA

           ·         Blockpharma

 

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“In recent years, there has been a significant uptick in the utilization of blockchain technology. This surge can be attributed to advancements in technology and the increasing need for secure methods of patient recruitment, retention, and data management in drug discovery and clinical trials. It is important to note that the integration of blockchain technology in drug discovery operations is anticipated to enhance the overall drug development process by enabling traceability in the drug supply chain and identification of counterfeit drugs and medications.

The popularity of blockchain technology has experienced exponential growth in recent years. It has the potential to revolutionize the healthcare sector by providing a viable option for storing and exchanging data within the industry. Furthermore, it offers a faster solution for tracking and authenticating medical shipments and drugs throughout the supply chain and logistics operations. Additionally, it facilitates the compilation of longitudinal patient records, including disease registries, laboratory results, and treatment-related data.

The use of Blockchain In Healthcare, particularly in drug discovery and clinical trial management, has witnessed a surge in recent years. This can be attributed to the advantages it offers, such as expedited tracking and authentication of pharmaceutical products throughout the supply chain. Moreover, blockchain platforms and portals ensure secure storage of clinical trial data. Furthermore, the technology empowers patients by granting them access to their medical data and ensuring that it is shared only with their permission. As the adoption of blockchain technology in drug development applications continues to grow among innovators in the pharmaceutical and biopharmaceutical industries, lucrative opportunities are expected to emerge for companies engaged in the blockchain for drug discovery and clinical trials market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Global Blockchain In Healthcare Market By Type (Public, Private), By Application (Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing, Others), By End User (Pharmaceutical and Medical Device Companies, Healthcare Payers, Healthcare Providers), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Blockchain In Healthcare Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Blockchain In Healthcare Market.

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