Blockchain in Healthcare Market Report by Type (Private Market, Public Market), Application (Clinical Data Exchange and Interoperability, Claims Adjudication and Billing Management, Drug Supply Chain Management, Drug Discovery and Clinical Trials, Prescription Drug Abuse), End user (Biopharmaceutical & Medical Device Companies, Healthcare Providers, Healthcare Payers) - Global Industry Revenue Estimation and Demand Forecast to 2030

Market Overview

The global blockchain in healthcare market size stood at $304.04 million in 2021, and it is expected to grow at a CAGR of 48.90% during 2021–2030, to reach $10,939 million by 2030.

The growth in the market is ascribed to the rising incidence of medical data breaches and increasing implementation of IoT in the healthcare sector. In April 2022, Yuma Regional Medical Center suffered a ransomware attack that exposed the private information of patients.

Moreover, the rapid adoption of the blockchain technology to comfortably share patient data among medical practitioners at multiple places and the increasing threat of fake drugs are fueling the demand for these solutions in the pharma industry.

Europe Accounted for Largest Revenue Share

Europe has the leading position in the blockchain market, and it will hold the same position till 2030.

This is attributed to the existence of various IT vendors in the region and the rapid adoption of novel technologies, aided by the existence of highly efficient infrastructure.

In North America, has a significant revenue share in 2021 with U.S. generating the higher revenue, which will grow with a CAGR of around 54.2% due to the rapid acceptance of advanced technologies, in part, on account of the investments put in by the government for encouraging R&D in this field. As a result, in September 2022, there were around 182 blockchain in healthcare startups in the U.S.

Medical organizations and pharmaceutical companies in the region are experimenting with this technology to streamline their operations, improve efficiency, and control costs. The constant regulatory pressure to manage integrity and accuracy, as well as improving the overall patient experience, is compelling the U.S. healthcare industry to actively pursue this advanced technology.

The Asia-Pacific region is set to show the fastest development in the domain because of the large population, which results in the creation of huge volumes of patient records, which need to be protected at all costs. Thus, in June 2021, Renji Hospital launched a blockchain-based IVF service application in China, developed in collaboration with VeChain.

Essentially, the rapid advancement of the hospital infrastructure and digitization of records in the region are bringing such advanced technologies to life. Given the potential of this novel technology in boosting efficiency, improving security, easing transactions, and engaging patients, governments across APAC are promoting its usage and that of cryptocurrencies in the entire healthcare ecosystem.

Public Category Dominates Blockchain Type Segment

The public category dominates the market due to the rising application of public networks for the management of various particulars. Public blockchains, such as Ethereum, Bitcoin, and Monero, have gained attention because they are truly decentralized and democratized and offer authority-free operation.

The private category will show significant growth in the forecast period because these variants offer privacy, fast transactions, and high security, and they are designed according to requirements.

Drug Supply Chain Management Is Major Application

Among the various applications, such as claims adjudication and billing management, clinical data exchange and interoperability, drug supply chain management, prescription drug abuse, drug discovery and clinical trials, and others, drug supply chain management is the major application.

This is attributed to the development of new approaches to manufacturing and distributing products, such as technologies that can track the whole lifecycle of the drugs, down to a single dose. This helps preserve and exchange patient information across hospitals, diagnostic laboratories, and physicians.

The drug discovery and clinical trials category is expected to show significant growth during the forecast period as clinical trials necessitate the collection, sharing, and analysis of figures and stats all in a confidential way. Hence, the rising demand for technologies to ensure the security and integrity of clinical trial data is propelling the growth of the market in this category.

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Biopharmaceutical & Medical Device Companies Generate Majority of Revenue

Biopharmaceutical and medical device companies hold the largest share because of their high R&D investments. Such projects mandate the safe and secure sharing of authentic information across various organizations. Hence, the adoption of this technology is growing for verifying the authenticity of the returned drug, preventing counterfeits from moving on to trials and, ultimately, to the market, ensuring compliance, transparency, and traceability within the pharmaceutical supply chain and in clinical trials, and improving the reliability and quality of the clinical trials.

The blockchain technology enables a holistic, efficient, and transparent environment in which patient records can be stored and tracked without being tampered with. These advantages make it a good choice in the pharmaceutical and healthcare industries to ensure compliance with the government regulations on drug and patient data safety.

Moreover, healthcare providers are expected to register steady growth in the coming years due to the rising number of patients and rapid digitization. Here, the increasing sharing of prescriptions, medical reports, and health statuses among medical practitioners, for fast diagnosis, is expected to drive the adoption of the technology to a considerable extent.

Rising Demand for Distributed Ledger Technology Is Driving Market

The rising number of instances of information infringement, burglaries, and release of delicate clinical data from computerized databases without prior permission is projected to drive the development of the market over the forecast period. Moreover, the fast advancement in the healthcare sector has prompted the adoption of electronic records containing personalized medical care data sets over non-electronic-based clinical records. In any case, ordinary data sets, for example, SQL data sets, can obstruct the flow of information because of the centralized database. The blockchain technology effectively prevents data breaches with the decentralized character distribution control it offers. Furthermore, inaccuracy on the blockchain must be checked with other information, so that the two blocks can be displayed to every user. This ensures strength and prevents damage to and the breach of data.

Hence, pharmaceutical companies are expanding their usage of DLTs for the tracking of the supply chain alongside, and the manufacturers all the way to research laboratories and consumers. The maintenance of the records of the products that are supplied over a specific period becomes easy. The digitization of the supply chains has prompted the easy trade of fake medications, which can cause more harm than benefit and even death.

According to the World Health Organization (WHO), one in each 10 medicines fails in low- and middle-income countries because they are substandard or falsified. For example, between 72,430 and 169,270 children die of pneumonia each year after taking fake medicines. The worldwide concerns about fake medication supply chains have urged the medical community’s change to blockchain to satisfy the user about the manufacturer’s authentication by regulatory bodies. In addition, the acceptance of electronic health records (EHRs) has expanded the opportunity for medical practitioners related to the sharing of clinical information to speed up the diagnosis of diseases. Furthermore, social platforms that are available commercially are not safe for sharing such important information.

Thus, the market is projected to grow due to the rapid adoption of blockchains to provide a protected platform for encrypted information sharing that only authenticated users can view. Implementation of Blockchains in Pharmaceutical Supply Chain.

To deal with the growing threat of counterfeit medicines and plug the gaps in the pharmaceutical supply chain, drug companies across the globe are actively exploring new technologies to make the entire supply chain trackable and traceable.

Moreover, given the growing regulatory pressure on pharmaceutical companies to secure and streamline their supply chains, the implementation of blockchains by these users is expected to emerge as one of the key factors driving the market. For example, in 2019, Pfizer inc. and Biogen completed a proof-of-concept project for a digital inventory and event tracking record in the pharmaceutical clinical supply chain.

Key Players in Global Blockchain in Healthcare Market Are:

• iSolve LLC
• International Business Machines Corporation (IBM)
• PATIENTORY INC.
• Oracle Financial Services Software Limited
• BurstIQ
• Guardtime
• Change Healthcare Inc.
• Hashed Health
• Medicalchain SA
• BlockPharma

Market Size Breakdown by Segment

This fully customizable report gives a detailed analysis of the market from 2017 to 2030, based on all the relevant segments and geographies.

Based on Type

• Private market
• Public market

Based on Application

• Clinical Data Exchange and Interoperability
• Claims Adjudication and Billing Management
• Drug Supply Chain Management
• Drug Discovery and Clinical Trials
• Prescription Drug Abuse

Based on End user

• Biopharmaceutical & Medical Device Companies
• Healthcare Providers
• Healthcare Payers

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E