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The critical relevance of data security and interoperability greatly influences the dynamics of blockchain technology in the healthcare industry. The decentralized and cryptographic characteristics of blockchain impact market trends by offering a safe and compatible platform for managing, storing, and exchanging healthcare data among many stakeholders, hence improving overall data integrity. The audibility and immutability of blockchain records constantly shape the market. The capacity to produce transparent, tamper-resistant records affects market decisions by resolving issues with fraud prevention, data tampering, and the facilitation of effective auditing procedures in healthcare transactions.
The use of smart contracts in blockchain technology has a major impact on market dynamics. Automated, self-executing contracts influence market trends by improving operational efficiency by simplifying several healthcare operations, including invoicing, claims processing, and compliance standards observance. The industry is distinguished by using blockchain technology for medication tracking and supply chain management. Because it makes the pharmaceutical supply chain visible and traceable, blockchain affects market dynamics by lowering counterfeiting, guaranteeing product authenticity, and improving overall drug safety.
The trend toward patient-centric ownership of health records greatly impacts market dynamics. Blockchain gives people ownership and control over their health data, influencing market trends by promoting data privacy, patient-centric initiatives, and easy data sharing with healthcare providers. The healthcare industry's combination of blockchain technology and the Internet of Things (IoT) is influencing the market. Improving data accuracy, creating creative healthcare applications, and facilitating real-time monitoring are some ways that improved connectivity and secure data exchange amongst IoT devices influence market dynamics.
The application of blockchain to patient identification management is influencing the market. Because it reduces identity theft, enhances patient authentication procedures, and helps to build a strong and interoperable patient identity system, blockchain's decentralized and secure approach to identity verification affects market dynamics. Initiatives and training programs related to education greatly impact market dynamics. By encouraging comprehension, encouraging uptake, and influencing its integration into healthcare processes, initiatives to raise awareness and offer training on blockchain technology's applications in the healthcare industry impact market trends.
The market is defined by integration and scalability issues with current healthcare systems. Resolving these issues affects market dynamics by promoting constant innovation, advancement, and the creation of solutions that smoothly incorporate blockchain into various healthcare.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Application, Type, End User, and Region |
Blockchain Technology Healthcare Market Highlights:
Blockchain Technology in Healthcare Market Overview
Blockchain Technology in Healthcare Market Size was valued at USD 3.26 Billion in 2023. The Global Blockchain Technology in Healthcare industry is projected to grow from USD 5.46 Billion in 2024 to USD 5.46 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 68.32% during the forecast period (2024 - 2032). Increasing cases of healthcare data breaches and rising demand for easy to use & inexpensive data management tools are driving the market growth.
Blockchain Technology in Healthcare Market Trends
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Increasing cases of healthcare data breaches to boost market growth
A blockchain serves as an electronic database for storing data in digital form. In the healthcare system, a blockchain network is used for storing and sharing patient data among hospitals, diagnostic labs, drug companies, and doctors. However, the incidence of data breaches has increased significantly in the healthcare industry. In the past five years, healthcare data breaches have grown in size and frequency, with the most significant breaches impacting as many as 80 million people. Healthcare data breaches often expose highly sensitive information, from personally identifiable information such as social security numbers, names, and addresses to sensitive health data such as Medicaid ID numbers, health insurance information, and patient's medical histories. Therefore, the rise in the incidence of data breaches has augmented the demand for blockchain technology in healthcare across the globe in recent years.
Blockchain Technology in Healthcare Market Segment Insights
Blockchain Technology in Healthcare Application Insights
The blockchain technology in healthcare market segmentation, based on application, includes supply chain management, patient data management, drug traceability, clinical trials & data security, claims adjudication, billing, and others.
The supply chain management held the majority share in 2021 contribution to around ~65-67% with respect to the blockchain technology in healthcare market revenue. This is owing to the adoption of supply chain management by many pharmacies in their system, clinical data exchange and interoperability, drug supply chain management, prescription drug abuse, drug discovery, and clinical trials. The technology also helps pharmaceutical companies to facilitate interoperability with the Internet of Things (IoT) devices. It also helps them recruit candidates for clinical trials and regulate the drug supply chain. Blockchain can transform the healthcare sector by lowering operational costs, data corruption, and healthcare process optimization. For instance, according to the article published in oecd.org in December 2020, a new blockchain application has emerged called Research Foundry to facilitate the management of permissions and consent for the sharing of and access to health data, software code, metadata, and other products connected with healthcare R&D.
January 2021: UnitedHealth Group's Optum acquired Change Healthcare to simplify core administrative, clinical, and payment processes
October 2021: MDS Mexico launched a blockchain technology-based COVID-19 testing service to ensure the authenticity of vaccination certificates. The COVID-19 pandemic boosted the adoption and demand for blockchain solutions in healthcare
Blockchain Technology in Healthcare Type Insights
The blockchain technology in healthcare market segmentation, based on type, includes public, and private. The public segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2032. This is 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. Hence, rising applications of the public segment drive the growth of blockchain security in healthcare market.
Blockchain Technology in Healthcare End User Insights
The blockchain technology in healthcare market data has been bifurcated by end user into pharmaceutical companies, healthcare service providers, healthcare consumers, and others. The pharmaceutical companies segment dominated the market in 2021 and is projected to be the largest growing segment during the forecast period, 2024-2032. This is attributable to the huge R&D budgets, the need to secure data exchange and interoperability, and a large amount of data management done by these companies in areas such as drug discovery and development. Additionally, the rising adoption of technology for essential functions such as verifying the authenticity of the returned drug, compliance with the pharmaceutical supply chain, and improving reliability and quality of clinical trial data is also estimated to contribute to the large share of the segment.
April 2018:UnitedHealth Group announced a collaboration with MultiPlan, Quest Diagnostics, and Humana to leverage the potential of blockchain to exchange financial and other healthcare information securely
December 2018:Change Healthcare acquired PokitDok to extend the capabilities and technology of its Intelligent Healthcare Network by leveraging PokitDok's DokChain technology as well as blockchain use cases
Figure 2: Blockchain Technology in Healthcare Market, by End User, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Blockchain Technology in Healthcare Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. North America Blockchain Technology in Healthcare market share during the study period. This is attributed to the growing technological advancements in blockchain technology, integration of advanced technology & software processes, presence of key players, and robust infrastructure in the region.
Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe blockchain technology in healthcare market accounts for the second-largest market share due to the due to various initiatives taken by regional governments to avoid a data breach. For instance, in 2018, the EU government implemented the General Data Protection Regulation (GDPR). Implementation of GDPR coupled with the enormous growth of blockchain technology is expected to provide businesses with more opportunities in the region. Further, the Germany blockchain technology in healthcare market held the largest market share, and the UK blockchain technology in healthcare market was the fastest growing market in the European region.
The Asia-Pacific blockchain technology in the healthcare market is expected to grow with a significant share. This is due to the large population, which results in the creation of huge volumes of patient records, which need to be protected at all costs. Moreover, China blockchain technology in the healthcare market held the largest market share, and India blockchain technology in the healthcare market was the fastest-growing market in the Asia-Pacific region.
Blockchain Technology in Healthcare Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help blockchain technology in the healthcare market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in blockchain technology in the healthcare industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the blockchain technology in the healthcare industry to benefit clients and expand the blockchain technology in the healthcare market sector is to manufacture locally to reduce operating costs. In recent years, blockchain technology in healthcare has provided medicine with some of the most significant benefits.
IBM (US) is a technology solution that has enabled trustworthy information, accelerated discovery, resiliency, and adaptation. In April 2020, IBM launched IBM Rapid Supplier Connect, a blockchain-based network to help government agencies and healthcare organizations to identify new, non-traditional suppliers who have pivoted to address the shortage of equipment, devices, and supplies needed for COVID-19 relief efforts. Also, in China, hospitals implemented blockchain to ensure timely delivery and accurate tracking of medications to COVID-19 patients’ homes.
Also, UnitedHealth Group (US) is a blockchain company to improve the accuracy of provider directories. In April 2018, UnitedHealth Group announced its collaboration with MultiPlan, Quest Diagnostics, and Humana to leverage the potential of blockchain to exchange financial and other healthcare information securely. As a result, it has also anticipated a positive impact on market growth over the forecast period.
Key Companies in the blockchain technology in healthcare market includes
- IBM (US)
- PATIENTORY INC. (US)
- Guardtime (US)
- Microsoft Corporation (US)
- Care (Ukraine)
- Oracle (US)
- Change Healthcare (US)
- BurstIQ (US)
- Medicalchain SA (UK)
- Blockpharma (France)
Blockchain Technology In Healthcare Industry Developments
May 2020:Microsoft and Viant along with GSK formed a consortium named Viant Blockchain Programme aimed to accelerate the adoption of a blockchain-based supply chain in various verticals including the healthcare industry.
November 2018:Hashed Health partnered with Healthcare Exchange, a healthcare business and data automation company to use blockchain technologies to solve the issues related to product tracking, auditing, data management, and order processing across the healthcare supply chain.
January 2018:Chronicled partnered with Qtum Foundation. Through this partnership, Chronicled and Qtum Foundation is integrating smart devices with a secure distributed ledger back end by combining the IoT with blockchain technology.
Blockchain Technology in Healthcare Market Segmentation
Blockchain Technology in Healthcare Application Outlook
- Supply Chain Management
- Patient Data Management
- Drug Traceability
- Clinical Trials & Data Security
- Claims Adjudication
- Billing
- Others
Blockchain Technology in Healthcare Type Outlook
- Public
- Private
Blockchain Technology in Healthcare End User Outlook
- Pharmaceutical Companies
- Healthcare Service Providers
- Healthcare Consumers
- Others
Blockchain Technology in Healthcare Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
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Middle East
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Africa
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Latin America
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