Blockchain Technology in Healthcare Market By Network Type (Public, Private, and Other Network Type) By Application (Clinical Data Exchange & Interoperability, Supply Chain Management, and Other Applications) By End-User (Providers, Biopharmaceutical & Medical Device Companies, and Other End-User), and by Region and Companies Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032.
- Published date: May 2023
- Report ID: 48700
- Number of Pages: 275
Blockchain Technology in the Healthcare Market Overview:
Global blockchain technology in the healthcare market was valued at USD 1,200 million in 2022. It is projected to grow at a compound annual rate (CAGR of 65%) between 2023 and 2032.
Market growth can be attributed to increasing data breaches and information leakage, as well as the need to combat these issues. The market growth is due to key players’ strategic initiatives, the high demand for drugs that are counterfeited, and the need to have efficient data management systems.
Global Blockchain Technology in Healthcare Market
Network Type Analysis
In 2021, the global market was dominated in terms of network type by the public segment. This segment accounted for 56.4% of the revenue share. The healthcare market uses blockchain technology. It can be used by public and private networks.
The main reason for the large share of the public segment is the increasing use of public networks for data management. Ethereum is currently the most widely used technology in healthcare. It is a public network. It is also known as the “permissionless” blockchain system. These public networks have grown because of their low cost and easy access to larger databases.
The private segment will also grow in the next few years. The Linux foundation’s Hyperledger Fabric implementation of the private network is one example. They provide privacy, high security, and fast transactions. They are specifically designed to meet the needs of enterprises.
Data management and recording are two of the main factors driving the private sector’s growth. Also, there is a growing demand for secure supply chain networks. Future technological advances will also be a driving force behind the adoption of blockchain for healthcare.
In 2021, more than 25% of blockchain technology’s healthcare market share was held by the supply chain management segment. Blockchain applications help preserve data integrity. It also allows pharmaceutical companies to interoperate with IoT devices. They can also use it to recruit candidates for clinical studies or to regulate the drug supply chain. Blockchain can revolutionize healthcare by lowering operational costs and data corruption as well as optimizing healthcare processes.
The forecast period will see a significant increase in the clinical trials and eConsent segments. The technology can be used in clinical trials to improve data management and security. Integrating blockchain technology allows clinicians to securely communicate internally.
Market growth is expected to be fueled by the fact that information changes and alterations are not permitted over the blockchain.
Data integrity is guaranteed by the adoption of blockchain technology for medical records. Similar concepts can also be applied to clinical trials where records are an integral part of legalities.
The biopharmaceutical and medical device segment held over 40% of the market share in 2021. This can be attributed to the large R&D budgets, interoperability, and security requirements, as well as the large data management performed by these companies in areas like drug discovery and development.
It is expected that the segment will be dominated by the increasing adoption of technology to perform essential functions, such as verifying the authenticity of returned drugs, counterfeit prevention, compliance to the pharmaceutical supply chain, transparency and traceability in clinical studies, and improving the reliability and quality clinical trial data.
Due to the increasing adoption of technology in hospitals such as the Massachusetts General Hospital, (MGH), the hospital segment will grow at a significant rate. Hospitals and healthcare institutions are working to store patient data in order to ensure the smooth operation of the system. This helps to classify new and existing patients, as well as leverage existing records to support the doctor’s appointment.
The technology will also protect vital information such as addresses and payment details from cyberattacks and data breaches.
Key Market Segments
By Network Type
- Other Network Type
- Clinical Data Exchange & Interoperability
- Supply Chain Management
- Claims Adjudication & Billing
- Clinical Trials & eConsent
- Other Applications
- Biopharmaceutical & Medical Device Companies
- Other End-User
MDS Mexico launched a Blockchain technology-based COVID-19 test service in October 2021 to verify the authenticity of vaccination certificates. The COVID-19 pandemic has boosted healthcare adoption and demand. Blockchain is still considered an emerging technology. However, market stakeholders have proposed several use cases and suggestions to increase awareness and acceptance of blockchain in order to improve healthcare outcomes.
IBM created the IBM Rapid Supplier Connect in April 2020. This network uses blockchain to connect non-traditional suppliers of equipment, supplies, and devices to combat COVID-19. China’s hospitals have implemented blockchain technology to track and deliver medications to COVID-19 victims.
According to OECD, Research Foundry is a new application that uses blockchain to manage permissions and consents for sharing and accessing health data, software code, and metadata. This market will be able to reap the rewards of growing investment in efficient healthcare record systems, wearable device cryptography, medical examination systems, and healthcare records.
The growing prevalence of diseases is expected to lead to a large amount of data. This will increase the demand for data management. Blockchain technology can be used to protect healthcare records. Market growth is also being driven by the increased investment of major market players in this technology.
IBM, for example, launched a low-cost platform in March 2018 specifically for startups to help them build any kind of blockchain project. These initiatives will encourage innovation and enable new healthcare providers to adopt the technology, which can foster market growth.
Synaptic Health Alliance, a partnership of top healthcare companies, aims to improve data sharing among providers. The alliance includes established healthcare companies like Humana, Quest Diagnostics and Optum. Synaptic believes that blockchain can increase efficiency and reduce costs in many areas of healthcare.
HMS Holdings also indicated that a blockchain is an option in its business. To achieve this goal, the company has met with technology providers from large technology companies. Cerner, Allscripts and athenahealth are also interested in this area. Blockchain could revolutionize the way healthcare organizations deal with long-standing problems. This is expected to drive market growth.
Europe held the highest market share of 36% in 2021 due to numerous initiatives taken by regional governments. In 2018, for example, the EU government implemented General Data Protection Regulation (GDPR) 2018.
Businesses will have more opportunities in the region due to the implementation of GDPR and the rapid growth of blockchain technology. North America will be the market leader during the forecast period. Regional growth is mainly due to the increasing demand for safety records.
While investment in U.S. healthcare technology is increasing, Electronic Medical Records issues are also rising. Major players as well as other healthcare organizations are now investing in blockchain markets to increase their demand for secure, managed, and protected data sharing among companies.
In April 2018, UnitedHealth Group announced its partnership with MultiPlan and Quest Diagnostics to use blockchain technology to securely exchange healthcare and financial information. It is expected to have a positive effect on market growth during the forecast period.
Key Regions and Countries covered in the rероrt:
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- South Africa
- Rest of MEA
Global markets are highly competitive. Market growth will be driven by technological collaborations, government initiatives, initiatives of key companies, and emerging startups. The industry is still in its infancy and both tech companies and healthcare companies are currently working together to develop methods to leverage blockchain. Some of the biggest players have formed partnerships to enhance their portfolios or platforms.
In December 2018, Change Healthcare purchased PokitDok in order to expand the capabilities and technology of its Intelligent Healthcare Network. This included using PokitDok’s DokChain technology, as well as blockchain applications.
Optum, UnitedHealth Group, announced in January 2021 that it had decided to purchase Change Healthcare to streamline core administrative, clinical, and payment processes. The following are some of the major players in blockchain technology for healthcare:
Key Market Players:
- Patientory Inc.
- iSolve, LLC
- Change Healthcare
- Other Key Players
For the Blockchain Technology Market research study, the following years have been considered to estimate the market size:
Attribute Report Details
Short Term Projection Year
Long Term Projection Year
Competitive Landscape, Revenue analysis, Company Share Analysis, Manufacturers Analysis, Volume by Manufacturers, Key Segments, Key company analysis, Market Trends, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis, strategy for existing players to grab maximum market share, and more.
North America, Europe, Asia-Pacific, South America, Middle East & Africa
United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Frequently Asked Questions (FAQ)What is the Blockchain Technology in Healthcare Market size in 2021?
The Blockchain Technology in Healthcare Market size is US$ 1,200 million for 2021.What is the CAGR for the Blockchain Technology in Healthcare Market?
The Blockchain Technology in Healthcare Market is expected to grow at a CAGR of 65% during 2023-2032.What are the segments covered in the Blockchain Technology in Healthcare Market report?
Market.US has segmented the Global Blockchain Technology in Healthcare Market Value (US$ Mn) Analysis by Region, 2022 market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Network Type, market has been segmented into Public, Private, and Other Network Type. By Application, the market has been further divided into Clinical Data Exchange & Interoperability, Supply Chain Management, Claims Adjudication & Billing, Clinical Trials & eConsent, and Other Applications. By End-User, market has been segmented into Providers, Biopharmaceutical & Medical Device Companies, Payers, and Other End-User.Who are the key players in the Blockchain Technology in Healthcare Market?
IBM, Patientory Inc., Guardtim, iSolve, LLC, solve. Care, Oracle, Change Healthcare, BurstIQ, Other Key Players, are the key vendors in the Blockchain Technology in Healthcare marketWhich region is more attractive for vendors in the Blockchain Technology in Healthcare Market?
Europe is accounted for the highest revenue share of 36.0%. Therefore, the Blockchain Technology in Healthcare Market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.What are the key markets for Blockchain Technology in Healthcare?
Key markets for Blockchain Technology in Healthcare are the UK, The US, Germany.Which segment has the largest share in the Blockchain Technology in Healthcare Market?
In the Blockchain Technology in Healthcare Market, vendors should focus on grabbing business opportunities from the Public segment as it accounted for the largest market share in the base year.
- Patientory Inc.
- iSolve, LLC
- Change Healthcare
- Other Key Players
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