Blockchain in Healthcare Market Size Arrive at USD 14.25 Billion by 2032

The global blockchain in healthcare market, valued at USD 0.76 billion in 2022, is projected to reach approximately USD 14.25 billion by 2032, growing at a compound annual growth rate (CAGR) of 34.02% from 2023 to 2032. Blockchain technology is expected to transform the healthcare industry by enhancing data security, transparency, and efficiency.

Blockchain in Healthcare Market Size 2023 - 2032

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What is Blockchain Technology in Healthcare?

Blockchain technology is a decentralized, secure method of storing and sharing data across various stakeholders in the healthcare sector. It consists of a growing list of records, called blocks, linked cryptographically to ensure data integrity and security. Two main types of blockchain used in healthcare are:

  • Permissioned Blockchains (Private Blockchains): Require authorization and offer high customizability, access control, and scalability.
  • Permissionless Blockchains (Public Blockchains): Open to all participants and suitable for broader data-sharing applications.

Key Applications of Blockchain in Healthcare

  • Supply Chain Management: Ensures transparency and integrity in the pharmaceutical supply chain.
  • Clinical Data Exchange and Interoperability: Enhances data sharing and security, reducing the risk of breaches and improving patient care.
  • Claims Adjudication and Billing Management: Streamlines processes and reduces administrative costs.Other
  • Applications: Include IoT security, remote patient monitoring, and patient-centered health records.

Market Drivers and Opportunities

  • Data Security and Privacy Needs: Growing concerns over data breaches and information leaks are propelling the adoption of blockchain.
  • Demand for Efficient Health Data Management: High demand for preventing drug counterfeiting and managing health data effectively.
  • Increasing Adoption of Telehealth: The rise of telehealth, especially post-COVID-19, has further driven the demand for secure and efficient data management systems like blockchain.

Key Players in the Blockchain Healthcare Market

  • PATIENTORY INC.
  • IBM
  • iSolve, LLC
  • Guardtime
  • Oracle
  • Solve.Care
  • BurstIQ
  • Change Healthcare
  • Blockpharma
  • Medicalchain SA

Market Segmentation and Key Insights

By End-User (2022)

  • Biopharmaceutical and Medical Device Companies: Held the largest market share due to extensive R&D investments and the need for secure data management.

By Application (2022)

  • Supply Chain Management: Represented over 23% of the market share, leveraging blockchain for data integrity and interoperability with IoT devices.
  • Clinical Trials and eConsent: Expected to grow significantly due to improved data management and security.

By Network Type (2022)

  • Public Networks: Dominated the market due to their low cost and wide accessibility. Ethereum is a leading public network in healthcare applications.

By Region (2022)

  • Europe: Held the largest market share, driven by supportive government regulations, increased awareness, and data protection initiatives like GDPR.
  • North America: Expected to have the second-largest market share due to the growing demand for medical record security.

Challenges and Barriers

  • Lack of Standardization and Expertise: The market faces challenges like reluctance to share information, lack of a centralized authority, insufficient technological infrastructure, and a shortage of trained experts.

Future Outlook

The future of blockchain in healthcare is promising, with potential applications expanding from data management and security to smart contracts, IoT security, and patient-centered care. Ongoing technological advancements and increased investments in blockchain are expected to further enhance its role in the global healthcare industry.

Recent Developments and Strategic Initiatives

  • Zenith Chain signed a USD 35 million venture capital agreement with GEM Digital Ltd to improve blockchain solutions.
  • IBM launched the IBM Rapid Supplier Connect to facilitate the supply chain for COVID-19 resources.
  • MDS Mexico introduced a blockchain-based COVID-19 testing service.
  • Change Healthcare expanded its capabilities by acquiring PokitDok’s DokChain technology.

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