Blockchain in Healthcare Market (By Network Type: Public, Private; By Application: Claims Adjudication & Billing, Clinical Data Exchange & Interoperability, Clinical Trials & eConsent, Supply Chain Management, Others; By End-User: Payers, Providers, Biopharmaceutical & Medical Device Companies, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global blockchain in healthcare market size was exhibited at USD 1.2 billion in 2022 and is projected to hit around USD 22.45 billion by 2032, growing at a CAGR of 34.03% during the forecast period 2023 to 2032.

Key Pointers:

• By network type, the public segment dominated the market and generated more than 57.2% of the revenue share in 2022.
• By application, the supply chain management segment captured more than 26.9% of the revenue share in 2022.
• By end-user, the biopharmaceutical & medical device companies segment accounted for around 41.8% of the revenue share in 2022.
• By geography, the Europe region held the largest market share of around 36.2% in 2022.

The blockchain technology took the world by storm by its revolutionary work in data transaction, especially in the financial sector. Its immense success across different industries has increased the demand for this technology in the healthcare industry to bring about revolutionary changes.. The increasing incidence of healthcare data breaches, increasing threat of counterfeit drugs, increasing adoption of blockchain as a service (BaaS), and transparency & immutability of the distributed ledger technology are the significant factors driving the growth of the market. However, the reluctance to disclose data and lack of a central entity & common set of standards are expected to restrain the growth of this market to a certain extent. In this report, the healthcare blockchain market has been segmented based on application, end-user, and region.

Blockchain in Healthcare Market Report Scope

Market Dynamics

Drivers: Increasing incidence of healthcare data breaches

Over the years, the incidence of data breaches has increased significantly in the healthcare industry. In the past five years, healthcare data breaches have grown in both 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 patients’ medical histories.

Restraints: Reluctance to disclose data

In the healthcare industry, a majority of healthcare providers and payers, especially in emerging nations, are reluctant to disclose data due to a lack of regulations related to medical data exchange. For healthcare providers, it is a competitive advantage to keep data to themselves as sharing of data with healthcare payers could reduce the reimbursement as they might get different rates for different patients. In this situation, where all the stakeholders in the healthcare industry are at a profit war with one another and are very reluctant to share the correct data, the implementation of a transparent technology such as a distributed ledger would be a challenge. This is expected to hamper the adoption of blockchain technology in the healthcare sector.

Opportunities: Government Initiatives

The blockchain technology is emerging as a valid solution in the healthcare industry. Many startups have started addressing major pain points in the healthcare industry (such as medical record interoperability, data security, and preventing counterfeit drugs from entering the pharmaceutical supply chain) with the help of the blockchain technology. In the last few years, blockchain technology has drawn the attention of various stakeholders in the healthcare industry. Due to the increased interest in this technology, different government bodies across the globe are investing in blockchain to research the same.

Challenges: Lack of awareness & understanding

The major limitation to the growth of blockchain technology is the lack of knowledge about the distributed ledger technology and its application in the healthcare industry. End users in the healthcare industry lack an understanding of the benefits of this disruptive technology and how it works. This could restrain companies from investing in this evolving technology. In its current form, the blockchain technology is something of a vast, unknown frontier with uncertain growth. Investors, public, and entrepreneurs are yet to leverage its potential for transforming business processes.

Blockchain uses cryptographic algorithms running across a vast network of independent computers. Therefore, sound technical knowledge about the related technology is crucial to explore the benefits of the blockchain. The lack of knowledge and public awareness is one of the biggest restraints to the adoption of blockchain. The increasing adoption and use of the distributed ledger technology would make the understanding of blockchain essential in the coming future. This would lead to the establishment and proliferation of platforms to provide training in this field. However, the challenges of legacy infrastructure would continue to be an obstacle as the practicality of implementing decentralized cryptosystems is beyond the traditional IT development skillset.

Some of the prominent players in the Blockchain in Healthcare Market include:

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

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Blockchain in Healthcare market.

By Network Type

• Public
• Private

By Application

• Claims Adjudication & Billing
• Clinical Data Exchange & Interoperability
• Clinical Trials & eConsent
• Supply Chain Management
• Others

By End-User

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

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)