Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 1849.10 Million | USD 7750.10 Million | 9.20% | 2023 |
The global blockchain for healthcare market size was worth around USD 1,849.10 million in 2023 and is predicted to grow to around USD 7,750.10 million by 2032 with a compound annual growth rate (CAGR) of roughly 9.20% between 2024 and 2032.
Blockchain for healthcare is a growing industry with high revenue potential during the forecast period. The industry leverages blockchain technology to improve several aspects of healthcare systems. The distributed ledger created using blockchain is a means of providing efficient, secure, interoperable healthcare-related information. The data thus generated can be used by healthcare providers to deliver optimal care.
In addition, patients will have more control over personal medical records, thus promoting transparency and higher data safety. Blockchain in healthcare is an effective way of preventing insurance fraud using smart contract technology. Market research suggests that large-scale deployment of blockchain technology for exchanging healthcare information can unlock the true potential of interoperability.
In addition, the technology can play a crucial role in reducing additional costs related to the existing intermediaries in the healthcare infrastructure. The investment in healthcare-related blockchain technology has been growing rapidly driven by several factors.
Growing demand for telemedicine and remote patient care will drive market demand rate
The global blockchain for healthcare market is projected to grow due to the rising remote patient care trend. Telemedicine gained higher interest among patients and healthcare providers during COVID-19. Lockdown impositions made in-person medical care difficult for non-emergency situations.
In addition, telemedicine offers several advantages, especially for elderly patients or people with a lack of access to hospital and diagnostic centers. Blockchain technology can be used to store healthcare information in immutable systems. The information access is controlled by specific people, such as the patients or the primary healthcare providers. The access control can be easily managed in such cases, thus eliminating the risk of data theft.
Moreover, all associated healthcare providers will have access to real-time medical information, allowing informed decision-making. The telemedicine segment of the global medical care industry has been growing with the adoption of novel technologies promoting remote patient care.
Rising number of patients globally and increased technology adoption in healthcare will be essential for the market players
The demand for blockchain in medical care could benefit from the growing incorporation of technology to provide better healthcare to patients. Global medicine expenditure has been rising rapidly due to the growing number of patients with several medical conditions. The most common medical problems reported worldwide include lung diseases, respirator conditions, cancer, cardiovascular diseases (CVDs), inflammation, stress & anxiety, high cholesterol, and others.
In addition to this, the surge in the number of rare cases has been a cause of concern worldwide. As the global healthcare system is under growing pressure, advanced technologies can assist in delivering medical care with more efficiency and accuracy. Such trends are likely to promote the global blockchain for the healthcare market in the coming years.
High technology innovation and deployment to limit the industry’s growth rate
The global industry for blockchain for healthcare is expected to be limited due to the high cost of developing and deploying blockchain-enabled solutions. In addition to this, the current state of high complexity of blockchain applications is one of the leading growth inhibitors.
The cost of blockchain solutions increases with higher levels of complexity which is a necessity for developing more secure systems. Moreover, the lack of compatibility between legacy IT infrastructure in healthcare and blockchain could limit the market’s adoption rate.
Surge in the number of solutions providers and research will generate more growth opportunities during the forecast period
The global blockchain for healthcare market is expected to generate more growth opportunities due to the rising research & innovation. The number of blockchain solutions providers for the healthcare sector has significantly grown in the last few years. This has allowed a better understanding of the technology and its applications.
For instance, in April 2024, Blockchain for Impact (BFI) and the Indian Institute of Technology (IIT)-Bombay announced a strategic partnership. The agencies will collaborate to explore revolutionary projects that can transform the public healthcare infrastructure. The country’s complex medical care sector burdened by a growing population is expected to gain heavily by investing in blockchain in healthcare.
Additionally, in the last decade, blockchain technology has witnessed several groundbreaking changes. Some of these novel additions include the introduction of asset tokenization, federated blockchain, integration of Artificial Intelligence (AI) & blockchain, and decentralized finance (DeFi). These innovations will create more opportunities for the market players to expand during the projection period.
Lack of skilled professionals and resistance toward change will challenge the market expansion rate
The global blockchain for healthcare industry is expected to be challenged by the lack of skilled professionals. Blockchain technology is rapidly evolving and the lack of a sufficient number of experts or trained professionals could impact the growth trajectory. In addition to this, users may show hesitancy in adopting new systems, especially if they are intimidated by the complexity of blockchain technology.
The global blockchain for healthcare market is segmented based on application, end-user, network type, and region.
Based on the application, the global market segments are supply chain management, clinical data exchange & interoperability, clinical trials & eConsent, claims adjudication & billing, and others. In 2023, the highest growth was witnessed in the supply chain management segment.
The growing cases of fraud in the supply chain of medicines and pharmaceutical drugs are fueling the adoption of blockchain in the healthcare sector. According to the Drugs and Crime (UNODC) office of the United Nations, more than 500,000 people die every year due to substandard and fake antimalarial drugs.
Based on end-users, the global blockchain for the healthcare industry is divided into biopharmaceutical & medical devices companies, payers, providers, and others.
Based on the network type, the global market segments are public and private. In 2023, the highest growth revenue was listed in the public segment. It dominated nearly 44% of the total market share. The demand for public blockchain technology in healthcare was higher due to features such as improved security, greater transparency, and decentralized structure. The private segment is expected to grow at a CAGR of more than 6% during the forecast period.
Report Attributes | Report Details |
---|---|
Report Name | Blockchain for Healthcare Market |
Market Size in 2023 | USD 1,849.10 Million |
Market Forecast in 2032 | USD 7,750.10 Million |
Growth Rate | CAGR of 9.20% |
Number of Pages | 218 |
Key Companies Covered | Medicalchain, Guardtime, Solve.Care, Blocksure, Healthereum, Remedy Network, Patientory, SimplyVital Health, HealthChain, Everhealth, Modum, MedRec, Doc.ai, Fusion Health and Chronicled, and others. |
Segments Covered | By Application, By End-User, By Network Type, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
North America to be headed by the US during the projection period
The global blockchain for healthcare market will be led by North America during the forecast period. The US is expected to deliver the highest revenue as per market research. The regional dominance will be a result of the existence of a strong and highly influential healthcare infrastructure in the country. US healthcare systems are technologically advanced. They have shown greater acceptance of novel technologies to improve patient care.
For instance, in a recent event, US-based technology giant IBM announced partnerships with PNC Bank and Health Care Service Corporation (HCSC). The entities will start working on developing a blockchain solution for the healthcare sector by creating a shared and secure ecosystem.
Europe is a growing market that has shown exceptional growth in the last 5 years. The European healthcare system is steadily investing in deploying blockchain systems across medical care centers to promote higher transparency and data security management. In March 2022, Dutch company Triall, a blockchain solutions provider, announced a partnership with Crucial Data Solutions. The latter is expected to use Triall’s blockchain platform for its eClinical solutions.
The global blockchain for healthcare market is led by players like:
By Application
By End-User
By Network Type
FrequentlyAsked Questions
Blockchain for healthcare is a growing industry with high revenue potential during the forecast period.
The global blockchain for healthcare market is projected to grow due to the rising remote patient care trend.
According to study, the global blockchain for healthcare market size is worth around USD 1,849.10 million in 2023 and is predicted to grow to around USD 7,750.10 million by 2032.
The CAGR value of blockchain for healthcare market is expected to be around 9.20% during 2024-2032.
The global blockchain for healthcare market will be led by North America during the forecast period.
The global blockchain for healthcare market is led by players like Medicalchain, Guardtime, Solve.Care, Blocksure, Healthereum, Remedy Network, Patientory, SimplyVital Health, HealthChain, Everhealth, Modum, MedRec, Doc.ai, Fusion Health and Chronicled.
The report explores crucial aspects of the blockchain for the healthcare market including detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.
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