Blockchain Technology in Healthcare Market Size, Share, Trends, Growth and Forecast 2032

Global Blockchain Technology in Healthcare Market: Overview

The global Blockchain Technology in Healthcare Market size was worth around USD 883.46 Million in 2023 and is predicted to grow to around USD 7,927.70 Million by 2032 with a compound annual growth rate (CAGR) of roughly 27.61% between 2023 and 2030.

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Blockchain is a decentralized system where one can store your data and maintain it across a peer-to-peer network of computer systems called nodes. It is a form of a public digital ledger that is very much similar to spreadsheets. Blockchain is a powerful technology that secures data and keeps it confidential. Blockchain is widely utilized in the healthcare system to keep the patient record confidential and accessible anywhere and any part of the world. The implementation of blockchain technology in the healthcare sector further saves on huge costs along with time. The adoption of blockchain has truly revolutionized the healthcare and pharmaceutical segment by streamlining its operations. The blockchain functions in healthcare can be divided into five primary areas namely, protecting healthcare data, managing electronic records, personal health data records, electronic health records, and point-of-care genome management.

 The increasing incidence of information leaks and data breaches, coupled with the rising requirement to curb these issues, are attributed to the market growth. Strategic initiatives by the key players, high demand to reduce drug counterfeiting, and the need for efficient health data management systems are the major factors leading to the adoption of the technology.

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Global Blockchain Technology in Healthcare Market: Growth Factors

The growing cases of information leak and data breach issues are some of the major factors driving the growth of the global blockchain technology in healthcare market. Moreover, the strategic initiatives adopted by key players to curb these issues along with surging cases of drug counterfeiting are further complementing the growth. The growing transformation in healthcare infrastructure is posing a huge need for an efficient healthcare data management system, which in turn is fueling the adoption of blockchain in the healthcare sector. The growing investments from prominent market leaders for the development of wearable devices, cryptography, efficient healthcare data maintenance system, and medical examination system is likely to create many lucrative growth opportunities in the global market during the forecast period.

Additionally, the increasing prevalence of many life-threatening diseases is further boosting the demand for data management in the healthcare sector. Also, the growing initiatives from the government to leverage the healthcare facilities to patients involve the adoption of blockchain technology to ensure data integrity. Several startups are stepping into the market to bridge the gap between the healthcare sector and blockchain technology by offering intelligent healthcare solutions to address the underlying challenges efficiently, hence such factors are further likely to escalate the growth of the global blockchain technology in healthcare market in the forthcoming years.

Blockchain technology in healthcare can transform the way data is processed in the healthcare industry. As the number of patients keeps rising, the data volume will keep growing. Hospitals and clinics will find it difficult to store and process such high volumes of information. By creating a blockchain, healthcare providers will be able to add and access patient data with relative ease. Different types of medical data that include insurance claims, patient health information (PHI), electronic health records (EHR), and data collected from monitoring systems can be accessed by both healthcare providers and covered entities. By using blockchain technology in healthcare, the information can be secured and verified.   
 
Aspects like increasing cases of medical data breach, growing number of fraudulent drugs and medicines, rising investment in blockchain technology startups working in healthcare sector will push the growth of global blockchain technology in healthcare market. Other factors like the growing adoption of blockchain as a service (BaaS) solutions and government initiatives in implementing blockchain technology in healthcare are expected to drive the market growth. The growing use of Internet of Things (IoT) in healthcare will act as a major opportunity for the companies working in the blockchain technology in healthcare market. However, factors like absence of pivotal entity and universal standards, paucity of awareness, and knowledge of blockchain technology will restrain the growth of blockchain technology in healthcare market.

Blockchain Technology in Healthcare Market: Report Scope

Global Blockchain Technology in Healthcare Market: Segmentation

The global blockchain technology in healthcare market can be segmented into end-user, application, type, and region.

By end-user, the market can be segmented into drugs & medical device companies, insurance providers, hospitals, and others. The drug & medical device companies segment accounts for the largest share in the global blockchain technology in healthcare market due to the growing adoption of technology for vital functions including verification authenticity of exchange drugs, checking compliance with pharmaceutical supply chain, counterfeit prevention, traceability in clinical trials, and several others.

By application, the market can be segmented into clinical trials & e-consenting, supply chain management, claims adjudication & billing, clinical data exchange & interoperability, and other applications. The supply chain segment holds the largest share in the global blockchain technology in healthcare market as blockchain applications offer data integrity. The technology also assists in facilitating interoperability with the internet of things devices.

By type, the market can be segmented into private and public.

Global Blockchain Technology in Healthcare Market: Regional analysis

Europe accounts for the largest share in the global blockchain technology in healthcare market due to the growing initiatives from the government to prevent data breach cases. Also, the growing investments from prominent market leaders to introduce innovative solutions in the healthcare sector for data management will further accentuate the growth of the regional market.

North America is likely to foresee a significant growth rate in the forthcoming years due to the growing demand for data safety in the healthcare sector.

Global Blockchain Technology in Healthcare Market: Competitive Players

Some of the significant players in the global blockchain technology in healthcare market are -

• American Addiction Centers
• Springstone
• Haven Behavioral Healthcare
• Behavioral Health Group
• Aurora Behavioral Health System
• CRC Health
• Psychiatric Solutions
• Magellan Health
• Universal Health Services
• Acadia Healthcare
• Promises Behavioral Health.

By Application:

• Clinical data exchange & interoperability
• Supply chain management
• Claims settlement & billing

By End user:

• Healthcare payers
• Pharmaceutical companies
• Healthcare providers

By Type:

• Private 
• Public

Blockchain Technology in Healthcare Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.