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Blockchain in Healthcare Market Share, Size, Trends, Industry Analysis Report, By End-Use (Healthcare Payers, Biopharmaceutical & Medical Device Companies, Healthcare Providers); By Network Type; By Application; By Region; Segment Forecast, 2022 - 2030

  • Published Date: Sep 2022
  • Pages: 112
  • Format: PDF
  • Report ID: PM1374
  • Base Year: 2021
  • Historical Data: 2018-2020

Report Summary

The global blockchain in the healthcare market was valued at USD 1.18 billion in 2021 and is expected to grow at a CAGR of 68.4% during the forecast period. The increasing prevalence of healthcare data breaches, the issue of counterfeit medications, the growing acceptance of blockchain as a service (BaaS), and the visibility and immutability of distributed ledger technology are the major drivers driving market expansion. However, the unwillingness to reveal data and the lack of a centralized institution and a consistent set of standards are projected to limit the market's growth to some extent.

Blockchain in Healthcare Market Size
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The technology is becoming a viable alternative in the medical market sector. With this technology, numerous firms have begun to address serious pain problems in the healthcare industry (including health record compatibility, data security, and stopping counterfeit pharmaceuticals from reaching the pharmaceutical supply chain).

Blockchain technology has captured the attention of numerous players in the medical business in recent years. Because of the rising interest in this technology, various governments worldwide are investing in blockchain research.

On the other hand, the absence of experienced individuals with the necessary technical competence to manage the technology in medical industry could hurt industry growth. Because the technology in healthcare is complicated, it will require qualified experts to manage and supervise the task.

Lack of skilled labor, particularly in emerging economies, may stymie blockchain technology's development in healthcare. Aside from income loss, a lack of qualified specialists handling this technology has a range of additional negative repercussions for organizations, such as an inability to offer real market needs, a decrease in customer happiness, and so on.

The COVID-19 epidemic caused economic and financial harm to the world economy and various industry sectors. Several countries declared national emergencies and ordered lockdowns to avoid the transmission and infection of SARS-CoV-2.

However, the coronavirus outbreak has accelerated the adoption of innovative technologies such as blockchain technology in healthcare. Several countries have used the technology in healthcare institutions to help with better planning and resource allocation. This technology has streamlined clinical research data management by lowering regulatory approval delays, streamlining communication amongst various supply chain parties, and so on.

Industry Dynamics

Growth Drivers
The need to preserve and safeguard medical data has increased, which can have major benefits for medical institutions, medical staff, and individuals. Several countries' governments are stressing the modernization of the medical system and allied market sectors, which has the opportunity to enhance health outcomes, increase patient engagement, facilitate greater predictions, and so on.

Because of the rising attack volume on various healthcare providers, the governments of the United States and the United Kingdom have made major investments to ensure that all health records are digital. Furthermore, medical data has been exposed to privacy risks as a result of unauthorized users of electronic health records (EHR) or the destruction of physical medical charts.

Furthermore, many market participants are working to create a blockchain-based tracking system to limit the spread of inaccurate information during the pandemic. In April 2020, IBM will introduce the IBM Rapid Supplier Connect, technology-based connectivity, to interact with medical organizations and governments with non-traditional providers of COVID-19 devices, hardware, and supplies. In China, hospitals used blockchain to guarantee that prescriptions were delivered on schedule and accurately tracked to COVID-19 patients' residences.

Report Segmentation

The market is primarily segmented based on network type, application, end-use, and region.

By Network Type

By Application

By End-Use

By Region

  • Private
  • Public
  • Others
  • Clinical Data Exchange & Interoperability
  • Claims Adjudication & Billing
  • Supply Chain Management
  • Clinical Trials & eConsent
  • Others
  • Healthcare Providers
  • Healthcare Payers
  • Biopharmaceutical & Medical Device Companies
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Clinical trials and eConsent market segment is expected to witness fastest growth

The clinical trials industry is being propelled by a broad range of blockchain technology implementations for increasing clinical trial quality. Using technology in clinical trials allows for more effective data management and security. The incorporation of the technology enables clinicians to safely connect inside.

Changes or adjustments to information on the blockchain are not permitted, which is expected to accelerate market expansion in the future years. The use of blockchain technology in medical records assures the accuracy of the information. Similar ideas could be applied to clinical studies, where records are an essential part of the legislation.

Implementing this technology improves recruitment, enables full decentralization, aids administration with real-time decision-making, and optimizes the performance of monotonous chores that allow trials to run smoothly. The technology aids in achieving a significant level of data historicity and inviolability throughout the entire document flow in a clinical trial. This enables secure clinical trial automation using smart contracts, guarantees traceability and precludes a posteriori rebuilding.

Public market segment accounted for the highest market share in 2021

This is increasing due to the increasing preference for a public blockchain system, which offers various benefits such as more transparency, a decentralized structure, and records information, among others. This blockchain method is extensively utilized to efficiently manage health information. One of the most often utilized blockchain systems for health care is digital ledger technology (DLT) and Ethereum, a public network.

The digital ledger system is very secure, does not require a third-party caregiver, and provides a high level of transparency. The public blockchain technology is specifically built to operate with optimum medical data security, increasing the value of the sector. Furthermore, the cost-effectiveness of deploying public blockchain technology in healthcare is a crucial driver driving industry growth. The presence of high-quality security mechanisms, dependable portal services, and an anonymous character is predicted to positively affect market demand.

The private sector is also expected to expand significantly in the future years. The key elements driving private sector expansion are data processing and recording features, as well as a rise in the need for secure communications supply chain systems. Furthermore, rapid technology breakthroughs are projected to boost the development of blockchain in healthcare.

Healthcare providers are expected to hold the significant market share

The healthcare provider industry is being driven by the diverse applications and functions of blockchain technology in medical industry. Healthcare providers benefit from digital ledger technology by effectively managing the drug supply chain and simplifying the secure transmission of patient medical records.

The technology has enhanced medical professional productivity by providing a unique model for health information exchanges and making electronic patient records more resourceful. The blockchain system opens up new possibilities for healthcare providers by decreasing or removing the friction and expenses associated with current intermediaries. It also minimizes complexity and generates secure and immutable data.

The hospital segment is predicted to increase rapidly due to the increasing utilization of technology in institutions such as the Massachusetts General Hospital (MGH). Health organizations and hospitals are now focusing on keeping patient data to ensure the system's proper operation. This not only aids in the classification of new and old patients but also makes use of existing records to supplement the doctor's appointment. Furthermore, the system will keep vital information, such as payment details, names, and phone numbers, safe from data theft and cyberattacks.

The market demand in North America is expected to witness significant growth

The significant market share is due to recent breakthroughs in blockchain technology, as well as many government efforts encouraging the use of these new platforms in medical sector. Venture capitalists are seeing the huge promise that blockchain technology has for improving patient care, expanding the scope of health services, and lowering medical care costs.

Companies in the nation are focusing on the development of blockchain technology solutions that assure healthcare data security, give complete and available information about health and medical conditions activity, and so on. Similarly, significant economic expansion in the United States has led to market value growth. Further, due to different steps done by regional governments to minimize data breaches, Europe held the largest market share.

Competitive Insight

Some of the major players operating in the global market include Avaneer health, Inc., Akiri, IncorporationBurstIQ Corporation, Crystalchain Incorporation, Change Healthcare Incorporation., Equideum Health Inc., Embleema Corporation, Farma Trust, Guardtime, Hashed Health, iSolve, LLC IBM Incorporation, Medical Chain Corporation, Oracle Corporation, Patientory, Inc, Quest Diagnostics, and Proof.Works.

Recent Developments

In October 2021, MDS Mexico has launched a COVID-19 testing program that will be powered by blockchain technology to assure immunization certificates' authenticity. According to MDS Mexico, with false vaccine certificates being used to circumvent quarantine, it is becoming increasingly vital to have verified documentation of a person's immunization status. The company provides both rapid test software and translation services, in addition to home-based PCR swab testing, and the findings are encrypted to verify their legitimacy.

In January 2021, Optum, a division of UnitedHealth Group announced the acquisition of Change Healthcare with the goal of more successfully simplifying essential clinical, operational, and payment processes. Optum will pay around $8 milliards in cash for the corporation and purchase approximately $5 billion in Change Healthcare debt, for an accounting approach of $13 billion.

Blockchain in Healthcare Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 1.18 billion

Revenue forecast in 2030

USD 95.59 billion

CAGR

68.4% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments Covered

By Network Type, By End-Use, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

Avaneer health, Inc., Akiri, IncorporationBurstIQ Corporation, Crystalchain Incorporation, Change Healthcare Incorporation., Equideum Health Inc., Embleema Corporation, Farma Trust, Guardtime, Hashed Health, iSolve, LLC IBM Incorporation, Medical Chain Corporation, Oracle Corporation, Patientory, Inc, Quest Diagnostics, and Proof.Works

Key Take-Away
Polaris Market Research
Blockchain in Healthcare Market Size, Share Global Analysis Report, 2022 - 2030