Blockchain Healthcare Market - Global Industry Analysis and Forecast (2024-2030) by and Region

Blockchain Healthcare Market Overview

 

Blockchain technology is now refocusing the prospect of developing different changes in the healthcare sectors in the Blockchain Healthcare Market. In healthcare, for instance, blockchain networks provide an efficient virtual platform for the storage and transfer of patients’ records throughout hospitals, diagnostic laboratories, pharmacies, and even physicians. This improves the functionality, security, and efficiency of medical record sharing as a means of helping medical institutions get a method of analyzing records. Blockchain identifies severe mistakes and even prevents dangerous ones in the medical field, thus improving overall healthcare delivery. It is also important to note that this is one of the most important uses of blockchain in healthcare since it relates to the production of fake drugs. Due to the ability of the distributed ledger to track all medicines, using smart contracts, blockchain allows one to identify counterfeit products and preserve the authenticity of pharmaceuticals. This technology also ensures the privacy of records hence providing a secure record database for patients with medical history that is not manipulated.

 

Another reason for the application of blockchain is the rising trend of attacks on healthcare databases. Hackers love to attack medical databases, while blockchain in its decentralized and ever-growing ledger form gives patient’s data high protection from hackers. The Global Security for Counterfeit Drugs report from the Center for Public Interest reveals that the sales of counterfeit drugs reached USD 75 billion in 2021, stressing the importance of secure systems in the Blockchain Healthcare Market. According to WHO, the global counterfeit medicines range is 10% and for developing countries, it is 30%. In this respect, blockchain’s applicability to supply arrangements to improve and give transparency in tracking and auditing the patient data movement eradicates these concerns.

 

The adoption of blockchain technology especially in other industries such as finance implied the need for the same in the healthcare sector. Factors such as the rising use of Blockchain as a Service (BaaS) and the non-revenue of alteration in Blockchain technology are influencing the Blockchain Healthcare Market growth. However, problems like the unwillingness to report some information and the absence of a unifying body and unified guidelines slow down further expansion.  Blockchain's decentralized network operates with commodity hardware in hospitals, allowing researchers to compute estimates for therapies, medicines, and remedies. This technology provides a new model for health information exchanges by increasing the performance, disintermediation, and security of electronic medical records. It is crucial in clinical studies, detecting dishonesty, and improving data efficiency.

 

In summary, the implementation of blockchain technology holds an effective solution to ensuring a high level of security and high level of transparency in the management of health data. The effective solutions to the high-level data control and safe supply chain are the strong coverage of data integrity, the great contribution to operation efficiency, and the perfect cryptography that makes it an ideal solution for the healthcare organization to develop the patient data and the supply chain transparency.

 

 

To get more Insights: Request Free Sample Report

 

Blockchain Healthcare Market Dynamics

 

Counterfeit Proofing and Data Protection Fuel Blockchain Healthcare Market Growth

 

The Blockchain Healthcare Market is significantly driven by efforts to combat counterfeit medicines and enhance data protection within the healthcare sector. The Worldwide Organization of Health, WHO approximated that more than 30% of drugs that are sold in parts of Africa, Asia, and Latin America are often fake and the rates are still increasing because of complicated and not well-controlled chains of distribution of drugs. This problem is gradually solved by the use of blockchain technology; this allows integrated supply chains to share or retrieve health data, software code, and other health-related products. For instance, according to the Pharmaceutical Security Institute (PSI), 196 pharmaceutical activity crime incidences were recorded in 2002; however, last year the figure was nearly 6,000. Furthermore, escalating rates on medical examination systems, wearable device cryptography, and healthcare record systems are probability to contribute the large Blockchain Healthcare Market opportunities.

 

During product recall, manufacturers are always under pressure to make announcements to the wholesalers, as well as the retail pharmacies where drugs are sold, to make arrangements for how the faulty items are returned. This collaboration is complemented by blockchain technology since it helps maintain a correct and untamperable record of data. Due to continual occurrences of diseases, the use of technology is transforming into a source of massive data which again fosters the requirement of interconnected data management systems. Innovative companies are now focusing on implementing blockchain technology to increase the reliability of medical records – thus driving the Blockchain Healthcare Market even more.

 

Increasing Incidence of Healthcare Data Breaches

 

Some of the biggest threat trends that emerged in the last five years and affected the healthcare industry are the growth of size and frequency of breaches. The largest attacks at this point involved about 80 million people, including personal data like their Social Security numbers, names, and addresses, as well as Medicaid ID numbers, health insurance data, and patients’ medical histories. This rising incidence of data breaches underscores the urgent need for robust data protection measures, further driving the Blockchain Healthcare Market.

 

Opportunities

 

Bitcoin and blockchain technology are accepted as a possible solution to various problems relating to the healthcare sector. Many startups have applied blockchain to solve such acute issues as medical record integration, data protection, and counterfeit products in the pharma supply chain. In the last few years, this technology has received considerable interest from the stakeholders in the field of healthcare in the Blockchain Healthcare Market. Due to such increased awareness, there is an escalating investment in government agencies across the globe in research on blockchain technology.

 

Challenges

 

A major barrier currently deterring the adoption of blockchain in healthcare is the awareness of distributed ledger technology and its various uses. Lack of knowledge and awareness regarding this technology’s advantages and functioning among the end consumers of the healthcare industry may act as a negative influence on organizations to employ this radical technology for research and development in the Blockchain Healthcare Market. Today, businesspeople are unable to capitalize on its potential in their operations, and the public and investors are likewise unprepared for the capability of growth and uncertain of the unexplored territory that its technology – blockchain represents.

 

Blockchain Healthcare Market Segment Analysis

 

Based on the Application,

 

Supply Chain Management segment, is expected to held the largest market share in 2023. It already filled the leading place in 2023, and the same situation is observed in 2030. This is occasioned by the rise in fake medicines and tough legislation like the DQSA in the United States and the Falsified Medicines Directive in Europe. On the same note, it avails supply chain visibility offering an opportunity to see the history of the product or the medical product in a bid to know what happened before reaching consumers to ensure that the right medical product is supplied to the right consumer. It also sees to it that cases of fraud are reduced, counterfeits are discouraged, and there is conformity with the set regulations. Also, it minimizes waste and the delivery and supply chain and helps to optimize records that are traditionally time-consuming and cumbersome to process. The segment is expected to grow at the fastest CAGR due to blockchain's capability to trace transactions and shipments back to their source in the Blockchain Healthcare Market.

 

Clinical Trials & eConsent segment is anticipated to experience significant growth during the forecast period in the Blockchain Healthcare Market. Blockchain technology offers substantial benefits for managing clinical trial databases by advancing pharmaceutical research and modernizing outdated data management platforms. This approach solves problems relating to the handling of clinical trials, increasing the vulnerability and probability of approval by the regulatory organizations and research institutions. For instance, in September 2022, the Mayo Clinic incorporated an American blockchain-based platform, Triall, into a multicenter trial of pulmonary arterial hypertension, to meet data integrity, transparency, and security.

 

Blockchain Healthcare Market Regional Insights

 

North America is expected to dominate the global Blockchain Healthcare Market due to favorable regulations and a growing need for better data security and cost control. The region’s growth is driving the FDA’s Drug Supply Chain Security Act demanding enhanced supply chain security and making companies embrace blockchain for the administration of product quality and security. Further, today’s escalating number of cases of healthcare fraud, and the growing necessity for minimizing the increasing costs of the healthcare systems also create the demand for blockchain technology. According to the Centers for Medicare and Medicaid Services, health spending within the United States is expected to grow at a rate of 5 percent per year on average. 4% over the years 2019 to 2028 to USD 6. 2 trillion by 2028. This huge expense shows that blockchain could play a role in reducing steep healthcare costs because of integrated data safety and business efficacy. Additionally, the maximization of medical error through the inadequate coordination of treatments and the omission in patients’ records are solved through the technology of blockchain concerning patient records especially since it provides an omnibus view of data. In 2023, North America dominated the global Blockchain Healthcare Market; an example is Avaneer Health which raised USD 50 million in seed capital illustrating the sector’s growth prospects.

 

In Europe, the Blockchain Healthcare Market contributed xx percent, and at the same time, the percentage of the Middle Eastern market is calculated to xx percent. xx% of the global market share in 2023, which is very feasible because the companies primarily concentrate on the manufacturing of automobiles of all types and do not meddle in the production of civilized comforts. The growth rate is influenced by the steady escalation of blockchain solutions’ utilization in such countries as France, Germany, and the United Kingdom. Some of the world’s largest corporations, such as IBM and Accenture are involved in the continuous work on the development of blockchain products to increase the safety of data and optimization of processes. An example of Europe’s innovation is Epillo Health Systems’ INTRx, a blockchain-based digital therapeutic product that integrates blockchain with AI and machine learning. Germany’s blockchain market benefits from rapid technology adoption and government support, exemplified by Camelot Consulting Group’s Hypertrust X-Chain system for managing medical data securely. The UK’s NHS is exploring blockchain for health data management and drug traceability, with initiatives such as Guardtime’s MyPCR platform, which provides blockchain-based access to primary care information for 30 million UK patients.

 

In summary, North America remains the dominant Blockchain Healthcare Market for healthcare blockchain due to its advanced regulatory environment, high healthcare spending, and substantial investments. Europe follows closely with significant adoption and innovation, while Asia Pacific shows promising growth with key developments in blockchain technology, particularly in Japan and China. As these regions continue to embrace blockchain, they will drive the global market forward, addressing critical challenges in healthcare data management and security.

 

Blockchain Healthcare Market Scope

 

Blockchain Healthcare Market Scope
Market Size in 2023	USD 3.14 Bn.
Market Size in 2030	USD 88.55 Bn.
CAGR (2024(2030)	61.13%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Market Segment Analysis	By Application Supply chain management Clinical Data Exchange & Interoperability Claims Adjudication & Billing Management Clinical Trials & eConsent Other Applications
	By End-User Pharmaceutical Companies Healthcare Players Healthcare Providers Other End Users
	By Network Type Private Public Others
Regional Scope	North America (United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Russia, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa ( South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

 

Blockchain Healthcare Market Key players

 

North America

1. International Business Machines Corporation (IBM) (US)
2. Microsoft (US)
3. Gem (US)
4. Chronicled (US)
5. iSolve, LLC (US)
6. Hashed Health (US)
7. Patientory (US)
8. Factom (US)
9. SimplyVital Health (US)
10. Solve. Care (US)
11. Oracle Corporation (US)
12. Change Healthcare (acquired by UnitedHealth Group's Optum) (US)
13. BurstIQ (US)
14. Akiri, Inc. (US)
15. Avaneer Health, Inc. (US)
16. Crystal chain (US)
17. Equideum Health (US)
18. Embleema (US)

 

Europe

1. Guardtime (Estonia)
2. Proof.Work (UK)
3. FarmaTrust (UK)
4. Blockpharma (France)
5. Medicalchain SA (UK)
6. Farma Trust (UK)
7. Medical Chain SA (UK)