Global Blockchain Technology in Healthcare Market Insights Forecasts to 2033

• The Global Blockchain Technology in Healthcare Market Size was Valued at USD 2.84 Billion in 2023
• The Market Size is Growing at a CAGR of 41.37%from 2023 to 2033
• The Worldwide Blockchain Technology in Healthcare Market Size is Expected to Reach USD 90.52 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Blockchain Technology in Healthcare Market Size is Anticipated to Exceed USD 90.52 Billion by 2033, Growing at a CAGR of 41.37% from 2023 to 2033.

Market Overview

The healthcare system uses a blockchain network to store and share patient data across hospitals, labs, pharmacies, and medical professionals. The world was carried away by blockchain technology's groundbreaking applications in data transactions, particularly in the financial industry. The need for this technology to bring about revolutionary improvements in the healthcare sector has increased due to to its enormous success in several industries. Numerous healthcare industry stakeholders have expressed interest in blockchain technology. Healthcare companies are drawn to blockchain due to the growing demand for transparent and safe data management methods. The primary factors driving the market growth include the rise in healthcare data breaches, the threat of fake medications, the growing use of blockchain as a service (BaaS), and the distributed ledger technology's transparency and immutability. The increasing demand for techniques to protect sensitive medical data, the move to digital health records, and ongoing technology improvements have contributed to the growth in the use of Blockchain Technology in Healthcare market. Furthermore, key market players include PharmaLedger, Solve Care, Briya, IBM, PATIENTORY INC., Guardtime, iSolve, LLC, and Oracle.

For Instance, in April 2023, Electronic product information (EPI) on blockchain products was first launched by PharmaLedger. Instead of the present leaflets found in the package, this product will enable the patient to obtain the product information by scanning a barcode on the medicine box.

Report Coverage

This research report categorizes the market for global blockchain technology in healthcare market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global blockchain technology in healthcare market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global blockchain technology in healthcare market.

Driving Factors

In the healthcare sector, data breaches have become more prevalent. Breaches of healthcare information have increased in scale and frequency over the last five years, with the most notable breaches affecting up to 80 million individuals. Highly sensitive information is frequently exposed by healthcare data breaches. This includes sensitive health information like Medicaid ID numbers, health insurance information, and patient medical histories, as well as personally identifiable information like names, addresses, and Social Security numbers. Blockchain technology has several benefits in the healthcare industry, pharmaceutical companies should begin using the platform for clinical trials, which will help the market grow.    

Restraining Factors

The primary restriction to the expansion of blockchain technology is the dearth of awareness regarding distributed ledger technology and its potential uses in the healthcare sector. It is anticipated that this market's growth might be restricted by the inclination to share data and the absence of a central organization and set of standards.

Market Segmentation

The global blockchain technology in healthcare market share is classified into network type, application and end user.

• The public segment is expected to hold the largest share of the global blockchain technology in healthcare market during the forecast period.    

Based on the network type, the global blockchain technology in healthcare market is divided into private and public. Among these, the public segment is expected to hold the largest share of the global blockchain technology in healthcare market during the forecast period. The healthcare sector places a high priority on the openness, security, and immutability that public blockchain networks which are open and decentralized offer. Public blockchains' decentralized nature reduces the hazards of centralized data storage, including single points of failure and data breaches.    

• The supply chain management segment is expected to hold the largest share of the global blockchain technology in healthcare market during the forecast period.      

Based on the application, the global blockchain technology in healthcare market is divided into supply chain management, clinical data exchange & interoperability, claims adjudication, and billing. Among these, the supply chain management segment is expected to hold the largest share of the global blockchain technology in healthcare market during the forecast period. The use of blockchain in supply chain management is being driven by factors related to the supply chain management sector, including the rise in illegal drugs and the enforcement of strict laws like the Falsified Medicines Directive (FMD) in Europe and the Drug Quality and Security Act (DQSA) in the US.    

• The healthcare payers segment is expected to hold the largest share of the global blockchain technology in healthcare market during the forecast period.      

Based on the end user, the global blockchain technology in healthcare market is divided into pharmaceutical companies, healthcare payers, and healthcare providers. Among these, the healthcare payers segment is expected to hold the largest share of the global blockchain technology in healthcare market during the forecast period. The sector for healthcare payers is expected to increase as a result of growing medical tourism, rising insurance fraud, the need to improve operational efficiency in healthcare organizations, and the growing requirement for secure health information interchange between payers and providers.   

Regional Segment Analysis of the Global Blockchain Technology in Healthcare Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global blockchain technology in healthcare market over the predicted timeframe.

North America is anticipated to hold the largest share of the global blockchain technology in healthcare market over the predicted timeframe. The emergence of regulations in North America concerning the security of patient data and enhancing care quality, the rise in fraudulent activities in the healthcare industry, the growing need to reduce the skyrocketing costs of healthcare, and the increasing need to safeguard medical data from manipulation are the main factors driving the growth of the blockchain healthcare market. The major North American businesses' strategic actions increased attention to the growing market for Blockchain Technology in Healthcare industry.

Asia Pacific is expected to grow at the fastest pace in the global blockchain technology in healthcare market during the forecast period. An increasing number of EHR systems and other healthcare IT solutions are being adopted, and there is a growing demand for health information interchange amongst various stakeholders in the healthcare business due to the rise in medical tourism in this region, and other factors. This regional industry is growing as a result of the growing requirement to stop counterfeit medications from getting into the supply chain.

Europe is anticipated to hold a significant share of the global blockchain technology in healthcare market over the predicted timeframe. Growth in the market is largely being driven by the growing use of blockchain technology in nations like France, Germany, and the UK. They actively work to create and apply blockchain solutions in the healthcare industry, focusing on the technology that can be used to improve patient outcomes, streamline operations, and strengthen data security. In February 2022, the Digital medicinal solution INTRx, built on blockchain technology, was launched by European digital healthcare startup Epillo Health Systems. Blockchain, AI, and machine learning are all included in this innovation's digital healthcare applications.   

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global blockchain technology in healthcare market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• PharmaLedger
• Solve Care
• Briya,
• IBM
• PATIENTORY INC.
• Guardtime
• iSolve, LLC
• Oracle
• Change Healthcare
• BurstIQ
• Medicalchain SA
• Blockpharma
• Epillo Health Systems
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments 

• In March 2023, the decentralized Layer-2 network architecture known as Care. The chain has been launched by Solve Care, a healthcare platform startup that uses blockchain technology to provide better care. Care. Chain is an important step in the direction of Solve. Care's goal of use blockchain technology's advantages to enhance healthcare access, delivery, management, and payments for patients and healthcare organizations.

• In September 2023, Amiti Ventures, Team8, Insight Partners, George Kaiser Family Foundation, and Amiti Ventures led a USD 11.5 million Series A fundraising round that was announced by Briya, an end-to-end platform for shared healthcare data. The money was used to help Briya fulfill its goal of creating a safe, blockchain-powered platform for data sharing that will revolutionize the way healthcare and life sciences businesses exchange data. 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global blockchain technology in healthcare market based on the below-mentioned segments: 

Global Blockchain Technology in Healthcare Market, By Network Type  

• Private
• Public

Global Blockchain Technology in Healthcare Market, By Application

• Supply Chain Management
• Clinical Data Exchange & Interoperability
• Claims Adjudication and Billing

Global Blockchain Technology in Healthcare Market, By End User

• Pharmaceutical Companies
• Healthcare Payers
• Healthcare Providers

Global Blockchain Technology in Healthcare Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa