Blockchain in Healthcare Market

Market Overview:

The global blockchain in healthcare market size reached US$ 2.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 41.1 Billion by 2032, exhibiting a growth rate (CAGR) of 38.26% during 2024-2032.

Blockchain represents a digitally decentralized and distributed ledger technology (DLT) that facilitates the maintenance of growing ordered records and monitors transactions across peer-to-peer systems and business networks. It is employed in the healthcare sector to identify the trail of pharmaceutical supplies with optimal transparency, supervise labor costs, unlock genetic codes, and transfer patient medical records amongst diagnostic labs and hospitals. Blockchain in healthcare further deals with supply chain management, data exchange, billing, and interoperability and patient claims adjudications. This, in turn, helps medical institutions to identify data errors, improve workflow, offer enhanced security, ensure scalability, and alleviate concerns regarding information manipulation by activating accountability and authentication solutions. Based on these properties, blockchain in healthcare is used across private and public clinics, research centers, pharmaceutical companies, and hospitals to trace drugs and manage longitudinal patient data.

Blockchain in Healthcare Market Trends:

The considerable expansion in the healthcare industrial vertical, the widespread adoption of Blockchain-as-a-Service (BaaS), and the increasing instances of information leaks, data breaches, and drug counterfeiting are primarily driving the market growth. In line with this, the rising prevalence of various cardiovascular and chronic diseases and the surging need for effective health data management systems to collect and store patients’ medical records while ensuring their optimal integrity is acting as another growth-inducing factor. Additionally, the sudden outbreak of the COVID-19 pandemic prompted governments of several countries to use blockchain-based networks to connect with traditional suppliers to ensure the timely delivery of novel vaccines, which, in turn, is favoring the market growth. Moreover, the advent of efficient healthcare record systems, wearable devices, cryptography, and medical examination solutions, along with the large-scale integration of the Internet of Things (IoT), are supporting the market growth. Apart from this, ongoing research and development (R&D) activities to engineer advanced solutions to eliminate the involvement of third parties and escalating user awareness regarding multiple product usage are positively augmenting the market growth. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global blockchain in healthcare market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on network type, application and end use.

Breakup by Network Type:

• Private
• Public
• Others
   

Breakup by Application:

• Supply Chain Management
• Data Exchange and Interoperability
• Claims Adjudication and Billing Management
• Others
   

Breakup by End Use:

• Healthcare Providers
• Healthcare Payers
• Biopharmaceutical & Medical Device Companies
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Akiri Inc., Blockchain Ai Solutions Ltd., Blockpharma, BurstIQ Inc., Chronicled Inc., Guardtime, Hashed Health, International Business Machines Corporation, iSolve LLC, Oracle Corporation, Patientory Inc., Proof.Works and Sirma Group Holding. Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global blockchain in healthcare market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global blockchain in healthcare market?
• What are the key regional markets?
• What is the breakup of the market based on the network type?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the end use?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global blockchain in healthcare market and who are the key players?
• What is the degree of competition in the industry?
   

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the blockchain in healthcare market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global blockchain in healthcare market.
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the blockchain in healthcare industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.