Block Chain In Healthcare Global Market Report 2024

Blockchain is an immutable shared ledger that records, maintain, secures data sharing and access between multiple parties.

The main types of blockchain in healthcare are permission blockchains and permissionless blockchains. Permissioned blockchains also called private blockchains that require prior approval before use and can be accessed by people who are allowed to access. These offer high customizability, access controls, better Scalability, depend on governance, and more efficient performance. The different deployment types include on-premises, and cloud-based, and are used in supply chain management, clinical data exchange and interoperability, claims adjudication and billing management, and others. The end-users of blockchain in healthcare include healthcare providers, pharmaceutical companies, healthcare payers, and others.

The blockchain in healthcare market research report is one of a series of new reports that provides blockchain in healthcare market statistics, including blockchain in healthcare industry global market size, regional shares, competitors with a blockchain in healthcare market share, detailed blockchain in healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain in healthcare industry. This blockchain in healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The block chain in healthcare market size has grown exponentially in recent years. It will grow from $1.65 billion in 2023 to $2.27 billion in 2024 at a compound annual growth rate (CAGR) of 37.6%. The growth in the historic period can be attributed to interoperability challenges, fraud prevention, patient empowerment, clinical trials and research, immutable record keeping.

The block chain in healthcare market size is expected to see exponential growth in the next few years. It will grow to $7.97 billion in 2028 at a compound annual growth rate (CAGR) of 36.9%. The growth in the forecast period can be attributed to tokenization of healthcare assets, decentralized clinical trials, personalized medicine, cross-border healthcare transactions, consent management. Major trends in the forecast period include personalized medicine advances, enhanced cybersecurity measures, rise of privacy-preserving technologies, integration with artificial intelligence, blockchain consortia in healthcare.

The growing adoption of blockchain as a service (BaaS) is expected to drive the growth of the blockchain in healthcare market going forward. Blockchain technology can provide innovative solutions to the challenges faced by the healthcare industry which include supply chain management, smart contracts, the confidentiality of personal health information, technical issues in data management, enabling alternative payment models, and virus outbreak tracking. For instance, in March 2021, Moderna, a drugs manufacturing company, and IBM announced the collaboration to improve and strengthen COVID-19 vaccination management. Moderna can get information on real-time tracking of vaccination using IBM’s blockchain and artificial intelligence to reduce supply chain disruptions. Therefore, the growing adoption of blockchain as a service (BaaS) propels the growth of the blockchain in healthcare market.

The growth in cryptocurrency adoption is significantly contributing to the growth of blockchain in healthcare market going forward. Cryptocurrency refers to any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrency requires blockchains for security and for working as a decentralized currency and requires blockchain devices for continuous operation. For instance, in October 2021, according to the data released by Chainalysis, a US-based bitcoin tracing company, the adoption of cryptocurrency across the globe increased by 881 percent from 2020 to 2021. Therefore, the growth in cryptocurrency adoption will drive the blockchain devices market.

The advancements in technology are significantly shaping the blockchain in healthcare market. As there is a growing demand for blockchain technology, the key players operating in blockchain in the healthcare market are focusing on developing advanced technological solutions for the healthcare industry to strengthen their position in the market. For instance, in May 2021, Nebula Genomics, a US-based privacy-focused personal genomics service company launched the world’s first genomic NFT - blockchain. The NFT is a unique and irreplaceable representation of a digital or physical object and the human genome which provides an exciting opportunity for an NFT.

Major companies are strategically entering partnerships and collaborations with start-ups and mid-sized companies in the blockchain market to broaden the products and services offered by the company. Strategic collaborations and partnership agreements help companies to expand their existing product portfolio and geographical reach. For instance, in January 2021, Two hospitals in Stratford-upon-Avon and Warwick, both in central England, are expanding their usage of a distributed ledger, a subset of blockchain, from tracking vaccinations and chemotherapy medications to monitoring fridges containing COVID-19 vaccines. According to Everyware, which monitors vaccinations and other treatments for the United Kingdom's National Health Service (NHS), and Texas-based ledger Hedera, which Alphabet's Google and IBM own. The technology will improve record-keeping and data-sharing throughout supply chains.

Major companies operating in the in the block chain in healthcare market report are International Business Machines Corporation (IBM), Factom Inc., Hashed Health LLC, Microsoft Corporation, iSolve Technologies Inc., Blockpharma Inc., Medicalchain. com Ltd, Guardtime Limited, Government e Marketplace, Patientory Inc., FarmaTrust, SimplyVital Health Inc., Akiri Inc., BurstIQ Inc., Professional Credentials Exchange Inc., Avaneer Health Inc., RoboMed Innovations, Embleema Inc., Coral Health Inc., PokitDok Inc., Briya Inc., Open Health Network, Labrys Inc., Tech Alchemy Limited, Cubix Corporation, SoluLab Inc., EncrypGen Inc., Clinicoin Inc., BlockPill Inc., DNAtix Ltd.

North America was the largest region in the blockchain in healthcare market in 2023. The regions covered in the block chain in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the block chain in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The blockchain in the healthcare market includes revenues earned by entities by offering blockchain technology in healthcare services which includes providing digitally transformed processes of managing inventory, tracking supply chain, maintaining patient-centric electronic health records, medical staff credential verification, and IoT security for remote monitoring to transform healthcare by increasing the security, privacy, health information exchanges, and interoperability of health data. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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