Blockchain In Healthcare Market - Forecasts from 2023 to 2028

Blockchain In Healthcare Market was valued at US$1.19 billion in 2021

Blockchain technology is being used in a wide range of industries and has gained a lot of traction. Banking, supply chain management, and healthcare all benefit from the secure and transparent record-keeping and transactional capabilities offered by blockchain. It reduces the need for middlemen thanks to its decentralized structure, resulting in increased productivity and decreased costs. The rising demand for decentralized solutions and enhanced data security is propelling the blockchain market's growth. The complexity, scalability, and personalization of a blockchain solution all influence the price. It is best to hire blockchain service providers for precise pricing tailored to your specific requirements.

Introduction:

Blockchain is one of the emerging technologies that have the potential to transform the healthcare sector, which is constantly evolving. Blockchain technology, which gained prominence as the technology that served as the foundation for cryptocurrencies like Bitcoin, is now utilized in numerous fields, including healthcare. The blockchain in healthcare market size has adopted and utilized blockchain technology in the healthcare sector. It involves putting blockchain-based solutions into action to address issues and enhance the efficiency, transparency, security, and interoperability of the healthcare system.

The market is made up of several different segments, including Drug Supply Chain Management, Claims Adjudication and Billing Management, Clinical Data Exchange and Interoperability, etc.

Products and Services offered by Key companies:

• IBM: The IBM Blockchain platform, which enables healthcare networks to be dependable and interoperable, is offered by IBM, a global technology leader.
• Microsoft: The Azure Blockchain Service, offered by Microsoft, another significant participant, enables developers to develop scalable and integrated blockchain applications.
• Change Healthcare: It is a service provider for managing the revenue cycle and handling claims that use blockchain to cut down on administrative tasks and improve the quality of data.
• Guardtime: The KSI Blockchain, which guarantees impermeable record-keeping for the integrity of data and supply chain management, is offered by Guardtime, a cybersecurity company.
• Hashed Health: With the intention of fostering interoperability and managing the revenue cycle, Hashed Health creates consortium networking and collaborative platforms for stakeholders in the healthcare industry.

Drivers:

Increasing adoption of Electronic Health Records (EHR):

Security, confidentiality, and interoperability are enhanced when blockchain is incorporated into EHR systems. It provides tamper-proof records, restricted access, and expedited data transmission to meet the growing demand for safe and effective healthcare solutions.

Growing concerns regarding Data privacy and security:

Data privacy and security are important considerations in healthcare because of the high number of security incidents and consumer complaints. Blockchain technology addresses these issues by ensuring patient privacy, consent, and data integrity while facilitating safe storage, administration, and exchange of healthcare information through decentralization and immutability.

Demand for effective Supply Chain Management in Healthcare:

In the healthcare industry, timely delivery of essential goods necessitates efficient supply chain management. Transparency, traceability, and verification are enhanced by blockchain technology, thereby resolving issues like interruptions and counterfeit pharmaceuticals. The use of blockchain-based solutions is being driven by the demand for efficient healthcare supply chain management in the industry.

Regulatory support and initiatives for Blockchain adoption:

To progress blockchain utilization in medical services, administrative action and backing are basic. Blockchain's goals of increasing data security, privacy, and interoperability in EHR systems are aligned with the HITECH Act in the United States. The European Commission's Blockchain Observatory and Forum fosters cooperation and favourable regulatory conditions. Healthcare organizations may utilize blockchain technology to enhance their offerings with government support.

Technological Advancements in Blockchain Solutions:

Protocols for interoperability between blockchains make it possible for healthcare systems to exchange data and communicate effectively. Safe AI algorithm control, IoT data authentication, and data integrity in healthcare applications are all made possible by integration with AI and IoT. These advancements support innovative and secure blockchain-based healthcare solutions by enhancing scalability, privacy, and interaction with other technologies.

The healthcare blockchain market is set to grow at a constant rate in the forecast period

The market for healthcare blockchain is segmented by application, end-user, type, deployment, and geography. Deployment is further segmented into teleconsultation, on-premises, and cloud-based. The type is further segmented into public blockchain, private blockchain, and consortium blockchain.

The United States holds one of the significant market shares in the global healthcare blockchain industry

The healthcare blockchain market share is dominated by North America, particularly the United States, due to its strong infrastructure, legislation, and focus on digital health. Blockchain's capabilities are in line with the region's emphasis on information security. Among the obstacles are interoperability, standardization, and intricate legislation. For the integration of blockchain technology into various healthcare systems, stakeholders must work together. Laying out legitimate systems, settling security issues, and growing clear norms need close coordination with innovation organizations, medical services associations, and administrative bodies. The adoption of blockchain technology in healthcare will increase if these obstacles are overcome.

Market Developments:

• In April 2023, Microsoft Corp. and Epic announced an expansion of their long-standing strategic partnership to further develop and integrate generative AI into healthcare by integrating Epic's industry-leading electronic health record (EHR) software with the size and capabilities of Azure OpenAI Service. By enabling organizations to deploy Epic environments on the Microsoft Azure cloud platform, the collaboration extends a previous agreement.
• In March 2022, The Mount Sinai Health System (Mount Sinai) will benefit greatly from Accenture and Microsoft's assistance in migrating to the cloud, which will speed up innovation. By modernizing its facilities, Mount Sinai will be able to reinvest the savings and concentrate on its healthcare objective.
• In November 2022, The Dutch Judicial Information Service chose Guardtime’s KSI Blockchain technology to guarantee the integrity of future e-services. The use of blockchain will guarantee the security, transparency, and audibility of data handled by government systems.
• In October 2021, Hashed Health, a venture studio that focuses on healthcare, announced that it has assembled an ideal group of prominent investors in healthcare and technology to accelerate its innovation efforts. UPMC Enterprises, the integrated health system's innovation, commercialization, and venture capital arm, CMT Digital, an investment firm focused on blockchain technology and crypto asset ventures based in Chicago, Whistler Capital Partners, an investment firm focused on healthcare services based in Nashville, and others are among the new investment partners. 

Key Market Segment:

BY APPLICATION

• Clinical Data Exchange and Interoperability
• Claims Adjudication and Billing Management
• Drug Supply Chain Management
• Clinical Trials and Research Studies
• Medical Records Management
• Others     

BY END-USER

• Healthcare Providers
• Pharmaceutical Companies
• Healthcare Payers
• Patients
• Others  

BY TYPE

• Public Blockchain
• Private Blockchain
• Consortium Blockchain  

BY DEPLOYMENT

• On-Premises
• Cloud-Based 

BY GEOGRAPHY

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain    
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Taiwan
• Others