The global blockchain technology in healthcare market size was estimated to be USD 3.33 billion in 2023 and is expected to reach at USD 1,029.18 billion by 2034 with a CAGR of 68.41% during the forecast period 2024-2034. The uptick in information leaks & data breaches, a heightened necessity to address these concerns, a substantial demand for combatting drug counterfeiting, enhancing health data management systems' efficiency, fostering awareness about blockchain for improved health outcomes, rising trend of investments in the development of advanced healthcare record systems, cryptography for wearable devices, & medical examination systems, and increased collaborations to introduce innovative blockchain solutions in the healthcare sector are some of the key factors boosting the market growth.
Increased collaborations to introduce innovative blockchain solutions in the healthcare sector is predicted to boost the market growth during the forecast period. In the healthcare sector, a blockchain network is employed to gather and retrieve patient information from hospitals, diagnostic labs, pharmaceutical firms, and doctors. This application can enhance the efficiency, security, and transparency of sharing medical data across the entire healthcare system. Leveraging this technology enables medical institutions to acquire insights and improve the analysis of patient data. For instance, in March 2023, Health Gorilla, a prominent Health Information Network and provider of interoperability solutions, has collaborated with CLEAR, a platform specializing in secure identity verification. Together, they are introducing Individual Access Services, a program that enables individuals to securely access their personal health information. The initiative is set to commence in Puerto Rico through the Puerto Rico Health Information Exchange (PRHIE) and has plans for future expansion into other areas.
By network type, public was the highest revenue-grossing segment in the global blockchain technology in healthcare market in 2023 owing to the rising trend involves a growing reliance on public networks for managing data. Presently, Ethereum, a widely adopted technology in healthcare, functions as a prominent example of a "permission-less" blockchain system within the public network domain. The significant factors propelling the expansion of these public networks include their cost-effectiveness and the ability to access expansive databases. Additionally, private is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for data management and recording, a rising need for highly secure supply chain networks, advancements in technology, and the introduction of innovative solutions. For instance, in November 2023, AstraZeneca has introduced Evinova, aiming to emerge as a premier provider of digital health solutions tailored to the requirements of healthcare professionals, regulators, and patients. With sustained support from AstraZeneca and strategic partnerships with Parexel and Fortrea, Evinova provides globally-oriented digital products and services to the life sciences and healthcare industry.
By application, supply chain management was the highest revenue-grossing segment in the global blockchain technology in healthcare market in 2023 owing to the increase in the prevalence of counterfeit drugs, prompting pharmaceutical companies to increasingly embrace interoperability with Internet of Things (IoT) devices. This adoption aids in recruiting participants for clinical trials and overseeing the regulation of the drug supply chain. The implementation of blockchain has the potential to revolutionize the healthcare industry by reducing operational expenses, addressing data integrity issues, and optimizing healthcare processes. Additionally, clinical trials & eConsent is predicted to grow at the fastest CAGR during the forecast period owing to the increasing uptake of blockchain technology in medical records ensures the integrity of data, a rising trend in technology adoption in clinical trials promotes effective data management & security, and increase in collaborative efforts among market players. For instance, in March 2022, Nokia has revealed its collaboration with Equideum Health, a U.S.-based company, to collaboratively create and implement healthcare applications. This involves leveraging Nokia's Data Marketplace (NDM) solution, delivered through a Software-as-a-Service (SaaS) model. The partnership aims to unlock a range of person-centric use cases by incorporating advanced technologies in data management, data exchange, and blockchain.
By end-user, biopharmaceutical & medical device companies was the highest revenue-grossing segment in the global blockchain technology in healthcare market in 2023 owing to a substantial research & development budgets, an increasing demand for securing data exchange & interoperability, a growing utilization of technology for critical functions such as validating returned drugs, preventing counterfeits, adhering to pharmaceutical supply chain regulations, enhancing transparency & traceability in clinical trials, & improving the reliability & quality of clinical trial data, are all accompanied by a rise in partnerships among key market players. For instance, in April 2022, Chronicled entered into a collaboration with AmerisourceBergen, an American pharmaceutical wholesale company. The objective of this partnership was to leverage a novel blockchain-driven solution designed to enhance accuracy in pharmaceutical chargebacks and significantly reduce instances of chargeback rejections. Additionally, hospital is predicted to grow at the fastest CAGR during the forecast period owing to the technology is increasingly being embraced by hospitals. Healthcare institutions are currently focused on securely storing patient data to ensure the seamless operation of the system. This not only aids in categorizing both new and existing patients but also utilizes past records to enhance the efficiency of doctor appointments. The technology serves as a preventive measure against the risk of data breaches and cyberattacks, safeguarding sensitive information like payment details, addresses, and phone numbers from exposure.
North America region is anticipated for the highest revenue share during the forecast period owing to the numerous measures undertaken by local governments to prevent data breaches, a substantial increase in the adoption of the General Data Protection Regulation (GDPR), significant expansion of blockchain technology, and an uptick in partnerships among industry frontrunners. For instance, in August 2022, InfStones and Oracle have revealed their partnership to integrate InfStones' prominent blockchain development platform with Oracle Cloud Infrastructure (OCI) in order to expedite the development of Web3. This joint effort aims to provide valuable insights that will contribute to the global advancement, growth, and acceptance of Web3 applications. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing need for the security of medical records, an increase in investments for technology development, a rise in challenges related to Electronic Medical Records (EMRs), an escalating demand for secure and well-managed data sharing among companies, and a rising trend of introducing advanced platforms. For instance, in February 2023, Wipro Lab45, the innovation lab of the prominent technology services and consulting firm Wipro Limited, has introduced the Decentralized Identity and Credential Exchange (DICE) ID. This initiative empowers users to have authority over their personal data, facilitating quicker, more convenient, and secure sharing of private information on the internet.
Increased collaborations to introduce innovative blockchain solutions in the healthcare sector is predicted to boost the market growth during the forecast period. In the healthcare sector, a blockchain network is employed to gather and retrieve patient information from hospitals, diagnostic labs, pharmaceutical firms, and doctors. This application can enhance the efficiency, security, and transparency of sharing medical data across the entire healthcare system. Leveraging this technology enables medical institutions to acquire insights and improve the analysis of patient data. For instance, in March 2023, Health Gorilla, a prominent Health Information Network and provider of interoperability solutions, has collaborated with CLEAR, a platform specializing in secure identity verification. Together, they are introducing Individual Access Services, a program that enables individuals to securely access their personal health information. The initiative is set to commence in Puerto Rico through the Puerto Rico Health Information Exchange (PRHIE) and has plans for future expansion into other areas.
By network type, public was the highest revenue-grossing segment in the global blockchain technology in healthcare market in 2023 owing to the rising trend involves a growing reliance on public networks for managing data. Presently, Ethereum, a widely adopted technology in healthcare, functions as a prominent example of a "permission-less" blockchain system within the public network domain. The significant factors propelling the expansion of these public networks include their cost-effectiveness and the ability to access expansive databases. Additionally, private is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for data management and recording, a rising need for highly secure supply chain networks, advancements in technology, and the introduction of innovative solutions. For instance, in November 2023, AstraZeneca has introduced Evinova, aiming to emerge as a premier provider of digital health solutions tailored to the requirements of healthcare professionals, regulators, and patients. With sustained support from AstraZeneca and strategic partnerships with Parexel and Fortrea, Evinova provides globally-oriented digital products and services to the life sciences and healthcare industry.
By application, supply chain management was the highest revenue-grossing segment in the global blockchain technology in healthcare market in 2023 owing to the increase in the prevalence of counterfeit drugs, prompting pharmaceutical companies to increasingly embrace interoperability with Internet of Things (IoT) devices. This adoption aids in recruiting participants for clinical trials and overseeing the regulation of the drug supply chain. The implementation of blockchain has the potential to revolutionize the healthcare industry by reducing operational expenses, addressing data integrity issues, and optimizing healthcare processes. Additionally, clinical trials & eConsent is predicted to grow at the fastest CAGR during the forecast period owing to the increasing uptake of blockchain technology in medical records ensures the integrity of data, a rising trend in technology adoption in clinical trials promotes effective data management & security, and increase in collaborative efforts among market players. For instance, in March 2022, Nokia has revealed its collaboration with Equideum Health, a U.S.-based company, to collaboratively create and implement healthcare applications. This involves leveraging Nokia's Data Marketplace (NDM) solution, delivered through a Software-as-a-Service (SaaS) model. The partnership aims to unlock a range of person-centric use cases by incorporating advanced technologies in data management, data exchange, and blockchain.
By end-user, biopharmaceutical & medical device companies was the highest revenue-grossing segment in the global blockchain technology in healthcare market in 2023 owing to a substantial research & development budgets, an increasing demand for securing data exchange & interoperability, a growing utilization of technology for critical functions such as validating returned drugs, preventing counterfeits, adhering to pharmaceutical supply chain regulations, enhancing transparency & traceability in clinical trials, & improving the reliability & quality of clinical trial data, are all accompanied by a rise in partnerships among key market players. For instance, in April 2022, Chronicled entered into a collaboration with AmerisourceBergen, an American pharmaceutical wholesale company. The objective of this partnership was to leverage a novel blockchain-driven solution designed to enhance accuracy in pharmaceutical chargebacks and significantly reduce instances of chargeback rejections. Additionally, hospital is predicted to grow at the fastest CAGR during the forecast period owing to the technology is increasingly being embraced by hospitals. Healthcare institutions are currently focused on securely storing patient data to ensure the seamless operation of the system. This not only aids in categorizing both new and existing patients but also utilizes past records to enhance the efficiency of doctor appointments. The technology serves as a preventive measure against the risk of data breaches and cyberattacks, safeguarding sensitive information like payment details, addresses, and phone numbers from exposure.
North America region is anticipated for the highest revenue share during the forecast period owing to the numerous measures undertaken by local governments to prevent data breaches, a substantial increase in the adoption of the General Data Protection Regulation (GDPR), significant expansion of blockchain technology, and an uptick in partnerships among industry frontrunners. For instance, in August 2022, InfStones and Oracle have revealed their partnership to integrate InfStones' prominent blockchain development platform with Oracle Cloud Infrastructure (OCI) in order to expedite the development of Web3. This joint effort aims to provide valuable insights that will contribute to the global advancement, growth, and acceptance of Web3 applications. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing need for the security of medical records, an increase in investments for technology development, a rise in challenges related to Electronic Medical Records (EMRs), an escalating demand for secure and well-managed data sharing among companies, and a rising trend of introducing advanced platforms. For instance, in February 2023, Wipro Lab45, the innovation lab of the prominent technology services and consulting firm Wipro Limited, has introduced the Decentralized Identity and Credential Exchange (DICE) ID. This initiative empowers users to have authority over their personal data, facilitating quicker, more convenient, and secure sharing of private information on the internet.
Segmentation: Blockchain Technology In Healthcare Market Report 2023 - 2034
Blockchain Technology In Healthcare Market Analysis & Forecast by Network Type 2023 - 2034 (Revenue USD Bn)
- Public
- Private
- Others
Blockchain Technology In Healthcare Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Clinical Trials & eConsent
- Supply Chain Management
- Claims Adjudication & Billing
- Clinical Data Exchange & Interoperability
- Others
Blockchain Technology In Healthcare Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Hospitals
- Biopharmaceutical & Medical Device Companies
- Payers
- Providers
- Others
Blockchain Technology In Healthcare Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Blockchain Technology In Healthcare Market: Network Type Estimates & Trend Analysis
8. Blockchain Technology In Healthcare Market: Application Estimates & Trend Analysis
9. Blockchain Technology In Healthcare Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Blockchain Technology In Healthcare Market
12. Europe Global Blockchain Technology In Healthcare Market
13. Asia Pacific Global Blockchain Technology In Healthcare Market
14. Latin America Global Blockchain Technology In Healthcare Market
15. MEA Global Blockchain Technology In Healthcare Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Solve.Care
- iSolve LLC
- IBM
- Guardtime
- Medicalchain SA
- Oracle
- Blockpharma
- Change Healthcare
- BurstIQ
- PATIENTORY INC.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | March 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 3.33 Billion |
| Forecasted Market Value ( USD | $ 1029.18 Billion |
| Compound Annual Growth Rate | 68.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
