The global blockchain technology in healthcare market revenue was around US$ 747.9 million in 2022 and is estimated to reach US$ 16,265.5 million by 2031, growing at a compound annual growth rate (CAGR) of 40.8% during the forecast period from 2023 to 2031.
A blockchain is a distributed database or ledger that is transferred among the nodes of a computer network. A blockchain serves as an electronic database for storing data in digital form. In the healthcare system, a blockchain network is utilized to share and store patient data among diagnostic labs, hospitals, drug companies, and doctors. It can improve the safety, efficiency, and openness of the exchange of medical data within the healthcare system.
Market Driving Factors
The surging incidence of healthcare data breaches is estimated to drive the market growth. Healthcare data breaches have increased in both frequency and size, with the most substantial breaches impacting people. In addition, healthcare data breaches usually expose highly sensitive details, from personally identifiable details such as names, Social Security numbers, and addresses to sensitive health data such as health insurance information, Medicaid ID numbers, and patients’ medical histories.
Government Initiatives are estimated to create opportunities in the market. The blockchain technology is emerging as a valid solution in the healthcare industry. Numerous startups have started addressing the main pain points in the healthcare industry (such as data security, medical record interoperability, and preventing counterfeit drugs from entering the pharmaceutical supply chain) with the aid of blockchain technology. Moreover, blockchain technology has drawn the attention of different stakeholders in the healthcare industry. As a result, due to the raised interest in this technology, various government bodies across the world are financing blockchain research.
The lack of a unified set of standards and a shortage of skilled workers to oversee blockchain technology in the healthcare industry could restrict market growth.
Regional Analysis
North America dominated the market in terms of the largest shares and is estimated to continue its dominance. This can be majorly attributed to the technological advances in blockchain technology, integration of cutting-edge technology & software processes, the existence of key players, and strong infrastructure in the region.
Asia-Pacific is estimated to dominate the market in terms of the growth rate. This is mainly due to the increase in data breaches, the development of healthcare infrastructure, and the surge in investment projects in the region.
Segmentation Insights
Type Insight
The private segment is estimated to dominate the market in terms of the fastest rate. This is majorly due to the growth of the private sector are data management and recording aspects along with the surge in demand for highly secure supply chain networks.
Application Insight
The supply chain management segment dominates the market in terms of the largest shares. This is primarily owing to the blockchain applications assist preserve data integrity. The technology also assists pharmaceutical companies in promoting interoperability with the Internet of Things (IoT) devices. Furthermore, it also aids them recruit candidates for clinical trials and regulates the drug supply chain. As a result, blockchain can alter the healthcare sector by reducing operational prices, data corruption, and healthcare process optimization.
End User Insight
The pharmaceutical & medical device companies segment is estimated to dominate the market in terms of the largest shares. This is primarily due to the large R&D budgets, the requirement to secure data exchange and interoperability, and a large amount of data management done by these companies in places such as drug discovery and development. Furthermore, the increasing adoption of technology for crucial functions such as counterfeit prevention, verifying the authenticity of the returned drug, compliance with the pharmaceutical supply chain, traceability, and transparency in clinical trials, and enhancing the reliability and quality of clinical trial data is also expected to contribute to boosting the segment growth.
Prominent Companies
Segmentation Outline
The global blockchain technology in healthcare market segmentation focuses on the Type, Application, End User, and Region.
By Type
By Application
By End User
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET, BY TYPE
5.1 OVERVIEW
5.2 PUBLIC
5.3 PRIVATE
5.3.1 CONSORTIUM
5.3.2 FULLY PRIVATE
6 GLOBAL BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 SUPPLY CHAIN MANAGEMENT
6.3 DATA EXCHANGE AND INTEROPERABILITY
6.4 CLAIMS ADJUDICATION AND BILLING
6.5 OTHERS
7 GLOBAL BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET, BY END USER
7.1 OVERVIEW
7.2 PHARMACEUTICAL AND MEDICAL DEVICE COMPANIES
7.3 HEALTHCARE PAYERS
7.4 HEALTHCARE PROVIDERS
8 GLOBAL BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 AKIRI INC
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 HASHED HEALTH
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 BURSTIQ
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 ORACLE CORPORATION
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 PROOF WORKS
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 EQUIDEUM HEALTH
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 CHANGE HEALTHCARE INC
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 EMBLEEMA
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 ISOLVE LLC
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 MEDICAL CHAIN
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 AVANEER HEALTH INC
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 INTERNATIONAL BUSINESS MACHINES CORPORATION
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 CRYSTALCHAIN
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 FARMATRUST
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 GUARDTIME
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 PATIENTORY INC
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 CHRONICLED
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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