Blockchain Technology in Healthcare Market (Application - Claim Adjudication and Billing Management, Clinical Data Exchange and Interoperability, Supply Chain Management, and Others; End User - Healthcare Providers, Healthcare Payers, Pharmaceutical Companies, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

Blockchain Technology in Healthcare Market (Application - Claim Adjudication and Billing Management, Clinical Data Exchange and Interoperability, Supply Chain Management, and Others; End User - Healthcare Providers, Healthcare Payers, Pharmaceutical Companies, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

Report Code: IGR046 Category: Healthcare & Medical Devices Published: March, 2024

A recent report published by Infinium Global Research on blockchain technology in healthcare market provides in-depth analysis of segments and sub-segments in the global as well as regional blockchain technology in healthcare market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional blockchain technology in healthcare market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global blockchain technology in healthcare market.

Market Insight:

The global blockchain technology in healthcare market was USD 1.98 billion in 2022 and is expected to reach USD 92.68 billion by 2030, growing with a CAGR of 53.57% over the forecast period of 2023-2030.

Blockchain technology is a distributed system recording and storing transaction records. Blockchain technology involves data storage that is not changeable and is kept in a digital ledger and constructed from connected transaction blocks. As the Healthcare sector includes highly complex unorganized data and vast clinical trial data, the supply of drugs to patients raises concerns regarding the management of data and security of patients' data. Thus, blockchain technology creates unique opportunities to reduce complexity, enable trustless collaboration, and create secure and immutable information health care, places the patient at the center of the healthcare ecosystem, and increases the security, privacy, and interoperability of health data. This technology creates a new model for Health Information Exchanges (HIE) by making electronic medical records more efficient, disintermediated, and secure. In short, blockchain can help digital health by making it easier to share data securely, with patient consent. Blockchain technology finds applications across various healthcare areas like electronic health records, supply chain management, clinical trials, and health information exchange.

The increasing incidences of healthcare data breaches drive the growth of blockchain technology in the healthcare market. Blockchain technology has been used to protect and preserve medical data since it is especially prone to security lapses and attacks including manipulation, counterfeits, and privacy leaks. The increasing need for counterfeit-proofing in the pharmaceutical industry is driving the growth of Blockchain Technology in the Healthcare Market. Healthcare supply chains are becoming traceable and transparent through blockchain technology. This traceability serves to confirm the authenticity of pharmaceuticals, stopping the spread of fake drugs, and assuring that patients receive real goods. However, the limited understanding and awareness of blockchain technology among healthcare professionals may hamper the market growth. Furthermore, the ongoing development in the healthcare sector creates a lucrative opportunity for the growth of the market over the forecast period.

Blockchain Technology in Healthcare Market Size, Shar | IGR

Geographically, blockchain technology in the healthcare market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America holds the largest share of the global blockchain technology in the healthcare market. The implementation of regulations in the region regarding the safety of patient data and improving quality of care, the rising need to reduce the escalating healthcare costs, and the growing need to protect medical data from tampering are contributing to the growth of the market. Furthermore, healthcare companies operating in the North America region are integrating blockchain technology to manage their security, patient data, medicines, vaccine doses, etc. Moreover, technology acceptance and the presence of global healthcare leaders are contributing to the growth of North America’s blockchain technology in the healthcare market. Meanwhile, Europe is expected to witness the fastest growth in the blockchain technology market. The growing partnerships and collaboration drive the market growth in the region.

Report Scope of the Blockchain Technology in Healthcare Market:

Report Coverage Details
Market Size in 2022 USD 1.98 Billion
Market Size by 2030 USD 92.68 Billion
Growth Rate from 2023 to 2030 CAGR of 53.57%
Largest Market North America
No. of Pages 180
Market Drivers
  • The increasing frequency of data breaches and leaks as well as the growing need to resolve these issues attributed to the growth of the blockchain technology market

  • The growing adoption of cloud-based electronic health record software and requirement of fast access to real-time patient records actuated the growth of this market.

Market Segmentation By Application, and By End User
Regional Scope North America, Europe, Asia Pacific, and RoW

Segment Covered

The report on global blockchain technology in healthcare market covers segments such as application, and end user. On the basis of application, the sub-markets include claim adjudication and billing management, clinical data exchange and interoperability, supply chain management, and others. On the basis of end user, the sub-markets include healthcare providers, healthcare payers, pharmaceutical companies, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Medicalchain SA, Factom, Inc, Patientory, Inc, iSolve Technologies, Hashed Health, Chronicled, Guardtime Federal, Microsoft Corporation, IBM Corporation, and Burstiq.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the blockchain technology in healthcare market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


Frequently Asked Questions (FAQ's)

The global blockchain technology in healthcare market was valued at USD 1.98 Billion in 2022.
It is likely to grow at a CAGR of 53.57% during the forecast period 2023-2030.
The global blockchain technology in healthcare market is estimated to reach USD 92.68 Billion by the end of 2030.
North America is anticipated to exhibit high demand for blockchain technology in healthcare market during the forecast period.
Medicalchain SA, Factom, Inc, Patientory, Inc, iSolve Technologies, Hashed Health, Chronicled, Guardtime Federal, Microsoft Corporation, IBM Corporation, and Burstiq.

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