Blockchain Technology in Healthcare Market Opportunities and Analysis 2023

Market Synopsis

Market Research Future (MRFR) proposes that the global blockchain technology in healthcare market is likely to garner USD 42.06 million, grabbing a CAGR of 71.8% during the forecast period (2018-2023). Rising incidences of data theft in the healthcare sector are predicted to bolster the market growth. The blockchain is referred to as a decentralized platform system allowing the entry of real-time transaction. It enables the users to track all the activities which are carried out in the network and works as a digital ledger. The data is organized into blocks and are never stored in a single location. The data is accessible to everyone over the internet.

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Market Potential and Pitfalls

With the accelerating incidences of data theft in the healthcare sector, high adoption of blockchain technology, and increasing demand for inexpensive and easy-to-use data management tools, the global blockchain in healthcare is set to grow. For instance, in June 2018 a leading blockchain company in the U.K., The Guardtime had launched its health record platform working on blockchain technology. The augmenting incidences of data breaches in the healthcare sector and the increasing threat of counterfeit drugs are propelling the market growth across the globe. Moreover, the immutability and transparency of the distributed ledger technology are likely to foster the market in the coming years. The blockchain is stealing the spotlight in the healthcare industry owing to the strict mandates to safeguard consumer data and rising investment and funding in the blockchain arena.

Blockchain technology in the healthcare sector is likely to encompass humongous data of medical documents, records, images, lab reports, and transaction details which require a huge amount of storage space. Investors in the blockchain technology are aiding to the growth of the market as the knowledge of benefits is understood by the entrepreneurs. This is estimated to contribute to the market growth across the globe. Blockchain plays a crucial role in overcoming the challenges related to the legal systems. Advantages associated with the implementation of blockchain in healthcare are the elimination of the third-party intermediaries, the introduction of transparency, and streamlining operational procedures and large costs. Such factors are estimated to bolster the market growth in the coming years.

On the contrary, the deficit of universal standards and significant entity coupled with the lack of awareness regarding blockchain technology are some of the top barriers considered to deter the growth of blockchain technology in healthcare market throughout the appraisal period. Moreover, the limited linkage between the storage systems in healthcare along with lack of inoperability are some of the other factors considered to dampen the market growth in the coming years.

Competitive Dashboard

The prominent players operating the global blockchain technology in healthcare market are Farmatrust, Patientory, Chronicled, Factom, Pokitdok, Hashed Health, IBM, Isolve, Microsoft, Gem, Simplyvital Health, Blockpharma, Guardtime, Medicalchain, and others.

Global Blockchain Technology in Healthcare Market: Segmental Analysis

The global blockchain technology in healthcare market has been segmented on the basis of type, application, and end-user.

By mode of application, the global blockchain technology in healthcare market has been segmented into patient data management, supply chain management, clinical trials & data security, drug traceability, billing, claims adjudication, and others. Among these, the supply chain management is considered to occupy the largest market share owing to the accelerating number of counterfeit drugs in circulation coupled with the implementation of strict mandates like the Falsified Medicines Directive in Europe and the Drug Quality and Security Act in the U.S.

By mode of technology, the global blockchain technology in healthcare market has been segmented into permission less blockchains and permissioned blockchains.

By mode of end-users, the global blockchain technology in healthcare market has been segmented into healthcare service providers, pharmaceutical companies, healthcare consumers, and others. Among these, the pharmaceutical companies are estimated to occupy the largest share. The growth is credited to the strict mandates associated with healthcare supply chain management in regions like Europe and the U.S. which mandate the deployment of full, track-and-trace, and unit-level systems for the pharmaceutical products.

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Regional Insights

Geographically, the blockchain technology in healthcare market span across regions namely, Europe, America, Asia-Pacific, and the Middle East & Africa.

Among all the regions, the American region is estimated to dominate the global blockchain technology in the healthcare market. The growth is credited to the presence of a well-established healthcare infrastructure, high adoption of advanced technologies, and availability of large insurance holders and patient population in this region.

Europe is considered to occupy the second-largest position in the global market owing to the rising number of clinical trials with augmenting expenditure on R&D in the pharmaceutical industry. Moreover, with the increasing expenditure on healthcare coupled with the rising awareness regarding blockchain technology, the market is sure to flourish in this region.

The Asia Pacific region is predicted to expand at the fastest rate owing to the augmenting generic pharmaceutical industry in this region. Also, adoption of latest technology in the healthcare sector and rising investment in this sector is highly contributing to its growth.

Industry Updates

February 16, 2019: IBM has created a brand-new blockchain-based health utility network to summon a wide healthcare ecosystem in a shared and highly secured environment. Their aim is to allow the organizations to create, share, and deploy blockchain-based solutions that will further fuel the digital transformation.

Ashu Kalbande Senior Web Marketing Executive at WiseGuy Research Future