Blockchain in Healthcare Market Forecasts to 2030 – Global Analysis By Network Type (Public and Private), Application, End User and By Geography

Blockchain in Healthcare Market Forecasts to 2030 – Global Analysis By Network Type (Public and Private), Application, End User and By Geography

According to Stratistics MRC, the Global Blockchain in Healthcare Market is accounted for $3.35 billion in 2023 and is expected to reach $140.03 billion by 2030 growing at a CAGR of 70.4% during the forecast period. A increasing set of documents, referred to as blocks, that are linked together cryptographically is referred to as a blockchain. A cryptographic hash of the preceding block, the time and date, and transaction details are all included in each block. Blockchain is a cutting-edge technology that is being applied to provide ground-breaking solutions across several industries, including healthcare. A Blockchain network is utilized in the healthcare industry to store and transmit patient data across hospitals, diagnostic labs, pharmacies, and doctors. Blockchain technologies can reliably detect grave and even deadly mistakes in the medical area.

According to the World Health Organization (WHO), one in each 10 medicines fails in low- and middle-income countries because they are substandard or falsified.

Market Dynamics

Driver

Increasing cases of healthcare data breaches

A blockchain functions as a digital database for the storage of data. A blockchain network is utilized in the healthcare industry to store and share patient data across hospitals, diagnostic labs, pharmaceutical firms, and physicians. However, the healthcare sector has seen a sharp rise in the frequency of data breaches. Highly sensitive information, including personally identifiable information like social security numbers, names, and addresses as well as sensitive health data, is frequently exposed in healthcare data breaches. As a result, the industry is now more in demand due to the increase in data breaches.

Restraint

Lack of awareness

Lack of information about distributed ledger technology and its use in the healthcare sector is the main obstacle to the development of blockchain technology. End customers in the healthcare sector are unaware of the advantages and functionality of this revolutionary technology. This could discourage businesses from making investments in this developing technology. In its present state, blockchain technology resembles a huge, uncharted frontier with unpredictable growth. Investors, the general public, and business owners have not yet taken advantage of its potential to alter corporate operations.

Opportunity

Increasing demand for distributed ledger technology

The market is expected to grow as a result of the increasing number of incidents of data theft, break-ins, and the unauthorized disclosure of sensitive clinical data from electronic systems. The use of electronic records with tailored medical care data sets over paper-based clinical records is another result of the healthcare industry's rapid growth. In order to display the two blocks to every user, accuracy on the blockchain must also be compared with other data. By doing this, security is guaranteed, and data loss and harm are prevented.

Threat

Regulatory Challenges

The introduction of blockchain technology creates new regulatory issues in the highly regulated healthcare sector. When incorporating blockchain systems, adherence to current data privacy and security requirements might be challenging. A big barrier to using blockchain's advantages is maintaining compliance. However, reluctance to disclose data is also the factor hampering the market growth.

Covid-19 Impact

It is believed that the epidemic would benefit the market for blockchain in healthcare. To expand hospital capacity for patients diagnosed with COVID-19, a significant number of clinics and hospitals throughout the world underwent restructuring. A possible backlog in non-essential processes developed as a result of the sharp increase in cases. The lockout caused delays in the production and delivery of critical medical supplies. Limited access to medical treatment, a staffing deficit in the healthcare industry, and an increase related hospitalization are a few more variables that have an influence on the market.

The clinical trials & eConsent segment is expected to be the largest during the forecast period

The clinical trials & eConsent segment is expected to be the largest during the forecast period. Utilizing technology in clinical trials makes data management and security more effective. Additionally, secure internal connections amongst clinicians are made possible via blockchain integration. Since the blockchain forbids information updates or revisions, industry growth is projected in the years to come. Data integrity is ensured by the use of blockchain technology in medical records. Similar ideas may be used in clinical studies, where the documentation is a crucial component of the regulations.

The hospital segment is expected to have the highest CAGR during the forecast period

The hospital segment is expected to have the highest CAGR during the forecast period owing to the growing adoption of the technology in hospitals. Hospitals and healthcare facilities are now striving to store patient data to ensure the system's efficient operation. This aids in categorizing both new and returning patients and makes use of previous records to support the doctor's appointment. Additionally, the system will shield sensitive data from data breaches and hackers, protecting things like payment information, addresses, and phone numbers.

Region with largest share

North America is projected to hold the largest market share during the forecast period. The main driver of regional expansion is the rise in demand for medical record security. The U.S. healthcare industry is investing more in emerging technology, but there are also more problems with electronic medical records. Major players and other healthcare organizations are engaging in the blockchain industry as a result of the increase in need for controlled, safe, and safe data sharing across businesses.

Region with highest CAGR

Asia Pacific is projected to hold the highest CAGR over the forecast period. The expansion of this regional market is being fueled by elements like expanding healthcare infrastructure, rising adoption of EHR systems and other healthcare IT solutions, growing demand for health information exchange between various healthcare stakeholders as a result of an increase in medical tourism in this region, and growing pressure to stop fake drugs from entering the supply chain.

Key players in the market

Some of the key players in Blockchain in Healthcare Market include Blockpharma, IBM Corporation, Guardtime, Change Healthcare, iSolve, LLC, PATIENTORY INC., Medicalchain SA, Solve.Care, BurstIQ, Oracle, Equideum Health, MAH Healthcare , Avaneer Health , Microsoft Corporation, Guardtime Federal, Blockpharma and International Business Machines Corporation.

Key Developments

In March 2022, Equideum Health selected Nokia as its partner to collaboratively develop and implement healthcare use cases. Nokia's Data Marketplace (NDM) solution, available through its Software-as-a-Service (SaaS) architecture, will support Equideum Health in launching innovative healthcare applications.

In February 2022, the Estonia-based healthcare company MAH Healthcare (Htax coin) is excited to announce the release of the HTrax currency as a step toward realizing its goal to integrate blockchain technology into the healthcare sector and digitize it.

In January 2022, Avaneer Health secured additional funding of USD 50 million from renowned healthcare institutions to support its blockchain-based health network. The network focuses on facilitating secure data sharing between payers, improving eligibility verification, and streamlining prior authorization processes.

Network Types Covered
• Public
• Private

Applications Covered
• Claims Adjudication & Billing Management
• Clinical Data Exchange & Interoperability
• Supply Chain Management
• Clinical Trials & eConsent
• Other Applications

End Users Covered
• Biopharmaceutical
• Players
• Providers
• Medical Device Companies
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements