The global blockchain in healthcare market size was USD 341.79 Billion in 2021, and is expected to register a revenue CAGR of 68.97% during the forecast period. Rise in number of cases of breach of data, data theft, and leak of sensitive medical information, increasing adoption of blockchain technology for ease of sharing patient data among medical practitioners in different institutions, and rising threat of counterfeit medications are factors expected to drive revenue growth of the market. Moreover, rising demand of Distributed Ledger Technology (DLTs) for transparent and immutable functioning of decentralized digital databases is another factor projected to support revenue growth of the market from 2022 to 2030.
Blockchain is a digitally distributed, decentralized public ledger that is used for recording transactions and tracking assets in a business network. In contrast to other centralized databases, such as SQL database, blockchains are more secure as they are not regulated by any single entity, rather by the users themselves. This prevents tampering of data by hackers, and provides a secure passage for digital transactions. All transactions of the ledger are visible to each of the users, bringing about a sense of trust to adopt the database for transactions, which is rising demand of blockchain in various industries and sectors, including the healthcare sector.
Over the years, trade in counterfeit medicinal products and pharmaceutical formulations have increased globally, with developing and low and middle-income countries being the major sources of origin. For instance, statistics from the Intellectual Property Crime Threat Assessment 2022 by the European Union Intellectual Property Office (EUIPO) suggest that the number of counterfeit pharmaceutical products have been steadily increasing in the EU, with more than 1 billion units being seized by EU customs authorities in 2019, and the trend continuing steadily in 2020. Weak and disorganized global supply chain links, unavailability of authenticating suppliers, and exploitation of free trade zones are the key reasons enabling growth of falsified medications on the global level. Moreover, stringent regulations by organizations such as the Food and Drug Administration (FDA) and Organisation for Economic Co-operation and Development (OECD) has necessitated deployment of blockchain to control and protect data, and counter the trade of falsified drugs. Implementation of DLTs by end-users of the healthcare sector enable them to verify authenticity of product suppliers before placing orders and control the use of counterfeit medicines in the market. This is another factor projected to drive the market revenue growth between 2022 and 2030.
Recent advancements in the healthcare and research sectors has led to digitization of data for ease of sharing among patients and other authorized users across institutions. However, cases of data theft and cyberattacks have leaked sensitive information related to health of patients and proprietary formulations of pharmaceutical industries causing loss of property rights and violation of privacy. Blockchain provides more transparency and control of data to users by decentralizing power, rather than letting a single entity or a third party connecting two unknown end users control it. This ensures end to end security of datasets, confidentiality of medical and personal data, cost efficiency, and traceability of records.
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Driver: Rising demand of distributed ledger technology is driving revenue growth of the blockchain in healthcare market
Rising number of cases of data breach, data theft, and leak of sensitive medical information from digital healthcare platforms is expected to drive revenue growth of the market over the forecast period. Rapid development in the healthcare sector has led to the transition from paper based medical records to electronic records on personalized healthcare databases. However, normal databases such as the SQL database is prone to tampering of data due to centralized regulation. Blockchain technology is successfully avoids data breaches due to the decentralized character distributing control to its users. In addition, errors made on the blockchain have to be rectified with another block, after which both blocks are visible to all users, thus ensuring robustness and preventing tampering of data. These properties have led to increasing adoption of the technology.
Pharmaceutical industries are increasingly using DLTs for end-to-end tracking of the supply chain, from the manufacturers up until consumers and research laboratories. This helps in maintaining a record of the amount of products that have been supplied over a particular time period. Increasing adoption of the technology by industries to keep up with demand supply gap is anticipated to drive the market revenue growth. Digitization of supply chains on Internet has led to rapid rise of counterfeit drugs and medicinal products which cause adverse side effects and even death upon consumption. According to estimates of the World Health Organization (WHO), 1 in every 10 pharmaceutical products in low and middle-income countries are falsified or sub-standard. Global concerns for rising counterfeit drug supply chains has aided the switch to blockchains. This ensures end users that the manufacturer is authenticated from regulatory bodies before placing an order. Rise of Electronic Health Records (EHRs) has increased sharing of clinical data among medical practitioners in various institutions to gain expertise and speed up the diagnosis of disease. However, commercially available social platforms are unsafe for sharing such sensitive data. Revenue growth of the market is expected to continue in the coming years owing to increasing adoption of blockchain technologies that provide a safe platform for encrypted data sharing and viewing among authenticated users.
Restraint: Lack of technological knowledge and reluctance of patients to share medical data is a major factor restraining revenue growth
Blockchain has been used by digital currencies for more than a decade, whereby it has steadily transitioned to other domains such as the automotive and pharmaceutical industries and healthcare organizations. However, as this technology is still emerging, benefits and setbacks have not been explored completely, which makes patients apprehensive to adopt it, thus decreasing demand for the technology in healthcare to a certain extent. Online workshops and digital platforms demonstrating how to use DLTs and guiding users through it can gain user confidence. Lack of technological knowledge and occurrences of cyberattack on healthcare websites are some other factors anticipated to restrain revenue growth of the market over the forecast period.
The blockchain in healthcare market has grown significantly during the COVID-19 pandemic, owing to the rapid rise in COVID-19 cases, making both patients as well as medical practitioners’ dependent on fast and private sharing of personal data for quick diagnosis and treatment. The technology has been deployed in South Korea for contact tracing of visitors who have tested positive for the SARS-CoV-2 virus through a smartphone application. Individuals and enterprises are relying upon blockchain technology for privatizing data through hashing and encryption. According to a 2021 report by the Authentication Solutions Providers’ Association (ASPA), sales of counterfeit and falsified medicinal products increased by around 47% in India from 2020 to 2021 following the COVID-19 pandemic. Implementation of digital ledger technologies to ensure supply of medicines only from authenticated manufacturers and filter out counterfeit supply chains, along with keeping a track of production, distribution, and stock of vaccines and related supplies is expected to significantly drive market revenue growth over the coming years.
Based on application, global blockchain in healthcare market has been segmented into supply chain management, clinical data exchange and interoperability, claims adjudication and billing management, and others. Supply chain management segment is expected to register a significantly robust revenue growth over the forecast period. Blockchains are increasingly used in the pharmaceutical industry as it combines data storage, encryption, and distribution to protect user data, health information of patients and transaction records. Immutability of the blocks ensures that all users receive true data related to supply chain products. Integrating this technology for end-to-end tracking of supply chain helps in organizing it. DLTs enable verification of the supplier, which ensures that end-users do not receive counterfeit or substandard medications.
Clinical data exchange and interoperability segment is expected to register a steady rate of revenue growth over the forecast period. With increasing prevalence of diseases and rapid advancements in technology, healthcare organizations are shifting from paper based medical records to digital records for ease of sharing and documentation. Distributed ledger technology allows data encryption to prevent potential leak of digital data through cyberattacks. Furthermore, exchange of clinical data among health institutions through interoperable DLTs has accelerated disease diagnosis of patients, which is increasing adoption of the technology in medical centers, and is further expected to drive revenue growth of this segment.
Based on end-use, global blockchain in healthcare market has been segmented into pharmaceutical, healthcare providers, healthcare payers, and others. Pharmaceutical segment is projected to register a rapid revenue growth from 2022 to 2030. Blockchain technology provides a platform for safe and secure sharing of authenticated data across different organizations. This application is adopted in pharmaceutical supply chains for tracking pharmaceutical products from the manufacturers, packagers, distributors, logistics providers, to wholesalers, pharmacists, and consumers. Improved traceability has upgraded supply chains and reduced sale of counterfeit medical products.
Healthcare providers segment is expected to register a steady rate of revenue growth over the forecast period. Increasing global population has led to increase in number of medical cases. Rapid digitization has made patient data more accessible to healthcare providers, including doctors, surgeons, laboratory technicians, and nurses, among others. Accelerated sharing of prescriptions, medical reports, health statuses among medical practitioners for quick diagnosis is anticipated to increase adoption of the technology to a considerable extent.
Blockchain in healthcare market in North America is expected to account for the largest revenue share during the forecast period. Robust presence of major developers of the technology in countries in this region are expected to significantly contribute to revenue growth of the market. Furthermore, development of blockchain frameworks by professional services network in this region that can be utilized by organizations interested in the technology is expected to contribute significantly to the market revenue growth over the forecast period.
Europe blockchain in healthcare market is expected to register rapid revenue share during the forecast period. Increasing number of initiatives by governments in countries in this region to bring about digital transformation and shift from paper-based medical records to electronic records and technologies to provide fast and accurate medical assistance to patients is one of the major factors driving revenue growth of the market. Estonia has been employing blockchain technology in the healthcare sector since 2012 for securing patient records and medical data, and process financial transactions. Currently, more than 90% of the information related to healthcare is digital ledger-based, and around 99% of clinical prescriptions are generated digitally. In addition, reports related to the wide range of applications of blockchain in the healthcare sector have been released by the EU in recent years which is likely to drive revenue growth rate of the market in Europe.
Asia Pacific blockchain in healthcare market is expected to account for steady revenue CAGR over the forecast period, due to increasing adoption of EHR systems by medical centres. The technology has also been used in countries in this region during the COVID-19 pandemic for tracking medication and vaccine doses, and contact tracing to control spread of the virus. For instance, in 2020, hospitals in China utilized blockchain technology for accurately tracking delivery of COVID-19 medications in patient residences. This is accelerating rapid development of healthcare infrastructure and digitization of data in Asia-Pacific, and consequently, driving revenue growth of the market.
Competitive landscape of global blockchain in healthcare market is moderately consolidated with several major players operating on global and regional levels. Key players are engaged in platform development and strategic alliances to expand their respective portfolios and gain a robust footing in global market. Some of the major companies included in the global market report are IBM, Microsoft, Gem, Guardtime, Chronicled, Hashed Health, PokitDok, SimplyVital Health, FarmaTrust, and Blockpharma.
- On 9 April 2022, Zenith Chain, which is a Lithuania based Blockchain startup, announced signing an investment funding deal worth USD 35 million with GEM Digital Ltd. This investment is expected to boost position of the former company to enable improving of their existing products while enabling launch of new ones to create blockchain solutions for increasing user adoption.
- On 30 March 2022, IBM announced that the company is working to enhance digital transformation of applications and upgrade existing systems to a hybrid cloud architecture using Red Hat Openshift for Discover Financial Services, which is a prominent digital bank and payments company. This collaborative work is aimed at protecting user data and meeting the consumer demands of faster access to integrated digital banking and payments. The former is also utilizing IBM Garage and agile technologies for updating existing applications and co-create new solutions, which is expected to help DFS develop greater benefits in business and technology.
- On 15 March 2022, Microsoft announced the expansion of cloud strategy for healthcare and life sciences updating the Microsoft Cloud for Healthcare and the Azure Health Data Services to employ Artificial Intelligence (AI) for transforming future of the healthcare sector. Microsoft Cloud for Healthcare has brought about rapid changes in the sector, from reducing clinician burnout, to delivering personalized patient experiences, and enabling interoperability of patient health data. The recent advancements are expected to organize the digitized unstructured and inaccessible data in the health industry.
Segments Covered in the report
This report offers historical data and forecasts revenue growth at a global, regional, and country-level, and provides an analysis of market trends in each of sub-segments from 2019 to 2030. For the purpose of this report, Reports and Data has segmented the global blockchain in healthcare market based on application, end-use, and region:
Blockchain in Healthcare Market Report Scope
Segments covered By Application Outlook, End-use Outlook, Regional Outlook
By Application Outlook
Supply Chain Management
Clinical Data Exchange and Interoperability
Claims Adjudication and Billing Management
By End-use Outlook
Middle East & Africa
TABLE OF CONTENT
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2022-2030
Chapter 3. Indicative Metrics
Chapter 4. Blockchain in Healthcare Market Segmentation & Impact Analysis
4.1. Blockchain in Healthcare Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
184.108.40.206. Rise in number of cases of breach of data, data theft, and leak of sensitive medical information
220.127.116.11. Increasing adoption of blockchain technology for ease of sharing patient data among medical practitioners in different institutions
18.104.22.168. Rising threat of counterfeit medications
22.214.171.124. Rising demand of Distributed Ledger Technology (DLTs) for transparent and immutable functioning of decentralized digital databases
4.2.3. Market restraints analysis
126.96.36.199. Issues related to data privacy and reluctance to share personal medical information on digital platforms
188.8.131.52. Lack of awareness and technological knowledge regarding blockchain technology among patients and users of digital devices
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price Trend Analysis
4.9. Customer Mapping
4.10. COVID-19 Impact Analysis
4.11. Global Recession Influence
Chapter 5. Blockchain in Healthcare Market by Application Insights & Trends
5.1. Application Dynamics & Market Share, 2022 & 2030
5.2. Supply Chain Management
5.2.1. Market estimates and forecast, 2019 – 2030 (USD Billion)
5.2.2. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
5.3. Clinical Data Exchange and Interoperability
5.3.1. Market estimates and forecast, 2019 – 2030 (USD Billion)
5.3.2. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
5.4. Claims Adjudication and Billing Management
5.4.1. Market estimates and forecast, 2019 – 2030 (USD Billion)
5.4.2. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
5.5.1. Market estimates and forecast, 2019 – 2030 (USD Billion)
5.5.2. Market estimates and forecast, By Region, 2019 – 2030 (USD Billion)
Chapter 6. Blockchain in Healthcare Market by End-use Insights & Trends
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