The global blockchain in healthcare market, valued at USD 0.76 billion in 2022, is projected to reach approximately USD 14.25 billion by 2032, growing at a compound annual growth rate (CAGR) of 34.02% from 2023 to 2032. Blockchain technology is expected to transform the healthcare industry by enhancing data security, transparency, and efficiency.
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What is Blockchain Technology in Healthcare?
Blockchain technology is a decentralized, secure method of storing and sharing data across various stakeholders in the healthcare sector. It consists of a growing list of records, called blocks, linked cryptographically to ensure data integrity and security. Two main types of blockchain used in healthcare are:
- Permissioned Blockchains (Private Blockchains): Require authorization and offer high customizability, access control, and scalability.
- Permissionless Blockchains (Public Blockchains): Open to all participants and suitable for broader data-sharing applications.
Key Applications of Blockchain in Healthcare
- Supply Chain Management: Ensures transparency and integrity in the pharmaceutical supply chain.
- Clinical Data Exchange and Interoperability: Enhances data sharing and security, reducing the risk of breaches and improving patient care.
- Claims Adjudication and Billing Management: Streamlines processes and reduces administrative costs.Other
- Applications: Include IoT security, remote patient monitoring, and patient-centered health records.
Market Drivers and Opportunities
- Data Security and Privacy Needs: Growing concerns over data breaches and information leaks are propelling the adoption of blockchain.
- Demand for Efficient Health Data Management: High demand for preventing drug counterfeiting and managing health data effectively.
- Increasing Adoption of Telehealth: The rise of telehealth, especially post-COVID-19, has further driven the demand for secure and efficient data management systems like blockchain.
Key Players in the Blockchain Healthcare Market
- PATIENTORY INC.
- IBM
- iSolve, LLC
- Guardtime
- Oracle
- Solve.Care
- BurstIQ
- Change Healthcare
- Blockpharma
- Medicalchain SA
Market Segmentation and Key Insights
By End-User (2022)
- Biopharmaceutical and Medical Device Companies: Held the largest market share due to extensive R&D investments and the need for secure data management.
By Application (2022)
- Supply Chain Management: Represented over 23% of the market share, leveraging blockchain for data integrity and interoperability with IoT devices.
- Clinical Trials and eConsent: Expected to grow significantly due to improved data management and security.
By Network Type (2022)
- Public Networks: Dominated the market due to their low cost and wide accessibility. Ethereum is a leading public network in healthcare applications.
By Region (2022)
- Europe: Held the largest market share, driven by supportive government regulations, increased awareness, and data protection initiatives like GDPR.
- North America: Expected to have the second-largest market share due to the growing demand for medical record security.
Challenges and Barriers
- Lack of Standardization and Expertise: The market faces challenges like reluctance to share information, lack of a centralized authority, insufficient technological infrastructure, and a shortage of trained experts.
Future Outlook
The future of blockchain in healthcare is promising, with potential applications expanding from data management and security to smart contracts, IoT security, and patient-centered care. Ongoing technological advancements and increased investments in blockchain are expected to further enhance its role in the global healthcare industry.
Recent Developments and Strategic Initiatives
- Zenith Chain signed a USD 35 million venture capital agreement with GEM Digital Ltd to improve blockchain solutions.
- IBM launched the IBM Rapid Supplier Connect to facilitate the supply chain for COVID-19 resources.
- MDS Mexico introduced a blockchain-based COVID-19 testing service.
- Change Healthcare expanded its capabilities by acquiring PokitDok’s DokChain technology.
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