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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