Growth Opportunity Analysis in the Global Blockchain in Healthcare Market
$2,800.00 – $5,440.00
The increasing incidence of healthcare data breaches coupled with the increasing threat of counterfeit drugs to drive market growth
The adoption of blockchain technology in healthcare is primarily supported by the demand for reducing operating expenses, data corruption, and optimization of healthcare processes. It is becoming increasingly necessary to eliminate the risk of data tampering while storing and sharing patient data across hospitals, diagnostic laboratories, pharmacies, and clinicians to precisely identify severe and even dangerous errors.
Medical institutions are using this technology to obtain insight and improve the analysis of medical records. It also enables decentralized data security in healthcare, eliminates the risk of data tampering, and supports a unique data storage pattern, ensuring the safety and confidentiality of health records. This technology aids marketers in keeping track of medical products and helps pharmaceutical industries to eliminate counterfeit medications.
The global blockchain in healthcare market is expected to expand at a CAGR of over 60% during the forecast period 2022-2028. The market’s growth can be attributed to the rising occurrence of data leaks and breaches and the growing need to address these concerns. Information updates or alterations are not permitted on the blockchain, thus, ensuring high security of the data or information.
This is expected to drive industry growth in the coming years. Demand for blockchain technology is driven by its soaring use for critical functions such as verifying the authenticity of returned drugs, counterfeit prevention, pharmaceutical supply chain compliance, clinical trial transparency and traceability, and improving the reliability and quality of clinical trial data.
Increased adoption of blockchain technology in biopharmaceutical & medical device companies
Blockchain technology has the potential to revolutionize healthcare globally by providing innovative solutions that are economical, faster, and more effective. Blockchain has paved its way in almost every aspect of the healthcare industry, including biopharmaceutical & medical devices companies, hospitals, etc. Biopharmaceutical & medical device companies hold a significant market share due to considerable R&D budgets, the requirement for secure data interchange and interoperability, and a large quantity of data management done by companies in drug research and development fields account for the biopharmaceutical & medical device companies. Moreover, the surging adoption of blockchain technology in hospitals is expected to provide the necessary thrust to the segmental growth.
Healthcare data security concern is primarily driving the North America market
The EU government implemented the General Data Protection Regulation (GDPR) in 2018 to prevent data breaches. GDPR implementation, combined with the tremendous expansion of blockchain technology, is projected to offer businesses in the region with new opportunities. With increased investment in developing technology in the US healthcare sector, the North American is likely to witness an increase in demand for medical record security.
Moreover, Asia Pacific is expected to witness a proliferation of blockchain technology across various industry verticals. Healthcare data security, the creation of blockchain consortiums, government initiatives, rising incidences of data breaches, and increased usage of blockchain technology in the healthcare and pharmaceutical industries will all contribute to an increase in the Asia Pacific market size. With the increased emphasis on blockchain technology due to privacy and security concerns in Saudi Arabia, South Africa, Turkey, UAE, and the rest of the Middle East and North Africa, this technology will be extensively used by healthcare institutions in these regions.
Market Structure and Competitive Landscape
The blockchain market is highly competitive, and there are numerous players operating in the market. Though the industry is in its initial stage, healthcare and technology businesses are adopting new and novel computer technologies to enhance the healthcare sector’s existing competencies. To maintain their position in the market, the companies are employing various business strategies, such as expanding cooperation, partnerships, and mergers & acquisitions.
Major healthcare institutions are investing in blockchain technology as demand for safe, secure, and managed Electronic Medical Records (EMR) grows. Some of the prominent players in blockchain technology in the healthcare market are IBM Corp., Change Healthcare, Oracle Corp., BurstIQ Inc., UnitedHealth Group, Medicalchain SA, Blockpharma, iSolve LLC, Solve.Care, and Patientory Inc. among others.
- In October 2021, amid the COVID-19 spread, a COVID-19 testing service was launched by MDS Mexico. This service is blockchain technology-based and ensures the authenticity of vaccination certificates.
- In April 2020, to tackle COVID-19, IBM Corp. established the IBM Rapid Supplier Connect, a blockchain-based network that connects healthcare companies and governments with non-traditional device, equipment, and supply vendors.
Key Segmentation
RationalStat has segmented the global blockchain in healthcare market on the basis of network type, application, end user, and region.
- By Network Type
- Public Network
- Private Network
- Others (Consortium Network)
- By Application
- Clinical Trials & eConsent
- Claims Adjudication and Billing
- Supply Chain Management
- Clinical Data Exchange and Interoperability
- Others (Medical Credentialing)
- By End User
- Biopharmaceutical & Medical Device Companies
- Healthcare Providers
- Hospitals
- Clinics
- Nursing Homes
- Others (ASCs)
- Others (Healthcare Payers)
- By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America
Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
Secondary Sources
- Annual reports, company filings, investor presentations, industry associations, product catalogues, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for pharmaceutical companies, healthcare facilities, blockchain-based start-ups, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global blockchain in healthcare market is expected to grow at a CAGR of over 60% during the forecast period 2022-2028.
The global blockchain in healthcare was valued at nearly US$ 1.25 billion in 2021.
The use of blockchain technology for healthcare supply chain management is one of the key trends in the market.
North America is dominating the market in 2021.
Major companies operating in the global blockchain in healthcare market are IBM Corp., Change Healthcare, Oracle Corp., BurstIQ Inc., etc.
| REGION | Global |
|---|---|
| RELEASE YEAR | 2022 |
| RESEARCH CODE | RST-SAR-025 |
| ADDITIONAL FEATURE | 24×7 Post sales support and 15% free customization |
| User License | Single User/Team License, Corporate License |
Table of Contents
1. Market Introduction
1.1. Scope of Study
1.2. Problem Statement
1.3. Market Segmentation
2. Assumptions and Acronyms
3. Executive Summary
3.1. Global Market in 2022
3.2. Analyst Insights & Recommendations
3.3. Growth Opportunities and Key Strategies
3.4. Supply-side and Demand-side Trends
4. Research Methodology
5. Analysis of COVID-19 Impact and Road Ahead
6. Market Indicators and Background
6.1. Macro-Economic Factors
6.2. Forecasting Factors
Robust assessment of various factors including industrial performance, technological adoption rate, economic conditions, and consumer’s spending, among others
6.3. Supply Chain & Value Chain Analysis
6.4. Industry SWOT Analysis
6.5. PESTLE Analysis
6.6. Porter’s Five Forces Analysis
7. Rules & Regulations
8. Global and Regional Market Dynamics
8.1. Drivers
8.2. Restraints
8.3. Trends
8.4. Opportunities
9. Global Blockchain Technology in Healthcare Market: Key Investment Analysis
9.1. By Leading Blockchain Technology in Healthcare Service Providers
9.2. Technological Assessment
9.3. By Application
9.4. By Region
9.5. M&A Activities
Robust assessment of major investments made by various industry players along with key application areas, technological assessment, and region
10. Global Blockchain Technology in Healthcare Market: Use Case Analysis
10.1. By Application
10.1.1. Clinical Trials & eConsent
10.1.2. Claims Adjudication and Billing
10.1.3. Supply Chain Management
10.1.4. Clinical Data Exchange and Interoperability
10.2. By Region
10.2.1. North America
10.2.2. Europe
10.2.3. Asia-Pacific
10.2.4. Rest of the World
11. Market Spending & Use Case Analysis
Robust assessment of various use cases of blockchain technology across a range of healthcare applications along with spending made by end users
12. Key Funding Assessment
12.1. Startups by Region
12.1.1. North America
12.1.2. Europe
12.1.3. Asia Pacific
12.1.4. Latin America
12.1.5. Middle East & Africa
12.2. Startups by Key Application
12.2.1. Clinical Trials & eConsent
12.2.2. Claims Adjudication and Billing
12.2.3. Supply Chain Management
12.2.4. Clinical Data Exchange and Interoperability
13. Blockchain Applications for COVID-19 Pandemic Management
13.1. COVID-19 Vaccination Certificate Status
13.2. Contact Tracing
13.3. Tracking COVID-19 Outbreak
13.4. Blockchain-Based Federated Learning
14. Parent Market Overview
14.1. Global ICT Market
14.2. Global Healthcare Market
14.3. Global Blockchain Market
15. Segmental Analysis
15.1. Global Blockchain Technology in Healthcare Market by Network Type
15.1.1. Segment Overview
15.1.2. Public Network
15.1.3. Private Network
15.1.4. Others (Consortium Network)
15.2. Global Blockchain Technology in Healthcare Market by Application
15.2.1. Segment Overview
15.2.2. Clinical Trials & eConsent
15.2.3. Claims Adjudication and Billing
15.2.4. Supply Chain Management
15.2.5. Clinical Data Exchange and Interoperability
15.2.6. Others (Medical Credentialing)
15.3. Global Blockchain Technology in Healthcare Market by End User
15.3.1. Segment Overview
15.3.2. Biopharmaceutical & Medical Device Companies
15.3.3. Healthcare Providers
15.3.3.1. Hospitals
15.3.3.2. Clinics
15.3.3.3. Nursing Homes
15.3.3.4. Others (ASCs)
15.3.4. Others (Healthcare Payers)
16. Regional Analysis
16.1. North America Blockchain Technology in Healthcare Market Analysis and Forecast 2019-2028
16.1.1. Market Overview
16.1.2. North America Blockchain Technology in Healthcare Market by Network Type
16.1.3. North America Blockchain Technology in Healthcare Market by Application
16.1.4. North America Blockchain Technology in Healthcare Market by End User
16.1.5. North America Blockchain Technology in Healthcare Market by Country
16.1.5.1. US
16.2. Latin America Blockchain Technology in Healthcare Market Analysis and Forecast 2019-2028
16.2.1. Market Overview
16.2.2. Latin America Blockchain Technology in Healthcare Market by Network Type
16.2.3. Latin America Blockchain Technology in Healthcare Market by Application
16.2.4. Latin America Blockchain Technology in Healthcare Market by End User
16.2.5. Latin America Blockchain Technology in Healthcare Market by Country
16.2.5.1. Brazil
16.2.5.2. Mexico
16.2.5.3. Rest of Latin America
16.3. Western Europe Blockchain Technology in Healthcare Market Analysis and Forecast 2019-2028
16.3.1. Market Overview
16.3.2. Western Europe Blockchain Technology in Healthcare Market by Network Type
16.3.3. Western Europe Blockchain Technology in Healthcare Market by Application
16.3.4. Western Europe Blockchain Technology in Healthcare Market by End User
16.3.5. Western Europe Blockchain Technology in Healthcare Market by Country
16.3.5.1. Germany
16.3.5.2. UK
16.3.5.3. France
16.3.5.4. Spain
16.3.5.5. Italy
16.3.5.6. Benelux
16.3.5.7. Nordic
16.3.5.8. Rest of Western Europe
16.4. Eastern Europe Blockchain Technology in Healthcare Market Analysis and Forecast 2019-2028
16.4.1. Market Overview
16.4.2. Eastern Europe Blockchain Technology in Healthcare Market by Network Type
16.4.3. Eastern Europe Blockchain Technology in Healthcare Market by Application
16.4.4. Eastern Europe Blockchain Technology in Healthcare Market by End User
16.4.5. Eastern Europe Blockchain Technology in Healthcare Market by Country
16.4.5.1. Russia
16.4.5.2. Poland
16.4.5.3. Rest of Eastern Europe
16.5. Asia Pacific Blockchain Technology in Healthcare Market Analysis and Forecast 2019-2028
16.5.1. Market Overview
16.5.2. Asia Pacific Blockchain Technology in Healthcare Market by Network Type
16.5.3. Asia Pacific Blockchain Technology in Healthcare Market by Application
16.5.4. Asia Pacific Blockchain Technology in Healthcare Market by End User
16.5.5. Asia Pacific Blockchain Technology in Healthcare Market by Country
16.5.5.1. China
16.5.5.2. Japan
16.5.5.3. India
16.5.5.4. South Korea
16.5.5.5. Australia
16.5.5.6. ASEAN
16.5.5.7. Rest of Asia-Pacific
16.6. Middle East & Africa Blockchain Technology in Healthcare Market Analysis and Forecast 2019-2028
16.6.1. Market Overview
16.6.2. Middle East & Africa Blockchain Technology in Healthcare Market by Network Type
16.6.3. Middle East & Africa Blockchain Technology in Healthcare Market by Application
16.6.4. Middle East & Africa Blockchain Technology in Healthcare Market by End User
16.6.5. Middle East & Africa Blockchain Technology in Healthcare Market by Country
16.6.5.1. GCC
16.6.5.2. South Africa
16.6.5.3. Turkey
16.6.5.4. Rest of the Middle East & Africa
17. Competitive Landscape
17.1. Competition Dashboard
17.1.1. Global and Regional Market Share Analysis
17.1.2. Market Structure
17.2. Competitive Benchmarking
17.3. Key Strategy Analysis
17.4. Company Profiles
17.4.1. IBM Corp.
17.4.1.1. Company Overview
17.4.1.2. Product/Service Offerings
17.4.1.3. Key Financials
17.4.1.4. Recent Developments
17.4.2. Change Healthcare
17.4.2.1. Company Overview
17.4.2.2. Product/Service Offerings
17.4.2.3. Financials
17.4.2.4. Recent Developments
17.4.3. Oracle Corp.
17.4.3.1. Company Overview
17.4.3.2. Product/Service Offerings
17.4.3.3. Financials
17.4.3.4. Recent Developments
17.4.4. BurstIQ Inc.
17.4.4.1. Company Overview
17.4.4.2. Product/Service Offerings
17.4.4.3. Financials
17.4.4.4. Recent Developments
17.4.5. UnitedHealth Group
17.4.5.1. Company Overview
17.4.5.2. Product/Service Offerings
17.4.5.3. Financials
17.4.5.4. Recent Developments
17.4.6. Medicalchain SA
17.4.6.1. Company Overview
17.4.6.2. Product/Service Offerings
17.4.6.3. Financials
17.4.6.4. Recent Developments
17.4.7. Blockpharma
17.4.7.1. Company Overview
17.4.7.2. Product/Service Offerings
17.4.7.3. Financials
17.4.7.4. Recent Developments
17.4.8. iSolve LLC
17.4.8.1. Company Overview
17.4.8.2. Product/Service Offerings
17.4.8.3. Financials
17.4.8.4. Recent Developments
17.4.9. Solve.Care
17.4.9.1. Company Overview
17.4.9.2. Product/Service Offerings
17.4.9.3. Financials
17.4.9.4. Recent Developments
17.4.10. Patientory Inc.
17.4.10.1. Company Overview
17.4.10.2. Product/Service Offerings
17.4.10.3. Financials
17.4.10.4. Recent Developments
*List of companies is not exhaustive
18. Disclaimer
List of Figures/Tables
List of Figures
Figure 01: Global Blockchain in Healthcare Market Value Analysis (US$ Mn), 2019-2021
Figure 02: Global Blockchain in Healthcare Market Size (US$ Mn) & Y-o-Y Growth (%) Analysis, 2022–2028
Figure 03: Global Blockchain in Healthcare Market Size and Market Share Analysis (%) by Network Type, 2022 & 2028
Figure 04: Global Blockchain in Healthcare Market Y-o-Y Analysis (%) by Network Type, 2022-2028
Figure 05: Global Blockchain in Healthcare Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 06: Global Blockchain in Healthcare Market Y-o-Y Analysis (%) by Application, 2022-2028
Figure 07: Global Blockchain in Healthcare Market Size and Market Share Analysis (%) by End User, 2022 & 2028
Figure 08: Global Blockchain in Healthcare Market Y-o-Y Analysis (%) by End User, 2022-2028
Figure 09: Global Blockchain in Healthcare Market Size and Market Share Analysis (%) by Region, 2022 & 2028
Figure 10: Global Blockchain in Healthcare Market Y-o-Y Growth (%) by Region, 2022–2028
Figure 11: North America Blockchain in Healthcare Market Size and Market Share Analysis (%) by Network Type, 2022 & 2028
Figure 12: North America Blockchain in Healthcare Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 13: North America Blockchain in Healthcare Market Size and Market Share Analysis (%) by End User, 2022 & 2028
Figure 14: North America Blockchain in Healthcare Market Size and Market Share Analysis (%) by Country, 2022 & 2028
Figure 15: Latin America Blockchain in Healthcare Market Size and Market Share Analysis (%) by Network Type, 2022 & 2028
Figure 16: Latin America Blockchain in Healthcare Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 17: Latin America Blockchain in Healthcare Market Size and Market Share Analysis (%) by End User, 2022 & 2028
Figure 18: Latin America Blockchain in Healthcare Market Size and Market Share Analysis (%) by Country, 2022 & 2028
Figure 19: Western Europe Blockchain in Healthcare Market Size and Market Share Analysis (%) by Network Type, 2022 & 2028
Figure 20: Western Europe Blockchain in Healthcare Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 21: Western Europe Blockchain in Healthcare Market Size and Market Share Analysis (%) by End User, 2022 & 2028
Figure 22: Western Europe Blockchain in Healthcare Market Size and Market Share Analysis (%) by Country, 2022 & 2028
Figure 23: Eastern Europe Blockchain in Healthcare Market Size and Market Share Analysis (%) by Network Type, 2022 & 2028
Figure 24: Eastern Europe Blockchain in Healthcare Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 25: Eastern Europe Blockchain in Healthcare Market Size and Market Share Analysis (%) by End User, 2022 & 2028
Figure 26: Eastern Europe Blockchain in Healthcare Market Size and Market Share Analysis (%) by Country, 2022 & 2028
Figure 27: Asia Pacific Blockchain in Healthcare Market Size and Market Share Analysis (%) by Network Type, 2022 & 2028
Figure 28: Asia Pacific Blockchain in Healthcare Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 29: Asia Pacific Blockchain in Healthcare Market Size and Market Share Analysis (%) by End User, 2022 & 2028
Figure 30: Asia Pacific Blockchain in Healthcare Market Size and Market Share Analysis (%) by Country, 2022 & 2028
Figure 31: Middle East & Africa Blockchain in Healthcare Market Size and Market Share Analysis (%) by Network Type, 2022 & 2028
Figure 32: Middle East & Africa Blockchain in Healthcare Market Size and Market Share Analysis (%) by Application, 2022 & 2028
Figure 33: Middle East & Africa Blockchain in Healthcare Market Size and Market Share Analysis (%) by End User, 2022 & 2028
Figure 34: Middle East & Africa Blockchain in Healthcare Market Size and Market Share Analysis (%) by Country, 2022 & 2028
List of Tables
Table 1: Global Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Network Type
Table 2: Global Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 3: Global Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by End User
Table 4: Global Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Region
Table 5: North America Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Network Type
Table 6: North America Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 7: North America Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by End User
Table 8: North America Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 9: Latin America Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Network Type
Table 10: Latin America Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 11: Latin America Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by End User
Table 12: Latin America Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 13: Western Europe Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Network Type
Table 14: Western Europe Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 15: Western Europe Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by End User
Table 16: Western Europe Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 17: Eastern Europe Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Network Type
Table 18: Eastern Europe Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 19: Eastern Europe Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by End User
Table 20: Eastern Europe Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 21: Asia Pacific Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Network Type
Table 22: Asia Pacific Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 23: Asia Pacific Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by End User
Table 24: Asia Pacific Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 25: Middle East & Africa Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Network Type
Table 26: Middle East & Africa Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Application
Table 27: Middle East & Africa Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Operational Frequency
Table 28: Middle East & Africa Blockchain in Healthcare Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Every Sample Includes
Research Methodology
Complete Table of Contents, List of Charts and Tables
Exclusive Facts & Illustrations
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