Blockchain Technology in Healthcare Market Size 2024-2028

The blockchain technology in healthcare market size is forecast to increase by USD 8.03 billion, at a CAGR of 58.96% between 2023 and 2028. The market's expansion hinges on various factors, notably the escalating emphasis on information security within the medical sector. There's also a significant impact from the enhanced interoperability of technology, facilitating smoother information exchange among medical systems. Furthermore, the improved information integrity afforded by blockchain solutions in healthcare plays a pivotal role in driving market growth. These trends highlight a growing trust in blockchain's ability to secure sensitive medical information, streamline operations, and ensure information accuracy. The potential of the metaverse to create secure, immersive environments for healthcare applications is also being explored, enhancing patient engagement and data security. As the industry prioritizes these aspects, technology continues to emerge as a crucial tool in safeguarding patient data and optimizing medical processes.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics and Customer Landscape

Blockchain technology is driving revolutionary changes in healthcare by ensuring secure data transactions and combating counterfeit drugs. As blockchain acts as a digital ledger across networks of computers, it enhances data management systems and offers accountability in healthcare. The rise of Blockchain as a service is evident, especially in managing vaccination certificates and engaging non-traditional suppliers in the healthcare ecosystem. However, challenges like information leaks and healthcare data breaches persist, highlighting the need for robust solutions to ensure the immutability and integrity of health data while benefiting both hospitals and patients. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The growing inclination toward data security is notably driving the market. The use of blockchain technology improves security and encryption methods. These organizations have to protect sensitive information, such as patient records and information about clinical studies, from unauthorized access and manipulation by utilizing technology.

Blockchain-based MedRec system gives patients control over their medical records while maintaining the security and privacy of their personal information. Similarly, Guardtime uses its KSI technology to safeguard the integrity and validity of clinical trial information and avoid fraudulent tampering. With the help of these technologies, stakeholders can understand the use of blockchain security in fulfilling the critical requirement for information protection in healthcare. These factors will drive the market during the forecast period.

Significant Market Trends

The growing adoption of blockchain-based health information exchange is a key trend in the market. It is important to comply with regulations such as the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA), and medical device regulations. These organizations are realizing the importance of ensuring information security and privacy by implementing technology. They are investing in technologies that support regulatory compliance, safeguard patient information, and safeguard sensitive health information.

Blockchain platforms enable compliance sharing and storage while ensuring patient anonymity. These platforms combine privacy-enhancing methods such as zero-knowledge proofs or safe multiparty computing. This pattern highlights the need to match blockchain systems with current regulatory frameworks to ensure legal compliance. Such factors are expected to support the market during the forecast period.

Major Market Challenge

Patients' data privacy and consent management are challenging market growth. The equilibrium between information transparency and patient privacy is a challenge in the global market. While blockchain offers improved security, maintaining patient privacy and consent management in a transparent system can be challenging. It is difficult to gain patients' trust and adhere to privacy laws such as HIPAA and GDPR.

Many patients prefer to control their medical information. They can take advantage of the accessibility and information integrity offered by blockchain. However, careful planning and execution of privacy measures inside blockchain applications are necessary. These factors will hinder the growth of the market during the forecast period.

Key Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Market Customer Landscape

Who are the Major Market Players?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

BurstIQ LLC - The company offers blockchain technology such as the BurstIQ platform. It also offers a blockchain platform for the healthcare industry.

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:

• Amgen Inc.
• Blockchain AI Solutions Ltd.
• Chronicled
• Embleema Inc.
• Equideum Health
• GuardTime OU
• Hashed Industries LLC
• Health Utility Network Inc.
• International Business Machines Corp.
• iSolve LLC
• Microsoft Corp.
• Novartis AG
• Oracle Corp.
• Patientory Inc.
• Proof.Works

Qualitative and quantitative market growth and forecasting analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market research and growth, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What are the Fastest-Growing Segments in the Market?

Blockchain technology is revolutionizing the healthcare industry with its secure and transparent digital ledger system. One of its key benefits is ensuring secure data transactions and maintaining an unalterable record of information, enhancing accountability in healthcare systems. A significant aspect is combating counterfeit drugs through blockchain's immutability, which prevents drug counterfeiting and promotes the authenticity of medications. Moreover, blockchain enables efficient health data management systems by reducing information leaks and healthcare data breaches. Blockchain as a service offers scalable and cost-effective solutions for hospitals and healthcare providers, enabling seamless management of vaccination certificates and engaging non-traditional suppliers in the industry. In regions like MDS Mexico, blockchain is transforming healthcare by ensuring data integrity and streamlining processes.

The market share growth by the private segment will be significant during the forecast period. Blockchain networks offer a controlled environment. Hence, organizations can securely share sensitive information among authorized users. These networks provide improved information traceability, transparency, and integrity. In addition, the private segment enables businesses to leverage this technology while adhering to information protection laws.

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The private segment was valued at USD 88.70 million in 2018. Private segment are being used widely in the industry owing to the demand for improved patient outcomes, simpler operations, and secure data sharing. These solutions are being actively developed for the sector. These factors are expected to drive the growth of the private segment during the forecast period.

By Region

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North America is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

The demand for these solutions in North America is fueled by the enhanced infrastructure, growing use of electronic health records (EHRs), and strict information privacy laws. The demand for safe and interoperable health information sharing, the prevalence of counterfeit medications, and the focus on data security and privacy are also driving the growth of the market in the region. This technology offers various advantages, such as interoperability, data integrity, and privacy. These factors will drive the growth of the market in the region during the forecast period.  

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments. 

• Type Outlook 
  • Private
  • Public
  • Hybrid

• End-user Outlook 
  • Pharmaceutical and medical device companies
  • Healthcare payers
  • Healthcare providers

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Argentina
    • Brazil
    • Chile

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Market Analyst Overview

Blockchain technology in healthcare is transforming the industry with its revolutionary capabilities. A digital ledger ensures secure transactions and maintains a tamper-proof record of patient data, enhancing stability and reducing the risk of data breaches. Blockchain's stability is crucial in an era where healthcare data is often targeted by cyber threats. This technology ensures that patient care, including therapies and medicines, is more precise through the integration of precision medicine and IoT devices like wearables. It addresses critical research questions, meets capabilities, and acts as an enabler for advanced healthcare solutions.

Moreover, blockchain's node network ensures secure and confidential storage of patient data, creating a P2P network with cryptographic hash functions for enhanced security. It leverages distributed ledger technology to store data in blocks, maintaining data integrity and preventing fraud. Blockchain's merits include a master patient index for patient histories, integrated workflow, and reduced financial losses due to theft or fraud. It also addresses informed consent and streamlines data transactions within the financial sector. Leading companies like Humana, Quest Diagnostics, and Optum are investing in blockchain to improve healthcare record systems and data management, highlighting the technology's potential to revolutionize healthcare data security and management.

Furthermore, it is revolutionizing the healthcare industry by providing a secure and transparent platform for managing sensitive data. With its decentralized nature, blockchain ensures that computers across the network maintain an identical database. This eliminates the risk of data being hacked or tampered with, ensuring the integrity of confidential data such as the patient database and genetic code. The Internet of Things (IoT) integration enables seamless connectivity with wearable devices and other enablers for healthcare, facilitating efficient data storage and secure data transactions. Blockchain's immutability and cryptographic algorithms ensure that health data remains tamper-proof and accessible only to authorized network users, preventing information leaks and mitigating healthcare data breaches.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of the market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market forecast analysis of factors that will challenge the growth of market companies

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