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Global Blockchain in Healthcare Market- By Type outlook (Public, Private), By Application Outlook (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Supply Chain Management, Clinical Trials & e-Consenting, Other Applications), By End-use(Hospitals, Insurance Providers, Drug and Medical Device Companies, Others), and By Region (North America, Europe, Asia Pacific, South America, and Middle East, & Africa)- Global forecast from 2022-2030.
Global Blockchain in Healthcare Market Overview
The global blockchain in the healthcare market is estimated to reach USD 30.23 billion by 2030, growing at a CAGR of 52.75% during the forecast period of 2022-2030. It was valued at USD 2.1 billion in 2022. A blockchain referred to as a time-stamped series of permanent data records managed by a group of computers that are not posed by any single entity. Each of these data blocks is protected and bound to each other using encryption principles. Blockchain technology has the potential to change healthcare, can place patients at the center of the healthcare ecosystem, and can improve the security, privacy, and interoperability of medical data. By making electronic medical records more effective, safe, and disintermediated, it can provide a new model for health information exchange (HIE).Global Blockchain in Healthcare Market Insights
Due to the singularity of the medical field, poor data flow and asymmetric information have caused many problems such as inadequate medical experience, contradictions between doctors and patients, fake and poor medicines. In the face of various problems or pain points in the medical and health industry, blockchain technology, with its distributed, stable, and traceable features, can open the flow of medical data and improve the mutual behavior of institutions on the premise of ensuring the privacy of patient data. The status of data silos, rebuilding trust between doctors and patients and improving industry efficiency. With its inherent characteristics, the blockchain can make significant contributions to the healthcare industry in many aspects such as data sharing and circulation, establishing trust mechanisms, and circulation traceability. The emergence of blockchain technology expected to promote the development of the medical and health industry. In the future, blockchain combined with AI big data, using the real and high-quality data precipitated by the blockchain for algorithm optimization and deep learning, will promote the development of medical science. Also, regulatory agencies and industry associations may become the construction of therapeutic alliance pushing hands. Moreover, a wide range of industries and a long industrial chain, including pharmaceutical preparations, medical devices, health supplies, health food, and fitness supplies, will also grow in the future. With the increasing demand for residents’ pension and health management, it not only promotes the continuous development of the medical field and makes breakthroughs, but also encourages the constant acceleration of business model innovation and industrial integration. In the future, people’s spending on old-age care and medical care will increase day by day. Thus, blockchain in the healthcare industry will promote its growth and market share in the forecast period.Growth Driver
Increasing Internet facilities
With the development of Internet technology, medical services have gradually transformed the traditional medical infrastructure and medical consultation. The treatment of a patient process through informatization and digitalization will improve the healthcare industry. Moreover, accelerating the transfer of medical resources across institutions will enhance the efficiency of the sector.Increase disposable income
With the continuous improvement of residents’ health awareness, and the constant increase of disposable income, the willingness to purchase health insurance to reduce the burden of medical expenses is increasing. Insurance will inevitably benefit from this and develop rapidly, occupying a more prominent position in the overall health payment structure, and becoming a powerful supplement to social basic medical insurance.By Type outlook Segmental Analysis
Based on the type outlook, the global blockchain in the healthcare market bifurcated into Public, Private. The public type segment has dominated the largest share in the global blockchain in the blockchain market. They are entirely open ecosystems, and anyone can participate in the ecosystem. The network also has a built-in incentive mechanism to reward participants for better participation in the system. It is owing to the benefit public blockchain system, which provides privacy, fact transaction, efficiency, high security, and helps in bolstering the growth of blockchain in the public sector. Moreover, the general industry is leading in the blockchain system as it is lower in cost, has less permission system, and provides access to the vast database as well. Technological advancement in the hybrid type of blockchain expected to lead the market in the future.By Application Segmental Analysis
Based on the Application, the global blockchain in the healthcare market classified into Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Supply Chain Management, Clinical Trials & e-Consenting, Other Applications. Clinical trials and e-consenting hold the largest market share in the global blockchain in the healthcare market. The Internet of things and the adoption of smartphones are the two significant factors of the growth of blockchain in the healthcare industry. Blockchain technology can help establish a data-sharing platform, which can strictly control the acquisition and use of data, to a large extent, to avoid the commercialization of patient data and protect the patient’s data privacy. Therefore, the quality of standard and quantity of clinical data has been improved, which is beneficial to the drug research and development process. On the other hand, patients can also use their data through authorized institutions in exchange for related benefits, which are mutually beneficial.By End-use Segmental Analysis
Based on End-use, the global blockchain in healthcare market segmented into Hospitals, Insurance Providers, Drug and Medical Device Companies, Others. The hospital’s segment holds the largest market share in the global blockchain in the healthcare market. The distributed, non-tamper able, traceable, and other characteristics of the blockchain, ensures the privacy of patient data, has solved the problem of inadequate medical information circulation in the past. It has improved the transparency of all links, and established trust relationships between all parties and ease the tension between doctor and patient. The embedding of blockchain technology has solved many current pain points in the medical industry and greatly improved the operating efficiency of the medical system.By Region Segmental Analysis
Based on geography, the global blockchain in the healthcare market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific will be expecting to witness the highest growth during the forecast period from 2022-2030. Due to the region’s fastest economic growth and related opportunities. In the region, Japan has a mature market, a vast population, and a highly skilled workforce, making it an essential blockchain in the medical market.Competitor Analysis
Companies such as IBM, Microsoft, Guardtime, PokitDok, Gem Health, Patientory, iSolve, LLC, FarmaTrust, Medicalchain, EncrypGen, SimplyVitalHealth, Blockpharma, Doc.AI, Nebula Genomics, Embleema among others are key players in the global blockchain in the healthcare market.Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global blockchain in healthcare manufacturing companies
- Research organizations and consulting companies’ blockchain in healthcare
- Regulatory bodies
Scope of the report
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 554.42 million |
| Revenue forecast in 2027 | USD 11.23 Billion |
| Growth Rate | CAGR of 68.75% from 2020 to 2027 |
| Historical data | 2017-2019 |
| Forecast period | 2021 – 2027 |
| Region covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | IBM, Patientory, iSolve, LLC, Microsoft, Guardtime, PokitDok, Gem Health, FarmaTrust, Medicalchain, EncrypGen, SimplyVitalHealth, Blockpharma, Doc.AI, Nebula Genomics, Embleema. |
Recent Developments
- In September 2021, Solve. Care partnered with HealthLink to bring cross-border telemedicine to India.
- In September 2021, IIT Madras collaborated with Hedera governing council to drive R&D in new Blockchain use cases to advance its technical education, research, and innovation offerings in distributed ledger technology.
- In August 2021, FreeTON signed a partnership with GDA Capital to launch the maiden Next Top TON Startup. The annual event will allow blockchain startups to compete, connect with global industry leaders and investors, and build the future of blockchain technology.
- In May 2021, Netki is now partnering with blockchain technology provider Polymath to conduct blockchain-specific identity verification to Polymesh, a permissioned blockchain purpose-built by Polymath for security tokens. The collaboration will help protect against false account creation while ensuring the onboarding process to the chain is easy and efficient for global users.
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Type Outlook- Public
- Private
- Clinical Data Exchange & Interoperability
- Claims Adjudication & Billing
- Supply Chain Management
- Clinical Trials & e-Consenting
- Other Applications
- Hospitals
- Insurance Providers
- Drug and Medical Device Companies
- Others
- Europe
- North America
- Asia Pacific
- South America
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Report Content
- Research Strategic Development
1.1. Market Modelling
1.2. Product Analysis
1.3. Market Trend and Economic Factors Analysis
1.4. Market Segmental Analysis
1.5. Geographical Mapping
1.6. Country Wise Segregation
- Research Methodology
2.1. Identification of Target Market
2.2. Data Acquisition
2.3. Refining of Data/ Data Transformations
2.4. Data Validation through Primary Techniques
2.5. Exploratory Data Analysis
2.6. Graphical Techniques/Analysis
2.7. Quantitative Techniques/Analysis
2.8. Visual Result/Presentation
- Executive Summary
- Market Insights
4.1. Supply Chain Analysis
4.2. Economic Factor Analysis
4.2.1. Drivers
4.2.2. Trends
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Competitors & Product Analysis
4.5. Regulatory Framework
4.6. Company market share analysis, 2022
4.7. Porter’s Five forces analysis
4.8. Price point analysis
4.9. New Investment Analysis
4.10. PESTEL Analysis
- Global Blockchain in Healthcare Market Overview
5.1. Market Size & Forecast,2017-2030
5.1.1. Demand
5.1.1.1. By Value (USD Billion)
5.2. Market Share & Forecast, 2017-2030
5.2.1. By Type Outlook
5.2.1.1. Public
5.2.1.2. Private
5.2.2. By Application Outlook
5.2.2.1. Clinical Data Exchange & Interoperability
5.2.2.2. Claims Adjudication & Billing
5.2.2.3. Supply Chain Management
5.2.2.4. Clinical Trials & e-Consenting
5.2.2.5. Other Applications
5.2.3. By End-User
5.2.3.1. Hospitals
5.2.3.2. Insurance Providers
5.2.3.3. Drug and Medical Device Companies
5.2.3.4. Others
5.2.4. By Region
5.2.4.1. North America
5.2.4.2. Europe
5.2.4.3. Asia-Pacific
5.2.4.4. South America
5.2.4.5. The Middle East & Africa
- North America Blockchain in Healthcare Market Overview
6.1. North America Blockchain in Healthcare Market Size & Forecast,2017-2030
6.1.1. Demand
6.1.1.1. By Value (USD Billion)
6.2. Market Share & Forecast, 2017-2030
6.2.1. By Type Outlook
6.2.1.1. Public
6.2.1.2. Private
6.2.2. By Application Outlook
6.2.2.1. Clinical Data Exchange & Interoperability
6.2.2.2. Claims Adjudication & Billing
6.2.2.3. Supply Chain Management
6.2.2.4. Clinical Trials & e-Consenting
6.2.2.5. Other Applications
6.2.3. By End-User
6.2.3.1. Hospitals
6.2.3.2. Insurance Providers
6.2.3.3. Drug and Medical Device Companies
6.2.3.4. Others
6.2.4. By Country
6.2.4.1. US
6.2.4.2. Canada
6.2.4.3. Mexico
6.2.5. Company Market Share (Top 3-5)
6.2.6. Economic Impact Study on North America Blockchain in Healthcare Market
- Europe Blockchain in Healthcare Market Overview
7.1. Europe Blockchain in Healthcare Market Size & Forecast,2017-2030
7.1.1. Demand
7.1.1.1. By Value (USD Billion)
7.2. Market Share & Forecast, 2017-2030
7.2.1. By Type Outlook
7.2.1.1. Public
7.2.1.2. Private
7.2.2. By Application Outlook
7.2.2.1. Clinical Data Exchange & Interoperability
7.2.2.2. Claims Adjudication & Billing
7.2.2.3. Supply Chain Management
7.2.2.4. Clinical Trials & e-Consenting
7.2.2.5. Other Applications
7.2.3. By End-User
7.2.3.1. Hospitals
7.2.3.2. Insurance Providers
7.2.3.3. Drug and Medical Device Companies
7.2.3.4. Others
7.2.4. By Country
7.2.4.1. Germany
7.2.4.2. UK
7.2.4.3. France
7.2.4.4. Italy
7.2.4.5. Rest of Europe
7.2.5. Company Market Share (Top 3-5)
7.2.6. Economic Impact Study on Europe Blockchain in Healthcare Market
- Asia-Pacific Blockchain in Healthcare Market Overview
8.1. Asia-Pacific Blockchain in Healthcare Market Size & Forecast,2017-2030
8.1.1. Demand
8.1.1.1. By Value (USD Billion)
8.2. Market Share & Forecast, 2017-2030
8.2.1. By Type Outlook
8.2.1.1. Public
8.2.1.2. Private
8.2.2. By Application Outlook
8.2.2.1. Clinical Data Exchange & Interoperability
8.2.2.2. Claims Adjudication & Billing
8.2.2.3. Supply Chain Management
8.2.2.4. Clinical Trials & e-Consenting
8.2.2.5. Other Applications
8.2.3. By End-User
8.2.3.1. Hospitals
8.2.3.2. Insurance Providers
8.2.3.3. Drug and Medical Device Companies
8.2.3.4. Others
8.2.4. By Country
8.2.4.1. India
8.2.4.2. Japan
8.2.4.3. Australia
8.2.4.4. Rest of Asia Pacific
8.2.5. Company Market Share (Top 3-5)
8.2.6. Economic Impact Study on Asia Pacific Blockchain in Healthcare Market
- South America Blockchain in Healthcare Market Overview
9.1. South America Blockchain in Healthcare Market Size & Forecast,2017-2030
9.1.1. Demand
9.1.1.1. By Value (USD Billion)
9.2. Market Share & Forecast, 2017-2030
9.2.1. By Type Outlook
9.2.1.1. Public
9.2.1.2. Private
9.2.2. By Application Outlook
9.2.2.1. Clinical Data Exchange & Interoperability
9.2.2.2. Claims Adjudication & Billing
9.2.2.3. Supply Chain Management
9.2.2.4. Clinical Trials & e-Consenting
9.2.2.5. Other Applications
9.2.3. By End-User
9.2.3.1. Hospitals
9.2.3.2. Insurance Providers
9.2.3.3. Drug and Medical Device Companies
9.2.3.4. Others
9.2.4. By Country
9.2.4.1. Brazil
9.2.4.2. Argentina
9.2.4.3. Rest of South America
9.2.5. Company Market Share (Top 3-5)
9.2.6. Economic Impact Study on South America Blockchain in Healthcare Market
- The Middle East & Africa Blockchain in Healthcare Market Overview
10.1. The Middle East & Africa Blockchain in Healthcare Market Size & Forecast,2017-2030
10.1.1. Demand
10.1.1.1. By Value (USD Billion)
10.2. Market Share & Forecast, 2017-2030
10.2.1. By Type Outlook
10.2.1.1. Public
10.2.1.2. Private
10.2.2. By Application Outlook
10.2.2.1. Clinical Data Exchange & Interoperability
10.2.2.2. Claims Adjudication & Billing
10.2.2.3. Supply Chain Management
10.2.2.4. Clinical Trials & e-Consenting
10.2.2.5. Other Applications
10.2.3. By End-User
10.2.3.1. Hospitals
10.2.3.2. Insurance Providers
10.2.3.3. Drug and Medical Device Companies
10.2.3.4. Others
10.2.4. By Country
10.2.4.1. Saudi Arabia
10.2.4.2. UAE
10.2.4.3. South Africa
10.2.4.4. Rest of the Middle East & Africa
10.2.5. Company Market Share (Top 3-5)
10.2.6. Economic Impact Study on Middle East & Africa Blockchain in Healthcare Market
- Competitor Analysis
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel
11.5. Contact Address
11.6. SWOT Analysis
11.7. Company Profile
11.7.1. IBM
11.7.2. Microsoft
11.7.3. Guardtime
11.7.4. PokitDok
11.7.5. Gem Health
11.7.6. Patientory
11.7.7. iSolve
11.7.8. LLC
11.7.9. FarmaTrust
11.7.10. Medicalchain
11.7.11. EncrypGen
11.7.12. SimplyVitalHealth
11.7.13. Blockpharma
11.7.14. AI
11.7.15. Nebula Genomics
11.7.16. Embleema
11.7.17. Other Prominent Players
Frequently Asked Questions (FAQ):
IBM, Patientory, iSolve, LLC, Microsoft, Guardtime, PokitDok, Gem Health, FarmaTrust, Medicalchain, EncrypGen, SimplyVitalHealth, Blockpharma, Doc.AI, Nebula Genomics, Embleema are prominent Blockchain in Healthcare market players.
Rising disposable income, Increasing Internet facilities are driving the global Blockchain in the Healthcare market.
Blockchain technology manages the medicine supply chain, facilitates the secure transfer of patient medical records, and helps healthcare researchers unlock genetic code.
The global blockchain in the healthcare market is estimated to reach USD 30.23 billion by 2030, growing at a CAGR of 52.75% during the forecast period of 2022-2030. It was valued at USD 2.1 billion in 2022.
Blockchain in Healthcare Market is projected to grow at a CAGR of 52.75% during the forecast period.
