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Blockchain Technology in Healthcare Market Size By Type (Public, Private), By Application (Clinical Trials, Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management), By End-use (Pharmaceutical Companies, Healthcare Payers, Healthcare Providers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI3098
  • Published Date: Nov 2021
  • Report Format: PDF

Industry Trends

Blockchain Technology in Healthcare Market size valued at USD 281 million in 2020 and is estimated to witness over 52.1% CAGR from 2021 to 2027. Increased application of the Internet of Things (IoT) in healthcare is anticipated to augment the demand for blockchain technology in healthcare. The existing competencies of the healthcare sector are further enhanced by the introduction of modern and novel computer technologies comprising blockchain. The Internet of Things (IoT) is assisting doctors and medical practitioners in the early diagnosis of several ailments.
 

Blockchain Technology in Healthcare Market Overview

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However, lack of skilled professionals with the required technical expertise to handle blockchain technology in healthcare may have a negative impact on the market growth. Blockchain technology in healthcare is complex in nature and henceforth, requires skilled professionals to operate and manage the task. Lack of a skilled workforce, particularly in the emerging economies may hamper the adoption of blockchain technology in healthcare. Apart from the revenue loss, the shortage of skilled professionals in handling this technology also produces a variety of other negative consequences for firms such as the inability to deliver precise market needs, affecting customer satisfaction, etc.
 

The COVID-19 pandemic arose as an unparalleled health concern, infecting a significant number of people across the world. The pandemic inflicted economic damages and financial adversities on global economy and several industrial sectors. Several countries imposed national emergencies and lockdowns to curb the spread & infection due to the SARS-CoV-2. Clinical studies and surveys have reported a drop in the outpatient and emergency medical services in the U.S. Many medical practices were hampered, distracted, postponed and halted, especially the elective medical practices, thereby impacting the industry growth.
 

However, the coronavirus outbreak propelled the acceptance of innovative technologies comprising blockchain technology in healthcare. Several countries implemented blockchain technology in healthcare facilities that aided in effective planning operations and resource deployments. This technology has enhanced clinical trial data management by reducing delays in regulatory approvals, streamlined the communication between diverse stakeholders of the supply chain, etc. Furthermore, numerous market players are focused to develop a blockchain-based tracking system to halt the spread of misinformation.
 

Growing need to store & secure medical data coupled with the rising incidence of medical data breaches to spur the blockchain technology in healthcare market expansion

There has been a surge in the requirement to store and secure medical data that can have significant advantages for healthcare facilities, medical staff, and patients. Blockchain technology is cross-checked, encrypted, and decentralized that enables medical data to remain strongly backed, thereby providing stimulus to the market progression. The government of several countries is emphasizing on the digitalization of the healthcare system and related industry sectors that potentially improve health outcomes, enhance patient engagement, enable better predictions, etc. Owing to increased attack volume for various healthcare service providers, the U.S. and UK government has made a significant investment to ensure that all health records are digitized. Further, medical data has been subjected to risks of privacy breaches attributed to unauthorised access to electronic health records (EHR) or loss of physical patient files.
 

Numerous advantages offered by the public blockchain system in healthcare will drive the preference for these technologies

The public segment in the blockchain technology in healthcare market exceeded USD 202 million in 2020 led by the rising preference for a public blockchain system that provides several advantages comprising greater transparency, offer decentralized structure, and records everything among others. This blockchain system is widely used to manage healthcare data efficiently. Digital ledger technology (DLT) and Ethereum, a public network, are one of the broadly used blockchain systems in healthcare.
 

The digital ledger technology is highly secure, eliminates the need for a third-party caretaker, and delivers a high amount of transparency. Public blockchain technology is specifically designed to operate with maximum medical data security, thereby augmenting the industry value. Further, the cost-effectiveness of implementing public blockchain technology in healthcare is the key factor that leads to industry expansion. Featuring a high standard of security protocols, reliable portal services, and anonymous nature are expected to positively influence the market demand.
 

Factors such as real-time decision making and minimal maintenance to promote the adoption of blockchain technology

The clinical trials segment held 18% of the blockchain technology in healthcare market share in 2020 impelled by the wide range applications of blockchain technology for improving clinical trials quality. Implementation of this technology enhances recruitment, allows full decentralization, supports governance with real-time decision making, and optimizes the performance of repetitive tasks that enable trials to take place effectively. Blockchain technology aids in reaching a considerable level of historicity and inviolability of data for the whole document flow in a clinical trial. This further allows the secure automation of clinical trials through smart contracts, ensures traceability, and prevents a posteriori reconstruction.
 

Rising usage of blockchain technology by healthcare providers will fuel the market revenue

Blockchain Technology in Healthcare Market Size

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The healthcare providers segment captured USD 97 million in 2020 driven by the broad range of uses and applications of blockchain technology in healthcare. The digital ledger technology supports healthcare providers through managing the medicine supply chain efficiently and facilitating the secure transfer of patient medical records. This technology has increased the productivity of healthcare providers by offering a novel model for health information exchanges by making electronic medical records more resourceful. The blockchain system is providing opportunities to healthcare providers by reducing or eliminating the friction and costs of current intermediaries. Additionally, it reduces complexity and creates secure & immutable information.
 

Increase in the application of blockchain technology to upsurge the quality-of-care delivery in the North America region

Global Blockchain Technology in Healthcare Market

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U.S. dominated the North America blockchain technology in healthcare market in 2020 and is poised to reach over USD 1.91 billion by 2027. The major market share is attributable to the recent advancements in blockchain technology along with several government initiatives supporting the acceptance of these innovative platforms in healthcare. Venture capital investors are identifying the enormous potential that blockchain technology can offer for enhancing patient care, broadening the reach of health services, and cutting down medical care expenses.
 

Companies functioning in the country comprising BurstIQ, Akiri, Factom, etc. are emphasizing on the development of blockchain technology solutions that ensures healthcare data to remain secured, provide complete and up-to-date information about patients' health & healthcare activity, etc. Similarly, robust economic growth in the U.S. has led market to showcase strong growth in value terms.
 

Strategies implemented by major industry players to generate business opportunities in the market

Some of the major companies operating in the market are IBM Corporation, Microsoft Corporation, Guardtime, Change Healthcare, Gem Health, Patientory, and iSolve, LLC. Major industry leaders are adopting various strategies such as new product development, integration, deployment, geographical expansion and research collaborations in order to garner maximum revenue share and promote company growth.
 

Blockchain technology in healthcare market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Type, 2016 - 2027 (USD Million)

  • Public
  • Private

Market, By Application, 2016 - 2027 (USD Million)

  • Clinical Trials
  • Supply Chain Management
  • Data Exchange and Interoperability
  • Claims Adjudication and Billing Management
  • Others

Market, By End-use, 2016 - 2027 (USD Million)

  • Pharmaceutical Companies
  • Healthcare Payers
  • Healthcare Providers
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Italy
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • UAE
    • Israel
    • Saudi Arabia

 

Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Market size of blockchain technology in healthcare surpassed USD 281 million in 2020 and will observe a CAGR of over 52.1% through 2027 with Increasing application of the Internet of Things (IoT) in healthcare.

Clinical trials segment held 18% of the market share in 2020 owing to the adoption of blockchain technology to facilitate full decentralization, enhance recruitment, support governance with real-time decision making, and optimization of repetitive tasks.

The U.S. market will exceed USD 1.91 billion by 2027 owing to the recent advancements in blockchain technology supported by various government initiatives.

Public segment was valued at over USD 202 million in 2020 on account of the growing product adoption to offer greater transparency, decentralized structure, and ability to record everything.

Some of the major companies operating in the market are IBM Corporation, Microsoft Corporation, Guardtime, Change Healthcare, Gem Health, Patientory, and iSolve, LLC among others.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 12
  • Tables & Figures: 197
  • Countries covered: 18
  • Pages: 120

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